Mounting Student Debt Is Reshaping The U.S. Student Loan Market

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Mounting Student Debt Is Reshaping The U.S. Student Loan Market"

Transcription

1 STRUCTURED FINANCE RESEARCH Mounting Student Debt Is Reshaping The U.S. Student Loan Market Primary Credit Analyst: Erkan Erturk, PhD, New York (1) ; Business Leader, North American ABS: Michael J Binz, New York (1) ; Table Of Contents More Students Are Carrying More Debt College Education Is Less Affordable Higher Default Rates Among For-Profit School Graduates Rising Debt's Limited Impact On Student Loan ABS Growing Debt Could Hurt Household Finances AUGUST 13,

2 Mounting Student Debt Is Reshaping The U.S. Student Loan Market U.S. student debt outstanding has quietly grown an average of more than 10% annually to nearly $1 trillion since 2003, eclipsing auto loan and credit card debt for the first time in In the run-up to such record numbers, the federal government's takeover of most student lending looms large, even as some are calling into question the value of a college education. Students are confronting rising college costs even as employment opportunities continue to diminish. Tuition is increasing more steeply than the consumer price index, college affordability is falling, and students are borrowing more to finance college educations. The result is that many students graduate with more limited means to pay off larger debt, and student borrowers are defaulting more often, signaling a fundamental shift in the student loan market and growing pressure on household finances. Underpinning this fundamental shift are questions about what has caused the significant growth of student debt, the implications for household finances and consumer spending, and college affordability. Overview Student debt has been growing at a much higher rate than other consumer assets, such as auto and credit cards, since While the growth mainly comes from government funds or guarantees, the rise of excessive student borrowing could negatively affect consumer finances in the future. Although education typically results in lower unemployment and higher pay prospects for those graduates, the rising cost and elevated unemployment rate for new college graduates call into question the value of a college education, especially in recent years. Default rates are higher, while graduation rates are lower for for-profit schools. College enrollment has increased the most for for-profit schools in recent years, and those students borrow the most, signaling a potential imbalance in that segment of the market. Weakness in the U.S. economy has hit graduates of for-profit colleges and universities harder than graduates of traditional schools. For-profit schools tend to focus on career and vocational education more than traditional academic subjects. The percentage of for-profit enrollment has increased at a higher rate than for both public and private institutions of higher learning, to 10% of total enrollment in 2009 from 4% in 2000, according to the latest figures available from The College Board. Easy access to student loans and financial aid has been a significant recruitment tool to increase enrollment at for-profit schools. However, the latest data from for-profit school financial statements seem to suggest that new student enrollments at for-profit schools have been declining since These schools have lower graduation rates, and their students tend to default at higher rates with greater debt than graduates of not-for-profit colleges, according to data from The College Board. AUGUST 13,

3 Another factor that could affect private student loans and securitizations of them is the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education's suggestion to make it easier for private student loan borrowers to discharge certain student debt in a bankruptcy. This would reverse Congress' 2005 amendment to the bankruptcy code, which made it nondischargeable. More Students Are Carrying More Debt With the U.S. economy shedding millions of jobs during the financial crisis and its aftermath, many students are choosing to prolong their studies--and many have returned to school to deepen their skills until the job market revives. Either way, far more students are shouldering much more debt these days. In fact, as consumers have borrowed less and reduced debt in other areas--autos and especially credit cards, for example--student borrowers have bucked that trend. Growing student debt has implications for household finances, consumer spending, and even for economic growth. In particular, it could dampen consumer spending and household obligation ratios. Consumers saddled with student loan debt have less to spend and are likely to delay home purchases. Lower spending means lower economic activity and weaker job creation. This, in turn, would reduce GDP and increase unemployment rates, causing more consumers to default on their obligations. Unlike other consumer finances, student debt is nondischargeable in a consumer bankruptcy filing, so higher defaults haven't necessarily slowed down the growth in student debt. In addition, the housing downturn has had little impact on growth--even home equity lines of credit outstanding have declined as consumers have continued borrowing from the government for their college needs. Roughly $904 billion in student loan debt was outstanding by the end of the first quarter of 2012 (see chart 1), and it's a trend Standard & Poor's Ratings Services believes will generally continue going forward. AUGUST 13,

4 Chart 1 The federal government dismantled the Federal Family Education Loan Program (FFELP) in 2010 and replaced it with its Direct Lending Program, combined with more financial aid and easier access to federal loans with no underwriting, which could encourage colleges and universities to raise tuition. The U.S. government has dominated new student loan originations through loans or guarantees over the years (data available since 2000; see chart 2), accounting for roughly 84%, compared with the private sector's 16%. However, since 2009, private student debt represented less than 10% of total originations, given fewer issuers, tighter underwriting standards, and growth in federal loans to parents under the Direct Lending program. With the government's new Direct Lending Program, we expect federal loan originations to continue to dominate the student loan market going forward. AUGUST 13,

5 Chart 2 College Education Is Less Affordable College education has been less affordable as the cost of education has grown higher than the overall consumer price index over the years. While the education cost index increased 96% since 2000, overall consumer prices rose 35% during the same period, according to the Bureau of Labor Statistics (see chart 3). Average tuition and fees, after adjusting for inflation, at public and private four-year colleges and universities, rose 55% and 33% since 2000, respectively, according to the College Board. However, the median household income rose 18% during the same time, highlighting a growing pressure on household spending and financing decisions. AUGUST 13,

6 Chart 3 Higher Default Rates Among For-Profit School Graduates The collision of additional available credit in the system and rapidly growing debt can often cause an imbalance between demand and supply in any sector. For student loans, this imbalance has perhaps been most acute in the for-profit college world. These schools tend to have lower graduation rates, and their students generally have more debt and a higher propensity to default on their loans (see chart 4). Yet enrollment at for-profit schools has increased at a higher rate than at other types of schools through 2009, which is the latest data available from The College Board. However, the latest for-profit company statements indicate that new student enrollments at for-profit schools have been declining since AUGUST 13,

7 Chart 4 Borrowers who graduate with a four-year bachelor's degree from for-profit schools tend to borrow more than others, according to The College Board. An estimated 53% of students attending for-profit schools leave carrying at least $30,000 in debt compared with 24% for private non-profits and 12% for public universities (see chart 5). AUGUST 13,

8 Chart 5 The U.S. Department of Education took measures to prevent for-profit college students from graduating with too much debt, requiring at least 35% of graduates to be in a position to repay their loans for the college to qualify for federal student loans or grants. However, in June 2012, a U.S. district judge struck down that ruling, finding it arbitrary. We believe the U.S. Department of Education will continue proposing new rules for qualification of federal student loan eligibility in the future. Rising Debt's Limited Impact On Student Loan ABS Rising student debt and elevated default rates are likely to have a limited adverse impact on student loan ABS transactions. Student loan defaults and delinquencies have stabilized in recent months but are still elevated because of high unemployment. We believe default rates are likely to remain high as long as unemployment does, especially for new college graduates (see chart 6). Since most of the existing student loan ABS transactions still carry the FFELP guarantee of a minimum 97% of a loan's value in the event of a default, the rise in student debt has little impact on credit performance. The private student loan ABS market, which constitutes roughly 18% or $42 billion of $234 billion in outstanding student loan ABS, however, is more susceptible to credit volatility because it lacks such guarantees, although those loans benefit from cosigners and credit evaluations through underwriting processes. AUGUST 13,

9 Private student loan ABS collateral could weaken if Congress amends the bankruptcy code to make it easier to discharge private student debt in bankruptcy, in our view. A new report from the CFPB on July 20, 2012, recommended reforms in the private student lending market, with the White House's support, making it easier for borrowers to discharge certain student debt in bankruptcy. This potential change in the bankruptcy code could lower loan originations and increase interest rates on these loans because lenders would be undertaking greater risks. However, about 90% of private student loans in 2011 had cosigners, and we believe having a cosigner is likely to help mitigate the frequency of defaults resulting from bankruptcies because a borrower and coborrower are unlikely to both file for bankruptcy. Chart 6 Growing Debt Could Hurt Household Finances Although the growth in student debt mainly comes from government funds or guarantees, it could hurt household finances and consumer spending in the future, while making college education less affordable and creating imbalances in the student loan market. Rising student debt, along with the higher cost of college education and the high unemployment rate for new college graduates, has reduced the value of a college education in recent years. Another potential imbalance is in the for-profit schools, where students borrow the most with high default and low graduation rates. AUGUST 13,

10 Copyright 2012 by Standard & Poor's Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at AUGUST 13,

Income Inequality And State Tax Revenue Trends

Income Inequality And State Tax Revenue Trends Income Inequality And State Tax Revenue Trends Gabe Petek, CFA Managing Director U.S. Public Finance August 2015 Permission to reprint or distribute any content from this presentation requires the prior

More information

Selective Insurance Group Inc. And Operating Companies Ratings Affirmed; Outlook Revised To Negative

Selective Insurance Group Inc. And Operating Companies Ratings Affirmed; Outlook Revised To Negative Research Update: Selective Insurance Group Inc. And Operating Companies Ratings Affirmed; Outlook Revised To Primary Credit Analyst: David S Veno, New York (1) 212-438-2108; david_veno@standardandpoors.com

More information

Pacific Life Insurance Co. 'A+', Pacific LifeCorp 'BBB+' Ratings Affirmed; Outlook Stable; New Senior Notes Rated 'BBB+'

Pacific Life Insurance Co. 'A+', Pacific LifeCorp 'BBB+' Ratings Affirmed; Outlook Stable; New Senior Notes Rated 'BBB+' Research Update: 'A+', Pacific LifeCorp 'BBB+' Ratings Affirmed; Outlook Stable; New Senior Notes Rated 'BBB+' Primary Credit Analyst: Carmi Margalit, CFA, New York (1) 212-438-1000; carmi_margalit@standardandpoors.com

More information

Interest-Only Loans Could Destabilize Denmark's Mortgage Market

Interest-Only Loans Could Destabilize Denmark's Mortgage Market STRUCTURED FINANCE RESEARCH Interest-Only Loans Could Destabilize Denmark's Mortgage Market Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper_andersen@standardandpoors.com Table

More information

Gemini Securitization Corp., LLC (As Of May 2014)

Gemini Securitization Corp., LLC (As Of May 2014) ABCP Portfolio Data: Gemini Securitization Corp., LLC (As Of May 2014) Primary Credit Analyst: Thomas G Dunn, New York (1) 212-438-1623; thomas.dunn@standardandpoors.com Surveillance Credit Analyst: Marc

More information

Four Ratings Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 Ratings Affirmed

Four Ratings Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 Ratings Affirmed Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed Primary Credit Analyst: Srabani C Chandra-Lal, New York (1) 212-438-5036; srabani.chandra-lal@standardandpoors.com Secondary

More information

Interactive Brokers LLC

Interactive Brokers LLC Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@standardandpoors.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385;

More information

AEG Power Solutions Downgraded To 'CCC-' On Heightened Risk Of Missing An Interest Payment; Outlook Negative

AEG Power Solutions Downgraded To 'CCC-' On Heightened Risk Of Missing An Interest Payment; Outlook Negative Research Update: AEG Power Solutions Downgraded To 'CCC-' On Heightened Risk Of Missing An Interest Payment; Outlook Negative Primary Credit Analyst: Abigail Klimovich, CFA, London (44) 20-7176-3554; abigail.klimovich@standardandpoors.com

More information

Long-Term Rating On Heartland Bank Ltd. Raised To 'BBB'; Outlook Negative

Long-Term Rating On Heartland Bank Ltd. Raised To 'BBB'; Outlook Negative Research Update: Long-Term Rating On Heartland Bank Ltd. Raised To 'BBB'; Outlook Negative Primary Credit Analyst: Nico N DeLange, Sydney (61) 2-9255-9887; nico.delange@standardandpoors.com Secondary Contact:

More information

Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative

Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative Research Update: Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative Primary Credit Analyst: Anna Glennmar, Stockholm (46) 8-440-5922;

More information

Tri-Township Consolidated School Building Corp., Indiana Tri-Township Consolidate School Corp.; School State Program

Tri-Township Consolidated School Building Corp., Indiana Tri-Township Consolidate School Corp.; School State Program Summary: Tri-Township Consolidated School Building Corp., Indiana Tri-Township Consolidate School Corp.; School State Program Primary Credit Analyst: Ryan Schultz, Chicago (1) 312-233-7066; ryan.schultz@standardandpoors.com

More information

AEG Power Solutions Downgraded To 'CC' On Intended Debt Restructuring; Outlook Negative

AEG Power Solutions Downgraded To 'CC' On Intended Debt Restructuring; Outlook Negative Research Update: AEG Power Solutions Downgraded To 'CC' On Intended Debt Restructuring; Outlook Negative Primary Credit Analyst: Abigail Klimovich, CFA, London (44) 20-7176-3554; abigail.klimovich@standardandpoors.com

More information

MBIA U.K. Insurance Ltd.

MBIA U.K. Insurance Ltd. Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108; david.veno@standardandpoors.com Secondary Credit Analyst: Olga Ryabaya, New York (1) 212-438-3843; olga.ryabaya@standardandpoors.com Table

More information

Cook County Community College District No. 508 (City Colleges of Chicago). Illinois; General Obligation

Cook County Community College District No. 508 (City Colleges of Chicago). Illinois; General Obligation Summary: Cook County Community College District No. 508 (City Colleges of Chicago). Illinois; General Primary Credit Analyst: John A Kenward, Chicago (1) 312-233-7003; john.kenward@standardandpoors.com

More information

Summary: West Des Moines Community School District, Iowa; Sales Tax. Table Of Contents. Rationale Outlook Related Criteria And Research

Summary: West Des Moines Community School District, Iowa; Sales Tax. Table Of Contents. Rationale Outlook Related Criteria And Research February 14, 2012 Summary: West Des Moines Community School District, Iowa; Sales Tax Primary Credit Analyst: Blake Yocom, Chicago (1) 312-233-7056; blake_yocom@standardandpoors.com Secondary Contact:

More information

Business Development Bank of Canada 'AAA' Rating Affirmed On Continuing Federal Government Support

Business Development Bank of Canada 'AAA' Rating Affirmed On Continuing Federal Government Support Research Update: Business Development Bank of Canada 'AAA' Rating Affirmed On Continuing Federal Government Support Primary Credit Analyst: Bhavini Patel, CFA, Toronto (1) 416-507-2558; bhavini.patel@standardandpoors.com

More information

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents May 17, 2012 Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;arturo_sanchez@standardandpoors.com

More information

Outlooks On Six Insurance Groups Revised To Stable From Negative After Outlook On U.S. Revised To Stable

Outlooks On Six Insurance Groups Revised To Stable From Negative After Outlook On U.S. Revised To Stable Outlooks On Six Insurance Groups Revised To Stable From Negative After Outlook On U.S. Revised To Stable Primary Credit Analyst: Rodney A Clark, FSA, New York (1) 212-438-7245; rodney.clark@standardandpoors.com

More information

Lake Oswego, Oregon; Water/Sewer

Lake Oswego, Oregon; Water/Sewer Summary: Lake Oswego, Oregon; Water/Sewer Primary Credit Analyst: Aaron Lee, San Francisco (1) 415-371-5066; aaron.lee@standardandpoors.com Secondary Contact: Tim Tung, San Francisco (415) 371-5041; tim.tung@standardandpoors.com

More information

Electricity Transmission System Operator TenneT's Hybrid Equity Content Revised To Intermediate; 'A-' Ratings Affirmed

Electricity Transmission System Operator TenneT's Hybrid Equity Content Revised To Intermediate; 'A-' Ratings Affirmed Research Update: Electricity Transmission System Operator TenneT's Hybrid Equity Content Revised To Intermediate; 'A-' Ratings Affirmed Primary Credit Analyst: Beatrice de Taisne, CFA, London (44) 20-7176-3938;

More information

Vienna Insurance Group AG Wiener Versicherung Gruppe

Vienna Insurance Group AG Wiener Versicherung Gruppe Summary: Vienna Insurance Group AG Wiener Versicherung Gruppe Primary Credit Analyst: Johannes Bender, Frankfurt (49) 69-33-999-196; johannes_bender@standardandpoors.com Secondary Contact: Ralf Bender,

More information

Volkswagen Bank Ratings Lowered To 'A-/A-2'; Outlook Negative

Volkswagen Bank Ratings Lowered To 'A-/A-2'; Outlook Negative Research Update: Volkswagen Bank Ratings Lowered To 'A-/A-2'; Outlook Negative Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com Secondary

More information

NorthStar Education Finance Inc. Series 2006-A Ratings Affirmed

NorthStar Education Finance Inc. Series 2006-A Ratings Affirmed NorthStar Education Finance Inc. Series 2006-A Ratings Affirmed Primary Credit Analyst: Ronald G Burt, New York (1) 212-438-4011; ronald.burt@standardandpoors.com Analytical Manager--Term ABS: Frank J

More information

S&P Takes Rating Actions On Section 15 Bonds Issued By Various Danish Mortgage Banks

S&P Takes Rating Actions On Section 15 Bonds Issued By Various Danish Mortgage Banks S&P Takes Rating Actions On Section 15 Bonds Issued By Various Danish Mortgage Banks Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper.andersen@standardandpoors.com Secondary

More information

Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Stable

Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Stable Research Update: Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Primary Credit Analyst: Alexander Altinisik, Stockholm (46) 8-440-5902; alexander.altinisik@standardandpoors.com

More information

Insurer Mapfre Ratings Raised To 'A' On Spain Upgrade; Outlook Stable

Insurer Mapfre Ratings Raised To 'A' On Spain Upgrade; Outlook Stable Research Update: Insurer Mapfre Ratings Raised To 'A' On Spain Upgrade; Outlook Stable Primary Credit Analyst: Marco Sindaco, London (44) 20-7176-7095; marco.sindaco@standardandpoors.com Secondary Contact:

More information

Bertelsmann SE & Co. KGaA's Hybrid Equity Content Revised To "Intermediate"; 'BBB+/A-2' Ratings Affirmed

Bertelsmann SE & Co. KGaA's Hybrid Equity Content Revised To Intermediate; 'BBB+/A-2' Ratings Affirmed Research Update: Bertelsmann SE & Co. KGaA's Hybrid Equity Content Revised To "Intermediate"; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Florence Devevey, Madrid (34) 91-788-7236; florence.devevey@standardandpoors.com

More information

Health Care Service Corp. Outlook Revised To Negative From Stable; Ratings Affirmed

Health Care Service Corp. Outlook Revised To Negative From Stable; Ratings Affirmed Research Update: Health Care Service Corp. Outlook Revised To Negative From Stable; Ratings Affirmed Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274; neal.freedman@standardandpoors.com

More information

Central Texas Regional Mobility Authority; Toll Roads Bridges

Central Texas Regional Mobility Authority; Toll Roads Bridges Summary: Central Texas Regional Mobility Authority; Toll Roads Bridges Primary Credit Analyst: Todd R Spence, Dallas (1) 214-871-1424; todd.spence@standardandpoors.com Secondary Contact: Peter V Murphy,

More information

Centennial Water and Sanitation District, Colorado; Water/Sewer

Centennial Water and Sanitation District, Colorado; Water/Sewer Summary: Centennial Water and Sanitation District, Colorado; Water/Sewer Primary Credit Analyst: Scott D Garrigan, Chicago (1) 312-233-7014; scott.garrigan@standardandpoors.com Secondary Contact: Tim Tung,

More information

AEG Power Solutions Downgraded To 'CCC+' On Weak Earnings And Delays In Customer Payments; Outlook Negative

AEG Power Solutions Downgraded To 'CCC+' On Weak Earnings And Delays In Customer Payments; Outlook Negative Research Update: AEG Power Solutions Downgraded To 'CCC+' On Weak Earnings And Delays In Customer Payments; Outlook Negative Primary Credit Analyst: Abigail Klimovich, CFA, London (44) 20-7176-3554; abigail_klimovich@standardandpoors.com

More information

RatingsDirect. Friendswood, Texas; General Obligation. Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.

RatingsDirect. Friendswood, Texas; General Obligation. Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors. STANDARD & POOR'S RATINGS SERVICES McGRAW HILL FINANCIAL RatingsDirect Summary: Friendswood, Texas; General Obligation Primary Credit Analyst: Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.com

More information

R.V.I. Guaranty Co. Ltd. And Subsidiaries 'BBB' Ratings Affirmed After Insurance Criteria Change; The Outlook Is Stable

R.V.I. Guaranty Co. Ltd. And Subsidiaries 'BBB' Ratings Affirmed After Insurance Criteria Change; The Outlook Is Stable Research Update: R.V.I. Guaranty Co. Ltd. And Subsidiaries 'BBB' Ratings Affirmed After Insurance Criteria Change; The Outlook Is Stable Primary Credit Analyst: David S Veno, New York (1) 212-438-2108;

More information

Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings. Table Of Contents

Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings. Table Of Contents May 31, 2012 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings Primary Credit Analyst: Per Tornqvist, Stockholm (46) 8-440-5904;per_tornqvist@standardandpoors.com Secondary

More information

French Social Security Agency ACOSS Short-Term 'A-1+' Rating Affirmed On Integral Link, Critical Role To French State

French Social Security Agency ACOSS Short-Term 'A-1+' Rating Affirmed On Integral Link, Critical Role To French State Research Update: French Social Security Agency ACOSS Short-Term 'A-1+' Rating Affirmed On Integral Link, Critical Role To French State Primary Credit Analyst: Mehdi Fadli, Paris (33) 1-4420-6706; mehdi_fadli@standardandpoors.com

More information

Workshop B: Credit Spread Trends In The Energy Sector

Workshop B: Credit Spread Trends In The Energy Sector Workshop B: Credit Spread Trends In The Energy Sector James West Director, FIOTC Product Management 26 November, 2014 Permission to reprint or distribute any content from this presentation requires the

More information

Iceland-Based Non-Life Insurer Tryggingamidstodin Ratings Affirmed at 'BBB-'; Outlook Stable

Iceland-Based Non-Life Insurer Tryggingamidstodin Ratings Affirmed at 'BBB-'; Outlook Stable Research Update: Iceland-Based Non-Life Insurer Tryggingamidstodin Ratings Affirmed at 'BBB-'; Outlook Stable Primary Credit Analyst: Anna Glennmar, Milan (39) 02-72111-252; anna.glennmar@standardandpoors.com

More information

Interconexion Electrica S.A. E.S.P. (ISA) 'BBB' Credit Rating Affirmed, Outlook Remains Stable

Interconexion Electrica S.A. E.S.P. (ISA) 'BBB' Credit Rating Affirmed, Outlook Remains Stable Research Update: Interconexion Electrica S.A. E.S.P. (ISA) 'BBB' Credit Rating Affirmed, Outlook Remains Stable Primary Credit Analyst: Maria del Sol S Gonzalez, CFA, New York (1) 212-438-4443; maria.gonzalezcosio@standardandpoors.com

More information

Swedbank Outlook Revised To Stable From Negative On Improved Business Position; Ratings Affirmed At 'A+/A-1'

Swedbank Outlook Revised To Stable From Negative On Improved Business Position; Ratings Affirmed At 'A+/A-1' Research Update: Swedbank Outlook Revised To Stable From Negative On Improved Business Position; Ratings Primary Credit Analyst: Alexander Ekbom, Stockholm (46) 8-440-5911; alexander.ekbom@standardandpoors.com

More information

Lear Corp.'s Recovery Rating Profile

Lear Corp.'s Recovery Rating Profile Recovery Report: Lear Corp.'s Recovery Rating Profile Primary Credit Analyst: Lawrence Orlowski, CFA, New York (1) 212-438-1000; lawrence_orlowski@standardandpoors.com Recovery Analyst: Greg Maddock, New

More information

RBS Citizens Financial Group Ratings Affirmed; Outlook Remains Negative; Stand-Alone Credit Profile Lowered To 'a-'

RBS Citizens Financial Group Ratings Affirmed; Outlook Remains Negative; Stand-Alone Credit Profile Lowered To 'a-' Research Update: RBS Citizens Financial Group Ratings Affirmed; Outlook Remains Negative; Stand-Alone Credit Profile Lowered To 'a-' Primary Credit Analyst: Barbara Duberstein, New York (1) 212-438-5656;

More information

Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable

Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Research Update: Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Primary Credit Analyst: Diego H Ocampo, Buenos Aires (54) 114-891-2124; diego_ocampo@standardandpoors.com

More information

Six Russian Real Estate Companies On CreditWatch Amid Higher Interest Rates, Weakening Demand, Sharp Ruble Depreciation

Six Russian Real Estate Companies On CreditWatch Amid Higher Interest Rates, Weakening Demand, Sharp Ruble Depreciation Research Update: Six Russian Real Estate Companies On CreditWatch Amid Higher Interest Rates, Weakening Demand, Sharp Ruble Depreciation Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton.geyze@standardandpoors.com

More information

Three Spanish Government-Related Entities Upgraded To 'BBB/A-2' Following Similar Sovereign Action; Outlook Stable

Three Spanish Government-Related Entities Upgraded To 'BBB/A-2' Following Similar Sovereign Action; Outlook Stable Research Update: Three Spanish Government-Related Entities Upgraded To 'BBB/A-2' Following Similar Sovereign Action; Outlook Stable Primary Credit Analysts: Ines Olondriz, Madrid (34) 91-788-7202; ines.olondriz@standardandpoors.com

More information

Why Projects Fail 20 Years Of Rating Project Finance Debt

Why Projects Fail 20 Years Of Rating Project Finance Debt Why Projects Fail 20 Years Of Rating Project Finance Debt Robin Burnett Senior Director Infrastructure Finance Ratings Oct 23, 2014 Permission to reprint or distribute any content from this presentation

More information

Summary: Svenska Cellulosa Aktiebolaget SCA. Table Of Contents. Rationale Outlook Related Criteria And Research. May 28, 2012

Summary: Svenska Cellulosa Aktiebolaget SCA. Table Of Contents. Rationale Outlook Related Criteria And Research. May 28, 2012 May 28, 2012 Summary: Svenska Cellulosa Aktiebolaget SCA Primary Credit Analyst: Gustav Liedgren, Stockholm (46) 8-440-5916; gustav_liedgren@standardandpoors.com Secondary Contact: Dionisio Luiz, London

More information

Highlands Ranch Metropolitan District, Colorado; General Obligation

Highlands Ranch Metropolitan District, Colorado; General Obligation Summary: Highlands Ranch Metropolitan District, Colorado; General Obligation Primary Credit Analyst: Bryan A Moore, San Francisco (1) 415-371-5077; bryan.moore@standardandpoors.com Secondary Contact: Lisa

More information

Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer

Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer Research Update: Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer Primary Credit Analyst: Marie-Aude Vialle, London (44) 20-7176-3655;

More information

Dominion Gas Holdings LLC

Dominion Gas Holdings LLC Summary: Dominion Gas Holdings LLC Primary Credit Analyst: Todd A Shipman, CFA, New York (1) 212-438-7676; todd.shipman@standardandpoors.com Secondary Contact: Dimitri Nikas, New York (1) 212-438-7807;

More information

Banco Mercantil do Brasil S.A. Global Scale 'BB-/B' And National Scale 'bra-' Ratings Affirmed

Banco Mercantil do Brasil S.A. Global Scale 'BB-/B' And National Scale 'bra-' Ratings Affirmed Research Update: Banco Mercantil do Brasil S.A. Global Scale 'BB-/B' And National Scale 'bra-' Ratings Affirmed Primary Credit Analyst: Vitor Garcia, Sao Paulo (55) 11-3039-9725; vitor_garcia@standardandpoors.com

More information

Four Subsidiaries Of Covea Assigned Ratings On High Integration Within Group; Outlook Stable

Four Subsidiaries Of Covea Assigned Ratings On High Integration Within Group; Outlook Stable Research Update: Four Subsidiaries Of Covea Assigned Ratings On High Integration Within Group; Outlook Stable Primary Credit Analyst: Gwenaelle Gibert, Paris (33) 1-4420-6693; gwenaelle.gibert@standardandpoors.com

More information

Kuwait Projects Co. (Holding) Affirmed At 'BBB-/A-3'; Outlook Stable

Kuwait Projects Co. (Holding) Affirmed At 'BBB-/A-3'; Outlook Stable Research Update: Kuwait Projects Co. (Holding) Affirmed At 'BBB-/A-3'; Outlook Stable Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@standardandpoors.com Secondary Contact:

More information

Dogus Holding 'BB/B' Ratings Affirmed On Sustained Investments And Expected Completion Of Garanti Sale; Outlook Negative

Dogus Holding 'BB/B' Ratings Affirmed On Sustained Investments And Expected Completion Of Garanti Sale; Outlook Negative Research Update: Dogus Holding 'BB/B' Ratings Affirmed On Sustained Investments And Expected Completion Of Garanti Sale; Outlook Negative Primary Credit Analyst: Renato Panichi, Milan (39) 02-72111-215;

More information

SNS REAAL Insurance Operations (SRIO) On Watch Developing After Announced Sale News

SNS REAAL Insurance Operations (SRIO) On Watch Developing After Announced Sale News Research Update: SNS REAAL Insurance Operations (SRIO) On Watch Developing After Announced Sale News Primary Credit Analyst: Mark D Nicholson, London (44) 20-7176-7991; mark.nicholson@standardandpoors.com

More information

Spanish Multi-Cedulas Rating Actions As Of Aug. 2, 2012

Spanish Multi-Cedulas Rating Actions As Of Aug. 2, 2012 Spanish Multi-Cedulas Rating Actions As Of Aug. 2, 2012 Covered Bonds Frankfurt: Karlo S Fuchs, Analytical Manager, Frankfurt (49) 69-33-999-156; karlo_fuchs@standardandpoors.com Covered Bonds London:

More information

Evaluating Insurers Enterprise Risk Management Practice

Evaluating Insurers Enterprise Risk Management Practice Evaluating Insurers Enterprise Risk Management Practice Li Cheng, CFA, FRM, FSA Director Financial Services Ratings October 3, 2013 Permission to reprint or distribute any content from this presentation

More information

Economic Research: Spain's Housing Market May Need Four More Years To Rebalance. Table Of Contents

Economic Research: Spain's Housing Market May Need Four More Years To Rebalance. Table Of Contents June 14, 2012 Economic Research: Spain's Housing Market May Need Four More Years To Rebalance Credit Market Services: Jean-Michel Six, EMEA Chief Economist, Paris (33) 1-4420-6705; jean-michel_six@standardandpoors.com

More information

South Padre Island, Texas; General Obligation

South Padre Island, Texas; General Obligation Summary: South Padre Island, Texas; General Obligation Primary Credit Analyst: Jim Tchou, New York (1) 212-438-3821; jim.tchou@standardandpoors.com Secondary Contact: Sarah L Smaardyk, Dallas (1) 214-871-1428;

More information

Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Downgrade Of Japan

Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Downgrade Of Japan Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Primary Credit Analyst: Reina Tanaka, Tokyo (81) 3-4550-8587; reina.tanaka@standardandpoors.com Secondary

More information

Belgium-Based Insurance Group Ageas Upgraded To 'A' On Strengthened Financial Risk Profile; Outlook Stable

Belgium-Based Insurance Group Ageas Upgraded To 'A' On Strengthened Financial Risk Profile; Outlook Stable Research Update: Belgium-Based Insurance Group Ageas Upgraded To 'A' On Strengthened Financial Risk Profile; Primary Credit Analyst: Merryleas J Rousseau, Paris (33) 1-4420-6729; merryleas.rousseau@standardandpoors.com

More information

Aviation Capital Group Upgraded To 'A-' From 'BBB-' On Improved Status Within Pacific Life Insurance Co., Outlook Stable

Aviation Capital Group Upgraded To 'A-' From 'BBB-' On Improved Status Within Pacific Life Insurance Co., Outlook Stable Research Update: Aviation Capital Group Upgraded To 'A-' From 'BBB-' On Improved Status Within Pacific Life Insurance Co., Outlook Stable Primary Credit Analyst: Betsy R Snyder, CFA, New York (1) 212-438-7811;

More information

International Finance Corp. 'AAA/A-1+' Rating Affirmed; Outlook Remains Stable

International Finance Corp. 'AAA/A-1+' Rating Affirmed; Outlook Remains Stable Research Update: International Finance Corp. 'AAA/A-1+' Rating Affirmed; Outlook Remains Stable Primary Credit Analyst: Elie Heriard Dubreuil, London (44) 207-176-7302; elie.heriard.dubreuil@standardandpoors.com

More information

Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable

Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable March 1, 2012 Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable Primary Credit Analysts: Alexandre Birry, London 44 (0)

More information

Polish TV Operator TVN S.A. And Parent Ratings Placed On CreditWatch Positive On Announced Acquisition By Scripps

Polish TV Operator TVN S.A. And Parent Ratings Placed On CreditWatch Positive On Announced Acquisition By Scripps Research Update: Polish TV Operator TVN S.A. And Parent Ratings Placed On CreditWatch Positive On Announced Acquisition By Scripps Primary Credit Analyst: Florence Devevey, Madrid (34) 91-788-7236; florence.devevey@standardandpoors.com

More information

Japan Housing Finance Agency Series S-1 To S-12 Structured Notes 'AAA (sf)' Ratings Affirmed

Japan Housing Finance Agency Series S-1 To S-12 Structured Notes 'AAA (sf)' Ratings Affirmed Japan Housing Finance Agency Series S-1 To S-12 Structured Notes '' s Affirmed Primary Credit Analyst: Toshiaki Shimizu, Tokyo (81) 3-4550-8302; toshiaki.shimizu@standardandpoors.com Secondary Contact:

More information

Research Update: PRI Pensionsgaranti Mutual Insurance Company Assigned 'A' Ratings; Outlook Stable. Table Of Contents

Research Update: PRI Pensionsgaranti Mutual Insurance Company Assigned 'A' Ratings; Outlook Stable. Table Of Contents December 8, 2010 Research Update: PRI Pensionsgaranti Mutual Insurance Company Assigned 'A' Ratings; Outlook Stable Primary Credit Analyst: Anna Glennmar, Milan (39) 02-72111252;anna_glennmar@standardandpoors.com

More information

Liechtenstein-Based Corporate Insurer UNIQA Versicherung AG Assigned 'A-' Ratings; Outlook Stable

Liechtenstein-Based Corporate Insurer UNIQA Versicherung AG Assigned 'A-' Ratings; Outlook Stable Research Update: Liechtenstein-Based Corporate Insurer UNIQA Versicherung AG Assigned 'A-' Ratings; Outlook Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198; jeanpaul.hubyklein@standardandpoors.com

More information

China Life Insurance Co. Ltd.

China Life Insurance Co. Ltd. Primary Credit Analyst: Connie Wong, Singapore (65) 6239-6353; connie_wong@standardandpoors.com Secondary Contact: Philip P Chung, CFA, Singapore (65) 6239-6343; philip_chung@standardandpoors.com Table

More information

SNS REAAL Insurance Operations Ratings Raised To 'A-'; Outlook Negative

SNS REAAL Insurance Operations Ratings Raised To 'A-'; Outlook Negative Research Update: SNS REAAL Insurance Operations Ratings Raised To 'A-'; Outlook Negative Primary Credit Analyst: Mark D Nicholson, London (44) 20-7176-7991; mark_nicholson@standardandpoors.com Secondary

More information

Nationale Borg Group Outlook Revised To Developing On Uncertainties Related To Sale News; 'A-' Ratings Affirmed

Nationale Borg Group Outlook Revised To Developing On Uncertainties Related To Sale News; 'A-' Ratings Affirmed Research Update: Nationale Borg Group Outlook Revised To Developing On Uncertainties Related To Sale News; 'A-' Ratings Affirmed Primary Credit Analyst: Thomas Benhamou, London (44) 20-7176-3216; thomas.benhamou@standardandpoors.com

More information

Spain-Based IT Service Provider Amadeus IT Holding Rating Raised To 'BBB/A-2' On Strong Financials, Outlook Stable

Spain-Based IT Service Provider Amadeus IT Holding Rating Raised To 'BBB/A-2' On Strong Financials, Outlook Stable Research Update: Spain-Based IT Service Provider Amadeus IT Holding Rating Raised To 'BBB/A-2' On Strong Financials, Outlook Stable Primary Credit Analyst: Stefan Kirschner, Frankfurt (49) 69-33-999-281;

More information

Espírito Santo Centrais Elétricas S.A. 'BB+' Global Scale And 'braa+' National Scale Ratings Affirmed, Outlook Stable

Espírito Santo Centrais Elétricas S.A. 'BB+' Global Scale And 'braa+' National Scale Ratings Affirmed, Outlook Stable Research Update: Espírito Santo Centrais Elétricas S.A. 'BB+' Global Scale And 'braa+' National Scale Ratings Affirmed, Outlook Stable Primary Credit Analyst: Alejandro Gomez Abente, Sao Paulo (55) 11-3039-9741;

More information

Research Update: Belgian Community of Flanders Outlook Revised To Negative After Same Action On Sovereign; 'AA+' Rating Affirmed.

Research Update: Belgian Community of Flanders Outlook Revised To Negative After Same Action On Sovereign; 'AA+' Rating Affirmed. December 15, 2010 Research Update: Belgian Community of Flanders Outlook Revised To Negative After Same Action On Sovereign; 'AA+' Rating Affirmed Primary Credit Analyst: Bertrand de Dianous, Paris (33)

More information

Rising cost of health care and creditworthiness in the G-20 sovereigns

Rising cost of health care and creditworthiness in the G-20 sovereigns Finance and health: Worldwide trends Rising cost of health care and creditworthiness in the G-20 sovereigns Nuffield Trust - Health Policy Summit 2013 Marko Mršnik, Director Sovereign Ratings Europe Wotton

More information

Legal & General Reinsurance Assigned 'A+' Ratings On Highly Strategic Status In Legal & General Group; Outlook Stable

Legal & General Reinsurance Assigned 'A+' Ratings On Highly Strategic Status In Legal & General Group; Outlook Stable Research Update: Legal & General Reinsurance Assigned 'A+' Ratings On Highly Strategic Status In Legal & General Group; Outlook Stable Primary Credit Analyst: Anvar Gabidullin, CFA, London (44) 20-7176-7047;

More information

Dutch Private Bank F. van Lanschot Bankiers Outlook Revised To Negative On Weaker Environment; 'A-/A-2' Ratings Affirmed

Dutch Private Bank F. van Lanschot Bankiers Outlook Revised To Negative On Weaker Environment; 'A-/A-2' Ratings Affirmed Research Update: Dutch Private Bank F. van Lanschot Bankiers Outlook Revised To Negative On Weaker Environment; 'A-/A-2' Ratings Affirmed Primary Credit Analyst: Alexandre Birry, London (44) 20-7176-7108;

More information

Methodology: Business Risk/Financial Risk Matrix Expanded

Methodology: Business Risk/Financial Risk Matrix Expanded Criteria Corporates General: Methodology: Business Risk/Financial Risk Matrix Expanded Criteria Officer: Mark Puccia, Managing Director, New York (1) 212-438-7233; mark.puccia@standardandpoors.com Table

More information

Sirius International Group Outlook Revised To Stable On Plans To Retain Its Strategy Post Acquisition; Ratings Affirmed

Sirius International Group Outlook Revised To Stable On Plans To Retain Its Strategy Post Acquisition; Ratings Affirmed Research Update: Sirius International Group Outlook Revised To Stable On Plans To Retain Its Strategy Post Acquisition; Ratings Affirmed Primary Credit Analyst: Anvar Gabidullin, CFA, London (44) 20-7176-7047;

More information

ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Outlook Stable

ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Outlook Stable Research Update: ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Primary Credit Analyst: Oliver Herbert, London (44) 20-7176-7054; oliver.herbert@standardandpoors.com

More information

Stand-Alone Credit Profiles: One Component Of A Rating

Stand-Alone Credit Profiles: One Component Of A Rating General Criteria: Stand-Alone Credit Profiles: One Component Of A Rating Criteria Officer, EMEA Corporates: Emmanuel Dubois-Pelerin, Paris (33) 1-4420-6673; emmanuel.dubois-pelerin@standardandpoors.com

More information

Codelco Rating Outlook Revised To Negative On Lower Copper Prices, 'AA-' Rating Affirmed

Codelco Rating Outlook Revised To Negative On Lower Copper Prices, 'AA-' Rating Affirmed Research Update: Codelco Rating Outlook Revised To Negative On Lower Copper Prices, 'AA-' Rating Affirmed Primary Credit Analyst: Diego H Ocampo, Sao Paulo (55) 11-3039-9769; diego.ocampo@standardandpoors.com

More information

Companhia Energetica de Minas Gerais Upgraded To 'BB+' From 'BB' On Stronger Business Risk Profile, Outlook Stable

Companhia Energetica de Minas Gerais Upgraded To 'BB+' From 'BB' On Stronger Business Risk Profile, Outlook Stable Research Update: Companhia Energetica de Minas Gerais Upgraded To 'BB+' From 'BB' On Stronger Business Risk Profile, Outlook Stable Primary Credit Analyst: Alejandro Gomez Abente, Sao Paulo (55) 11-3039-9741;

More information

Danish Bank DLR Kredit Affirmed At 'BBB+/A-2'; Junior Subordinated Debt Downgraded To 'BB'; Outlook Remains Stable

Danish Bank DLR Kredit Affirmed At 'BBB+/A-2'; Junior Subordinated Debt Downgraded To 'BB'; Outlook Remains Stable Research Update: Danish Bank DLR Kredit Affirmed At 'BBB+/A-2'; Junior Subordinated Debt Downgraded To 'BB'; Outlook Remains Stable Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean.cotten@standardandpoors.com

More information

UBI Banca Ratings Lowered To 'BBB-/A-3' On Heightened Economic And Industry Risks In Italy; Outlook Negative

UBI Banca Ratings Lowered To 'BBB-/A-3' On Heightened Economic And Industry Risks In Italy; Outlook Negative Research Update: UBI Banca Ratings Lowered To 'BBB-/A-3' On Heightened Economic And Industry Risks In Italy; Outlook Negative Analytical Group Contact: Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com

More information

Research Update: DNB Bank ASA Ratings Affirmed At 'A+/A-1' On Bank Criteria Change; Outlook Stable. Table Of Contents

Research Update: DNB Bank ASA Ratings Affirmed At 'A+/A-1' On Bank Criteria Change; Outlook Stable. Table Of Contents December 1, 2011 Research Update: DNB Bank ASA Ratings Affirmed At 'A+/A-1' On Bank Criteria Change; Outlook Stable Primary Credit Analyst: Alexander Ekbom, Stockholm (46) 8-440-59 11;alexander_ekbom@standardandpoors.com

More information

Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed And Removed From CreditWatch; Outlook Stable

Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed And Removed From CreditWatch; Outlook Stable Research Update: Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed And Removed From CreditWatch; Outlook Stable Primary Credit Analyst: Oluwatosin S Adesiyan, London (44) 20-7176-3279;

More information

Islamic Development Bank 'AAA/A-1+' Ratings Affirmed On Criteria Revision; Outlook Stable

Islamic Development Bank 'AAA/A-1+' Ratings Affirmed On Criteria Revision; Outlook Stable Research Update: Islamic Development Bank 'AAA/A-1+' Ratings Affirmed On Criteria Revision; Outlook Stable Primary Credit Analyst: Dima B Jardaneh, Dubai (971) 4-372-7154; Dima_Jardaneh@standardandpoors.com

More information

Swedish Housing Company Willhem Affirmed At 'A-/A-2'; Outlook Stable

Swedish Housing Company Willhem Affirmed At 'A-/A-2'; Outlook Stable Research Update: Swedish Housing Company Willhem Affirmed At 'A-/A-2'; Outlook Stable Primary Credit Analyst: Carl Nyrerod, Stockholm (46) 8-440-5919; carl.nyrerod@standardandpoors.com Secondary Contact:

More information

Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable

Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Primary Credit Analyst: Diego H Ocampo, Buenos Aires (54) 114-891-2124; diego.ocampo@standardandpoors.com

More information

Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies

Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies Financial Institutions Ratings Live Webcast: December 17, 2014 www.spratings.com/nbficriteria Permission to reprint

More information

German Utility RWE Downgraded To 'BBB-/A-3'; Outlook Negative

German Utility RWE Downgraded To 'BBB-/A-3'; Outlook Negative Research Update: German Utility RWE Downgraded To 'BBB-/A-3'; Outlook Negative Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207; vittoria.ferraris@spglobal.com Secondary Contact: Tobias

More information

Guardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative

Guardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative Research Update: Guardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274; neal.freedman@standardandpoors.com

More information

Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed

Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Research Update: Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Primary Credit Analyst: David D Anthony, London (44) 20-7176-7010; david.anthony@standardandpoors.com

More information

New York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable

New York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable Research Update: New York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable Primary Credit Analyst: Michael E Gross, San Francisco (1) 415-371-5003; michael.gross@standardandpoors.com

More information

Turkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed

Turkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed Research Update: Turkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed Primary Credit Analyst: Alexander Griaznov, Moscow (7) 495-783-4109; alexander.griaznov@standardandpoors.com

More information

FWD Life Insurance Co. (Bermuda) Ltd. Assigned 'A-' And 'cnaa' Ratings; Outlook Stable

FWD Life Insurance Co. (Bermuda) Ltd. Assigned 'A-' And 'cnaa' Ratings; Outlook Stable Research Update: FWD Life Insurance Co. (Bermuda) Ltd. Assigned 'A-' And 'cnaa' Ratings; Outlook Stable Primary Credit Analyst: Anna Kong, FSA, FRM, Hong Kong (852) 2533-3571; anna.kong@standardandpoors.com

More information

Research Update: Spain Downgraded To 'AA' On Protracted Economic Adjustment And Risks To Budgetary Position; Outlook Negative.

Research Update: Spain Downgraded To 'AA' On Protracted Economic Adjustment And Risks To Budgetary Position; Outlook Negative. April 28, 2010 Research Update: Spain Downgraded To 'AA' On Protracted Economic Adjustment And Risks To Budgetary Position; Outlook Negative Primary Credit Analyst: Marko Mrsnik, Madrid +34 913 896 953;marko_mrsnik@standardandpoors.com

More information

Millenniumbcp Ageas Core Non-Life Insurance Entity 'BB' Ratings On CreditWatch Positive On Announced Ownership Change

Millenniumbcp Ageas Core Non-Life Insurance Entity 'BB' Ratings On CreditWatch Positive On Announced Ownership Change Research Update: Millenniumbcp Ageas Core Non-Life Insurance Entity 'BB' Ratings On CreditWatch Positive On Announced Ownership Change Primary Credit Analyst: Gwenaelle Gibert, Paris (33) 1-4420-6693;

More information

Research Update: Ratings On The Republic Of Iceland Placed On Watch Negative After The Electorate Rejects Icesave Agreement A Second Time

Research Update: Ratings On The Republic Of Iceland Placed On Watch Negative After The Electorate Rejects Icesave Agreement A Second Time April 13, 2011 Research Update: Ratings On The Republic Of Iceland Placed On Watch Negative After The Electorate Rejects Icesave Agreement A Second Time Primary Credit Analyst: Eileen X Zhang, CFA, London

More information

Research Update: Bermuda Long-Term Sovereign Rating Lowered To 'AA-' On Revised Rating Methodology; Outlook Stable.

Research Update: Bermuda Long-Term Sovereign Rating Lowered To 'AA-' On Revised Rating Methodology; Outlook Stable. December 29, 2011 Research Update: Bermuda Long-Term Sovereign Rating Lowered To 'AA-' On Revised Rating Methodology; Primary Credit Analyst: Nikola G Swann, Toronto (1) 416-507-2582;nikola_swann@standardandpoors.com

More information