Navient Student Loan Trust

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Navient Student Loan Trust 2016-1"

Transcription

1 Presale: Navient Student Loan Trust Primary Credit Analyst: Mark W O'Neil, New York (1) ; Table Of Contents $1.11 Billion Student Loan-Backed Notes Series Rationale Transaction Summary Payment Structure Transaction Overview Pool Analysis Standard & Poor's Expected Default Rate: 13.0%-14.0% Cash Flow Modeling Assumptions And Results 'AA+' And 'A' Stressed And Liquidity Cash Flow Results Credit Stability Cash Flow Analysis Navient Solutions Inc. Navient Funding LLC Related Criteria And Research FEBRUARY 29,

2 Presale: Navient Student Loan Trust $1.11 Billion Student Loan-Backed Notes Series This presale report is based on information as of Feb. 29, The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Preliminary Ratings As Of Feb. 29, 2016 Class Preliminary ratings(i) Preliminary amount (mil. $) Interest rate(ii) A AA+ (sf) 1,081.0 One-month LIBOR plus a spread B A (sf) 29.0 One-month LIBOR plus a spread (i)the rating on each class of securities is preliminary and subject to change at any time. (ii)the interest rates will be determined on the pricing date. Profile Expected closing date March 10, Collateral A pool of student loans that are at least 97% reinsured by the U.S. federal government. Sponsor, master servicer, and administrator Navient Solutions Inc. Subservicers Pennsylvania Higher Education Assistance Agency and Great Lakes Educational Loan Services Inc. Depositor Navient Funding LLC. Seller Navient Credit Finance Corp. Eligible lender trustee and indenture trustee Wells Fargo Bank N.A. Owner trustee Wells Fargo Delaware Trust Co. N.A. Underwriter J.P. Morgan Securities LLC. Rationale The preliminary ratings assigned to Navient Student Loan Trust 's (the trust's) Federal Family Education Loan Program (FFELP) student loan-backed notes series reflect our view of: The transaction's expected initial class A (senior) and total parities of approximately % and %, respectively. The senior parity is defined as the percentage of total assets (the pool balance and reserve account) divided by the class A note principal amount. The total parity is defined as the percentage of total assets divided by the class A and B note amounts. The approximately 2.61% subordination available for the class A notes (subordination defined as the class B note balance divided by the total note balance. The reserve account, which equals 1.25% of the initial pool balance ($13,837,093) at closing and is required to be maintained at 1.25% of the current pool balance until April 2024 and April 2036, when the reserve requirement decreases to 0.80% and 0.25% of the current pool balance, respectively. The reserve has a floor equal to 0.10% of the initial pool balance ($1,106,967). FEBRUARY 29,

3 The transaction's payment structure, which builds overcollateralization to the greater of 1.50% of the current pool balance, or 0.45% of the initial pool balance ($5,000,000), from 0.96% at closing (overcollateralization is defined as the excess of the pool balance and the reserve over the total notes, divided by the pool balance plus the reserve balance). The U.S. federal government's reinsurance of at least 97% of the loans' principal and interest. The timely interest and principal payments made by the legal final maturity date in the cash flow runs that simulated our 'AA+' and 'A' threshold rating credit stress and liquidity scenarios (see the 'AA+' And 'A' Stressed And Liquidity Cash Flow Results section below). A credit stability scenario analysis, which indicates that under moderately stressful economic conditions (defined as approximately 2.25x the expected defaults), the 'AA+' rating would not decline more than one and three rating categories in the first and third years, respectively, and that the 'A' rating would not decline more than two and three rating categories in the first and third years, respectively (see the Credit Stability Cash Flow Analysis section below). The transaction's legal structure. On Aug. 5, 2011, Standard & Poor's Ratings Services lowered its long-term sovereign rating on the U.S. to 'AA+' from 'AAA'. The preliminary rating on the series notes partially relies on the long-term sovereign rating on the U.S. federal government because the U.S. Department of Education (ED) supports FFELP loans, which secure the series notes. We view the ED as an integral part of the U.S. federal government (see "U.S. Government Support In Structured Finance And Public Finance Ratings," published Dec. 7, 2014). The ED supports the series notes by reinsuring at least 97% of the principal and accrued interest on the defaulted loans and providing special allowance payments (SAP) to loanholders and, in some circumstances, interest rate subsidies to borrowers. Applying these criteria to the proposal supports a preliminary rating on the notes at the U.S. sovereign rating. Transaction Summary The issuer expects to use the transaction's proceeds to acquire approximately $1,106,967,454 (calculated as of Nov. 30, 2015) of FFELP student loans from the depositor. The Navient transaction incorporates the following structural features: The trust will issue 'AA+ (sf)' rated class A and 'A (sf)' rated class B floating-rate LIBOR notes. The initial class A (senior) parity is approximately %, and the class B (total) parity is approximately %. Excess spread, a reserve fund, and overcollateralization provide credit and liquidity support. For the class A notes, the class B notes provide 2.61% of subordination. Because the class A and B notes are payable sequentially, the class B notes provide nonamortizing credit support to the class A notes. Overcollateralization, starting at 0.96%, is designed to grow to the greater of 1.50% of the then-current adjusted pool balance or 0.45% of the initial pool balance ($5,000,000). Overcollateralization is the excess of the adjusted pool balance and the reserve, over the total debt. The $5,000,000 component of the target provides a nonamortizing overcollateralization floor to the transaction. When the floor is reached, overcollateralization will grow as a percentage of the amortizing loan balance. Excess spread will be used to retire notes until the overcollateralization target is reached. After meeting this target, if prior to Jan 2036, the transaction structure pays certain trustee and carryover servicing fees, then funds may be released. If after Jan. 2036, all excess spread will be used to retire notes. The reserve fund, which will initially be fully funded at 1.25% of the pool balance ($13,837,093), must be maintained FEBRUARY 29,

4 at 1.25% of the current pool balance until April 2024, at which time it reduces to 0.80% of the current balance. The reserve fund again reduces in April 2036 to 0.25% of the current pool balance. The trust may replenish the reserve account balance to the required level on each distribution date if any funds remain after the first four items in the payment waterfall are paid. The funds in the reserve account will generally be available to pay servicing and administration fees and the notes' timely interest and principal on the legal final maturity date. As the collateral pays down, the reserve fund will decrease until it reaches the required floor amount of 0.10% of the initial pool balance ($1,106,967). The reserve fund floor will provide additional liquidity and credit support during the transaction's later stages. The loan pool consists of 100% consolidation loans, with a de minimis amount of Stafford loans. The collateral is seasoned with 85.0% of the pool in repayment status and generating cash flow, and the remaining obligors are either in deferment (6.0%) or forbearance (8.9%). Because of a Dec. 23, 2011, amendment to the Higher Education Act, Navient converted the index for calculating SAP for its FFELP loans disbursed after Jan. 1, 2000, to the one-month LIBOR index from the three-month commercial paper rate, effective April 1, As a result, virtually the entire pool has a SAP interest rate index of one-month LIBOR. Because the series notes will be priced at a spread above one-month LIBOR, we believe there is virtually no basis risk between the yield on the loans and the note interest rate. Pennsylvania Higher Education Assistance Agency (PHEAA) and Great Lakes Educational Loan Services, Inc. (Great Lakes) will subservice the loans under a servicing contract with Navient Solutions Inc. Both subservicers have extensive FFELP servicing experience, as well as historically low servicer reject rates. Payment Structure The class A and B notes are floating-rate notes indexed to one-month LIBOR. The trust will make payments on the notes from collections on a pool of FFELP student loans on the 25th day of each calendar month or the following business day beginning in April The trust will make the payments in a specified priority (see table 1). The student loans were purchased by Navient Credit Finance Corp. in a negotiated transaction from an unaffiliated third party. Table 1 Payment Waterfall Priority Payment(i) 1 Primary servicing fee to the master servicer(ii). 2 Administration fee to the administrator. 3 Interest payments to the class A noteholders. 4 Interest payments to the class B noteholders. 5 If necessary, replenish the reserve account to the required level. 6 Principal distribution amount to the class A noteholders sequentially until paid in full(iii). 7 Principal distribution amount to the class B noteholders until paid in full(iii). 8 On or after Jan 2036, to the class A noteholders sequentially; and then to the class B noteholders, until paid in full. 9 Trustee fees and expenses that have not been paid according to footnote(i). 10 Carryover servicing fee to the master servicer. 11 If the trust loans are not auctioned at the earliest auction date, remaining amounts to the class A noteholders sequentially; and then to the class B noteholders, until paid in full. 12 To Navient Corp., repay all accrued interest on and the unpaid principal amounts borrowed under the revolving credit agreement. 13 Any remaining amounts to the excess distribution certificateholder. FEBRUARY 29,

5 Table 1 Payment Waterfall (cont.) (i)if the depositor or the administrator does not pay the fees and expenses owed to the indenture trustee, eligible lender trustee, and owner trustee due under separate agreements, the indenture trustee is permitted to reimburse itself and the other trustees up to $150,000 per year before making any payments under items 1-13 in the payment waterfall. In our cash flow scenarios, we modeled the payment of these fees at 1/12th of $150,000 per month at the top of the waterfall. (ii)the monthly primary servicing fee will equal $4.25 per loan, per month, subject to a monthly maximum amount equal to 1/12th of 0.90% and 1/12th of 0.50% of the outstanding non-consolidated and consolidated loan principal balances, respectively. (iii)the regular principal distribution amounts (items 6 and 7 in the payment waterfall) are designed to build the notes' overcollateralization amount to the target of 1.50% of the current pool balance from approximately 0.96% at closing. Additionally, the target overcollateralization is subject to a floor of $5,000,000. The trust's servicer may purchase all remaining trust student loans when the pool balance is equal to or less than 10% of the initial pool balance at a price sufficient to repay in full the notes' outstanding principal amount together with the accrued interest. If the servicer does not exercise its purchase option, the indenture trustee may attempt to auction the remaining loan portfolio at a price sufficient to repay the outstanding notes in full together with the accrued interest. On the closing date, the trust will enter into a revolving credit agreement with Navient Corp. as lender, under which Navient Corp. will have the option to lend funds to the trust in the event that available funds are not sufficient to pay the outstanding principal balance of any class of notes on its related final maturity date. Transaction Overview According to the purchase agreements, Navient Credit Finance Corp. (the seller) will sell the loans to Navient Funding LLC (the depositor), which will then sell the loans to the issuing trust (see chart 1). In rating this transaction, Standard & Poor's Ratings Services will review the legal matters that it believes are relevant to its analysis, as outlined in its criteria. FEBRUARY 29,

6 Pool Analysis The notes will receive payments primarily from collections on a FFELP loan pool. Consolidation loans constitute essentially all of the pool (approximately 100.0%) with a de minimis amount of Stafford loans. The pool is seasoned with 85.0% of the pool in active repayment status (see table 2 for the transaction's loan pool characteristics as of Nov. 30, 2015). Table 2 Series Loan Pool Characteristics Navient Student Loan Trust Aggregate outstanding principal balance ($) 1,106,967, ,635, ,722,180 No. of borrowers 18,259 49,363 71,432 Avg. outstanding principal balance per borrower ($) 60,626 15,247 13,897 FEBRUARY 29,

7 Table 2 Series Loan Pool Characteristics (cont.) Weighted avg. borrower interest rate (%) Weighted avg. remaining term (mos.) SAP indexed to one-month LIBOR (%) Rehabilitated loans (%) Loan type (%) Consolidation Stafford 0.0(i) PLUS/SLS Payment status (%) School Grace Deferment Forbearance Repayment School type (%) Four-year college/graduate Two-year college Proprietary/vocational/technical Unknown/consolidation Delinquency status (%) 0-30 days days days days days days plus days ED reinsurance (%) Servicer (%) Pennsylvania Higher Education Assistance Agency (PHEAA) Great Lakes Educational Loan Services Inc Navient Solutions Inc. N/A (i)less than 0.1%. SAP--Special allowance payments. PLUS--Parent Loans to Undergraduate Students. SLS--Supplemental Loans for Students. ED--U.S. Department of Education. FEBRUARY 29,

8 Standard & Poor's Expected Default Rate: 13.0%-14.0% We used several methods to determine the expected default rates, including a review of state cohort default rates as reported annually by the ED, historical static pool default data, and a comparison of other originators' similar collateral performances. We then adjusted the analysis to reflect the collateral characteristics, such as loan type, state geographical distribution, loan payment status, delinquencies, and seasoning level. Our expected default rate for all of the loans also reflects our assessment of the economy and recently graduated students' employment prospects. Based on our review, our expected cumulative default range for the Navient pool is 13.0%-14.0%. Cash Flow Modeling Assumptions And Results We modeled the Navient transaction to simulate stress scenarios that we believe are commensurate with the assigned preliminary ratings (see tables 3 and 4). Table 3 Stressed Cash Flow Modeling Assumptions For 'AA+' Scenarios Preliminary rating AA+ (sf) Cumulative default rate (%) 45.0 Cumulative default timing (fast curve)--consolidation loans (approximate % per year) 25/25/20/10/10/10 Cumulative default timing (slow curve)--consolidation loans (approximate % per year) 20/20/20/10/10/10/10 Cumulative default timing (fast)--nonconsolidation loans (approximate % per year) 40/30/20/10 Cumulative default timing (slow)--nonconsolidation loans (approximate % per year) 20/20/20/10/10/10/10 Servicer claims rejection rate (%) 3.0 Voluntary prepayment rate per year (% CPR)--consolidation loans Voluntary prepayment rate per year (% CPR)--nonconsolidation loans Deferral (% per year) Forbearance (% per year) 4/5/6/7/8/9 for the remaining life 30/25/20 for the remaining life 9/9/9/9(i) 13/13/13(ii) Delay after default of ED claim reimbursement (mos.) 21 Delay of receipt of SAP and interest-rate subsidy (mos.) 2 (i)as loans enter repayment, 9% of their aggregate amount goes into deferment status for four years. (ii)as loans enter repayment, 13% of their aggregate amount goes into forbearance status for two years. CPR--Constant prepayment rate. Table 4 Stressed Cash Flow Modeling Assumptions For 'A' Scenarios Preliminary rating Cumulative default rate (%) 34.0 Cumulative default timing (fast curve)--consolidation loans (approximate % per year) 25/25/20/10/10/10 Cumulative default timing (slow curve)--consolidation loans (approximate % per year) 20/20/20/10/10/10/10 Cumulative default timing (fast)--nonconsolidation loans (approximate % per year) 40/30/20/10 Cumulative default timing (slow)--nonconsolidation loans (approximate % per year) 20/20/20/10/10/10/10 Servicer claims rejection rate (%) 2.5 Voluntary prepayment rate per year (% CPR)--consolidation loans Voluntary prepayment rate per year (% CPR)--nonconsolidation loans Deferral (% per year) A (sf) 3/4/5/6/7/8 for the remaining life 25/20/15 for the remaining life 9/9/9/9(i) FEBRUARY 29,

9 Table 4 Stressed Cash Flow Modeling Assumptions For 'A' Scenarios (cont.) Forbearance (% per year) 13/13/13(ii) Delay after default of ED claim reimbursement (mos.) 21 Delay of receipt of SAP and interest-rate subsidy (mos.) 2 (i)as loans enter repayment, 9% of their aggregate amount goes into deferment status for four years. (ii)as loans enter repayment, 13% of their aggregate amount goes into forbearance status for two years. CPR--Constant prepayment rate. We based the interest rates for the cash flow scenarios on the one-month LIBOR interest rate paths in our criteria (see "U.S. Interest Rate Assumptions Revised for May 2012 And Thereafter," published April 30, 2012). Each rating scenario employs both an up, down, and forward interest rate path (see chart 2). Chart 2 'AA+' And 'A' Stressed And Liquidity Cash Flow Results We stressed the cumulative default rates for the pool at approximately 45.0% and 34.0% according to the assigned preliminary 'AA+ (sf)' and 'A (sf)' ratings, respectively. Timely interest and principal payments for each respective class of notes were made under these stressed cash flow modeling scenarios. FEBRUARY 29,

10 The primary risk in a student loan transaction consisting of FFELP loans is the guarantor's and the ED's rejection of reimbursement claims for noncompliance with servicing standards. Rejected claims lose both the guarantor's and the ED's insurance coverage, resulting in full principal loss to the issuer related to the rejected loans. In evaluating this risk, we used information regarding historical servicer claims payments and rejection rates. We then adjusted the data for the rating as we considered appropriate. We also stressed the recovery lags and the deferment and forbearance periods in our cash flow scenarios. Under these stressed cash flow scenarios, the transaction paid timely interest and note principal by the legal final maturity date. In addition, we ran cash flow scenarios that had zero prepayments and zero default rates, as well as zero prepayments and an expected level of default rates with fast and slow default curves (we left all other 'AA+' assumptions unchanged) to ensure that all of the notes are retired by their maturity dates. Credit Stability Cash Flow Analysis In addition to the 'AA+' and 'A' stressed cash flows, we ran cash flow scenarios to assess the assigned preliminary ratings' stability under moderate stress conditions (a 'BBB' stress scenario). We assumed moderate stresses for cumulative defaults of approximately 2.25x our expected base-case cumulative default assumptions, coupled with slightly less stressful servicer claims rejection and voluntary prepayment assumptions than in the stress runs (see table 5 and charts 3 and 4). Table 5 Sensitivity Cash Flow Modeling Assumptions Cumulative default rate (%) 31.0 Cumulative default timing (fast curve)--consolidation loans (approximate % per year) 25/25/20/10/10/10 Cumulative default timing (slow curve)--consolidation loans (approximate % per year) 20/20/20/10/10/10/10 Cumulative default timing (fast)--nonconsolidation loans (approximate % per year) 40/30/20/10 Cumulative default timing (slow)--nonconsolidation loans (approximate % per year) 20/20/20/10/10/10/10 Servicer claims rejection rate (%) 2.0 Voluntary prepayment rate per year (% CPR)--consolidation loans Voluntary prepayment rate per year (% CPR)--nonconsolidation loans Deferral (% per year) Forbearance (% per year) 2/3/4/5/6/7 for the remaining life 20/15/10 for the remaining life 9/9/9/9(i) 13/13/13(ii) Delay after default of ED claim reimbursement (mos.) 21 Delay of receipt of SAP and interest-rate subsidy (mos.) 2 (i)as loans enter repayment, 9% of their aggregate amount goes into deferment status for four years. (ii)as loans enter repayment, 13% of their aggregate amount goes into forbearance status for two years. CPR--Constant prepayment rate. FEBRUARY 29,

11 Chart 3 FEBRUARY 29,

12 Chart 4 In the sensitivity scenarios, senior parity begins at approximately 103.7%, decreases slightly to approximately 102.9% after several months, and then rises steadily thereafter for the life of the transaction. The subordinate parity begins at approximately 101.0%, and decreases slightly to approximately 100.2% after several months. Depending on the interest rate scenario, the subordinate parity remains steady for four to seven years, and then rises steadily thereafter for the life of the transaction. Based on these scenario results, the federal guarantee of at least 97% on the collateral, the relatively stable servicer rejects in this asset type, and the stresses applied to the reimbursement lags, we expect our rating on the class A notes will not decline more than one and three rating categories in the first and third years, respectively. We expect our ratings on the class B notes would not decline more than two and three ratings categories in the first and third years, respectively (see "Methodology: Credit Stability Criteria," published May 3, 2010). Navient Solutions Inc. Navient Solutions Inc. (Navient Solutions) acts as the sponsor of Navient Corp.'s (Navient's) student loan securitization program. Navient Solutions is a wholly owned subsidiary of Navient and acts as the principal management company FEBRUARY 29,

13 for most of Navient's business activities. Navient Solutions' servicing division manages and operates the loan servicing functions for Navient and its affiliates. Navient Solutions acts as administrator for each trust sponsored by the depositor and its affiliates. Navient Solutions services the vast majority of student loans owned by Navient and its affiliates through its loan servicing centers located in Indiana and Pennsylvania. As of Dec. 31, 2014, Navient Solutions (on behalf of Legacy SLM and/or Student Loan Marketing Association have sponsored approximately 156 student loan securitizations involving approximately 122 FFELP student loan transactions and approximately 34 private education loan transactions. Navient Solutions does not own loans. As the sponsor and administrator of the company's student loan securitization program, Navient Solutions selects portfolios of loans owned by its affiliates to be sold to the trust and structures each transaction. Under a servicing agreement, Navient Solutions, as master servicer will be responsible for servicing, maintaining custody of and making collections on the trust student loans. Navient Solutions has entered into separate subservicing agreements with Great Lakes and PHEAA and will oversee each subservicer's performance of its servicing obligations with respect to the trust student loans. Navient Funding LLC Navient Funding LLC will be the depositor. The depositor is a special-purpose entity created to perform limited activities for the loan securitization program, including transferring loans from Navient Credit Finance Corp. and the other loan sellers to the issuing trusts. Related Criteria And Research Related Criteria Methodology And Assumptions For Ratings Above The Sovereign--Single-Jurisdiction, May 29, 2015 Criteria For Global Structured Finance Transactions Subject To A Change In Payment Priorities Or Sale Of Collateral Upon A Nonmonetary EOD, March 2, 2015 U.S. Government Support In Structured Finance And Public Finance Ratings, Dec. 7, 2014 Global Framework For Cash Flow Analysis Of Structured Finance Securities, Oct. 9, 2014 Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31, 2012 U.S. Interest Rate Assumptions Revised For May 2012 And Thereafter, April 30, 2012 Understanding Standard & Poor's Rating Definitions, June 3, 2009 Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009 Legal Criteria For U.S. Structured Finance Transactions: Appendix III: Revised UCC Article 9 Criteria, Oct. 1, 2006 Legal Criteria For U.S. Structured Finance Transactions: Criteria Related To Asset-Backed Securities, Oct. 1, 2006 Legal Criteria For U.S. Structured Finance Transactions: Securitizations By Code Transferors, Oct. 1, 2006 Legal Criteria For U.S. Structured Finance Transactions: Securitizations By SPE Transferors And Non-Code Transferors, Oct. 1, 2006 Legal Criteria For U.S. Structured Finance Transactions: Special-Purpose Entities, Oct. 1, 2006 Student Loan Criteria: Evaluating Risk In Student Loan Transactions, Oct. 1, 2004 Student Loan Criteria: Structural Elements In Student Loan Transactions, Oct. 1, FEBRUARY 29,

14 Student Loan Criteria: Rating Methodology For Student Loan Transactions, Oct. 1, 2004 Related Research Global Structured Finance Scenario And Sensitivity Analysis: Understanding The Effects Of Macroeconomic Factors On Credit Quality, July 2, 2014 Overview Of Legal Criteria For U.S. Structured Finance Transactions, Oct. 1, 2006 The Rating Process For Student Loan Transactions, Oct. 1, 2004 In addition to the criteria specific to this type of security (listed above), the following criteria articles, which are generally applicable to all ratings, may have affected this rating action: "Post-Default Ratings Methodology: When Does Standard & Poor's Raise A Rating From 'D' Or 'SD'?," March 23, 2015; "Global Framework For Assessing Operational Risk In Structured Finance Transactions," Oct. 9, 2014; "Methodology: Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D' And 'SD' Ratings," Oct. 24, 2013; "Counterparty Risk Framework Methodology And Assumptions," June 25, 2013; "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," Oct. 1, 2012; "Methodology: Credit Stability Criteria," May 3, 2010; and "Use of CreditWatch And Outlooks," Sept. 14, FEBRUARY 29,

15 Copyright 2016 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, 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 (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 FEBRUARY 29,

Navient Student Loan Trust 2016-3

Navient Student Loan Trust 2016-3 Presale: Navient Student Loan Trust 2016-3 Primary Credit Analyst: Ronald G Burt, New York (1) 212-438-4011; ronald.burt@spglobal.com Table Of Contents $761.0 Million Student Loan-Backed Notes Series 2016-3

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

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

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

New Jersey Higher Education Student Assistance Authority (Series 2016-1)

New Jersey Higher Education Student Assistance Authority (Series 2016-1) Presale: New Jersey Higher Education Student Assistance Authority (Series 2016-1) Primary Credit Analyst: Lyuda Ryabkova, New York (1) 212-438-2897; lyuda.ryabkova@spglobal.com Table Of Contents $190.0

More information

Rhode Island Student Loan Authority (2016 Senior Series A)

Rhode Island Student Loan Authority (2016 Senior Series A) Presale: Rhode Island Student Loan Authority (2016 Senior Series A) Primary Credit Analyst: Mark W O'Neil, New York (1) 212-438-2617; mark.o'neil@standardandpoors.com Table Of Contents $55.00 Million 2016

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mounting Student Debt Is Reshaping The U.S. Student Loan Market STRUCTURED FINANCE RESEARCH Mounting Student Debt Is Reshaping The U.S. Student Loan Market Primary Credit Analyst: Erkan Erturk, PhD, New York (1) 212-438-2450; erkan_erturk@standardandpoors.com Business

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Energinet.dk SOV. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com

Energinet.dk SOV. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Summary: Energinet.dk SOV Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: John D Lindstrom, Stockholm (46) 8-440-5922; john.lindstrom@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

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

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

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

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

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

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

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

Icelandic Utility Landsvirkjun Outlook Revised To Stable After Similar Action On Iceland; 'BB/B' Ratings Affirmed

Icelandic Utility Landsvirkjun Outlook Revised To Stable After Similar Action On Iceland; 'BB/B' Ratings Affirmed Research Update: Icelandic Utility Landsvirkjun Outlook Revised To Stable After Similar Action On Iceland; Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com

More information

DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable

DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper_andersen@standardandpoors.com

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

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

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

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

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

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

Healthcare Support (North Staffs) Finance Outlook Revised To Stable On Operating Risk; 'BBB-' Issue Ratings Affirmed

Healthcare Support (North Staffs) Finance Outlook Revised To Stable On Operating Risk; 'BBB-' Issue Ratings Affirmed Research Update: Healthcare Support (North Staffs) Finance Outlook Revised To Stable On Operating Risk; 'BBB-' Issue Ratings Affirmed Primary Credit Analyst: Manuel Dusina, London (44) 20-7176-5530; manuel.dusina@standardandpoors.com

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

Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable

Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable Research Update: Factory Mutual Insurance Co. And Core Subsidiaries Assigned 'A+' Rating; Outlook Stable Primary Credit Analyst: Jeff Pusey, San Francisco (1) 415-371-5016; jeff.pusey@standardandpoors.com

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

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

Constellium Holdco B.V. Recovery Rating Profile

Constellium Holdco B.V. Recovery Rating Profile Recovery Report: Constellium Holdco B.V. Recovery Rating Profile Recovery Analyst: Franck Rizzoli, London (44) 20-7176-3934; Franck_Rizzoli@standardandpoors.com Primary Credit Analyst: Tatjana Lescova,

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

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

Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed; Outlook Negative

Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed; Outlook Negative Research Update: Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed; Outlook Negative Primary Credit Analyst: Oliver Herbert, London (44) 20-7176-7054; oliver.herbert@standardandpoors.com

More information

ReadyCap Lending Small Business Loan Trust 2015-1

ReadyCap Lending Small Business Loan Trust 2015-1 Presale: ReadyCap Lending Small Business Loan Trust 2015-1 Primary Credit Analysts: Deborah L Newman, New York (1) 212-438-4451; deborah.newman@standardandpoors.com Hector O Campos, New York (212) 438-2133;

More information

Structured Finance. College Loan Corp. Trust I, Series 2004-1. Asset-Backed Presale Report. Expected Ratings

Structured Finance. College Loan Corp. Trust I, Series 2004-1. Asset-Backed Presale Report. Expected Ratings Asset-Backed Presale Report College Loan Corp. Trust I, Series 2004-1 Expected Ratings $293,000,000 Class A-1 Student Loan Asset-Backed Senior Notes... AAA $307,000,000 Class A-2 Student Loan Asset-Backed

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

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