Rating Research Services

Size: px
Start display at page:

Download "Rating Research Services"

Transcription

1 A Standard & Poor's Ratings Partner Rating Research Services.. Formosa Plastics Corp. Primary Credit Analyst: Raymond Hsu, CFA; (886) ; raymond.hsu@taiwanratings.com.tw Secondary Contact: David Hsu; (886) ; david.hsu@taiwanratings.com.tw Table Of Contents Rationale Outlook Taiwan Ratings' Base Case Scenario Company Description Analytical Approach Business Risk Financial Risk Liquidity Reconciliation Related Criteria And Research 2013 Taiwan Ratings Corp

2 Formosa Plastics Corp. Corporate Credit Rating twaa /Negative/twA 1+ Profile Assessments Global Obligor Comparison Local Obligor Comparison BUSINESS RISK Satisfactory Strong FINANCIAL RISK Intermediate Modest Rationale Business Risk: Strong Strong operating efficiency and product diversity. Strong domestic market position in the petrochemical and oil refining industries. High risk non core investments. Asset concentration. Financial Risk: Modest Weak credit metrics for the current rating. Improving cash flow protection due to improving profitability and debt reduction efforts. Commitment on non debt financing and reduction of ownership in Formosa Ha Tinh Steel Corp. Adequate liquidity. Outlook: Negative The negative outlook reflects our assessment of material risk that the Formosa Plastics group's (FP group) cash flow protection may not improve as we expect if the group fails to execute its strategy to enhance its cash flow protection measures on a timely basis or the petrochemical market weakens again due to a weak China economy. Downside scenario We may lower the ratings if the FP group fails to improve its adjusted ratio of consolidated funds from (FFO) to debt above 30% in This would likely be the result of: (1) the FP group fails to complete its planned sale of shares in FPCC in 2014; or (2) the four core companies fail to reduce ownership in Formosa Ha Tinh Steel below 50% in 2014; or (3) the market worsens again. Upside scenario We may revise the outlook back to stable if the FP group successfully reduces its ownership, completes its planned sale of shares in Formosa Petrochemical Corp., and improves its ratio of FFO to debt to a level sustainably above 30% Taiwan Ratings Corp

3 Taiwan Ratings' Base Case Scenario Assumptions The FP group's revenue growth of 5% 8% year on year in 2013 and 0% 2% in EBITDA margin to improve in the range 10% 12% in 2013 and Capital expenditures in the range New Taiwan dollar (NT$) 25 billion NT$35 billion annually in 2013 and Cash dividend payout ratio of 50% 60% and average tax rate of about 13% 15% in 2013 and Key Metrics 2012A 2013E 2014E EBITDA Margin 7.4% 10.0% 11.0% 11.0% 12.0% Debt/EBITDA 7.1x 4.0x 3.0x 4.5x 3.5x FFO/Debt 15.3% 20.0% 28.0% 25.0% 32.0% Debt/Capital 51.6% 47 49% 39 42% A Actual; E Estimate; Data represent the pro forma consolidation of the four core companies. Company Description Formosa Plastics Corp. (FPC) is one of the four core members of the Formosa Plastics group (FP group), which is Taiwan's largest private sector industrial conglomerate in terms of assets and revenues. The other three core companies are Nan Ya Plastics Corp. (NYPC), Formosa Chemicals & Fibre Corp. (FCFC) and Formosa Petrochemical Corp. (FPCC). The four core companies' are vertically integrated, ranging from oil refining and naphtha cracking to plastics and polyesters (see table 1). The highly integrated Mailiao complex provides the group's members with a stable supply of base chemical feedstock. In 2012, revenue for FPC, NYPC, FCFC and FPCC was NT$197 billion, NT$301 billion, NT$330 billion and NT$893 billion, respectively. Table 1 Company Formosa Plastics Corp. Nan Ya Plastics Corp. Formosa Chemicals & Fibre Corp. Main products Vinyl chloride, polyvinylchloride (PVC), caustic soda, polyethylene (PE), polypropylene (PP), ethylene vinyl acetate (EVA), acrylic fiber, acrylic esters, acrylonitrile (AN), methyl methacrylate (MMA), epichlorohydrin (ECH), methyl tert-butyl ether (MTBE), carbon fiber. Secondary plastics, polyesters, printed circuit board/electronic materials, ethylene glycol (EG), 1,4-butanediol (1,4BG) and other alcohols, curing agents, anti-oxidants and modifiers, Bisphenol A (BPA), Phthalic Anhydride (PA), Plasticizer, epoxidized soybean oil (ESO), 2- Ethylhexanol (2EH), Hydrogen Peroxide, engineering. Aromatics and derivatives- benzene, ortho-xylene (OX), para-xylene (PX); phenol, acetone, styrene monomer (SM), purified terephthalic acid (PTA), polymers- acrylonitrile-butadiene-styrene (ABS) resins, polystyrene (PS), polypropylene (PP), and polycarbonate (PC); textile & fiber, electricity generation. Formosa Petrochemical Corp. Oil refining, olefin, electricity generation Taiwan Ratings Corp

4 Analytical Approach The ratings on Taiwan based Formosa Plastics Corp. reflect the company's status as a core member of the FP group. When analyzing the credit quality of the four core members, Taiwan Ratings Corp. views the individual operating units as a combined manufacturing entity with highly integrated. We consolidate the four operating units' financial statements to give a clear picture of the group's overall cash flow generation and debt; accordingly, the longterm corporate credit ratings on all of these operating units have been equalized. Business Risk: Strong We expect the FP group's scaled productions and highly integrated to continue to support its strong cost competitiveness and operating efficiency, as well as product diversity. We also expect the group to maintain its strong market positions for these products. The group's significant economies of scale and good product diversity should enable it to maintain above average and stable profit margins relative to those of its peers. We expect the group's plan to reduce the four core companies' ownership in Formosa Ha Tinh Steel Corp., if executed, to significantly reduce the group's business and financial risks associated with the steel mill project in Vietnam, which cost about US$10 billion. We believe the project carries higher country risk and high execution risk given that the group is short of experience in the steel industry. In addition, the steel industry in Asia may continue to experience overcapacity for the next two to three years, despite an undersupplied market in the ASEAN countries. We do not expect the FP group to conduct large equity injections into its dynamic random access memory (DRAM) investments over the next few years following a significant restructuring in its DRAM business. Nanya Technology Corp. terminated its technology codevelopment with Micron Technology Inc. and exited the PC DRAM market in early 2013 while at the same time withdrawing its capacity demand from Inotera Memory Inc. Inotera now focuses on the manufacturing of higher value added products for Micron. As a result, Nanya Technology and Inotera generated profits of NT$4.2 billion and NT$10.1 billion, respectively, in the first nine months of 2013 amid improving market conditions, compared with losses of NT$27.1 billion and NT$11.8 billion, respectively, for the same period in We believe that the FP group's asset concentration risk will remain over the next few years. The Mai Liao complex generated more than 70% of the group's revenue. Any significant disruption in the at the site will significantly affect the group's operating performance and cash flow, which was partly evidenced by the group's weaker performance in However, we believe significant investments in safety enhancement in and higher maintenance capital expenditures will substantially lower the site's operating risk over next two to three years Taiwan Ratings Corp

5 TRC Base Case Operating Scenario Taiwan Ratings' base case scenario for the FP group indicates low to mid single digit revenue growth with a gradual improvement in its EBITDA margin in 2013 and Our assumptions for the base case scenario are: The refining utilization rate will improve to 86% in 2013 and 2014 from about 80% in 2012; while the olefin run rate will improve to 92.5% from about 80% in Revenue will grow 5% 8% in 2013 and 0% 2% in 2014 due to improving capacity utilization and better pricing for aromatics and some olefins. EBITDA margin will be 10% 12% in 2013 and 2014, compared with 7.4% in Financial Risk: Modest We expect the FP group's financial metrics to remain relatively weak in 2013 due to continued equity investments in the steel mill project in Vietnam, and only slowly improving profitability. However, our base case scenario expects the four core companies to improve their credit metrics to be consistent with the rating in 2014, due to further improvement in their profitability and the disposal of shares in FPCC, despite the group's planned guarantee on Formosa Ha Tinh Steel's debt. The group's ratio of funds from (FFO) to debt weakened significantly to 15% in 2012 from 36% in 2011, but we expect the ratio to improve to the range of 20% 25% in 2013 and 28% 32% in We also expect the group to be more conservative in its cash flow management, including its cash dividend payments, to weather the industry downturn and meet capital expenditure needs. The FP group lowered its cash dividend payout ratio below 60% in 2012 from over 80% previously. In addition, we expect the four core companies' large long term investments not consolidated in our analysis of the four core companies, to provide additional financial flexibility. These investments include the highly profitable 23% owned Formosa Plastics Corp. USA and wholly owned Mai Liao Power Corp., which contributed about NT$13 billion in equity income to the four core companies in TRC Base Case Cash Flow And Capital Structure Scenario Our base case suggests: The FP group's capital expenditures of NT$25 billion NT$35 billion in 2013 and About NT$53 billion in equity injections for Formosa Ha Tinh Steel and iron ore mine acquisition in 2013 and none in Guarantee on Formosa Ha Tinh Steel's debt of about US$3 billion in 2014 and The completion of the FP group's first tranche disposal of shares in FPCC in Largely unchanged in the FP group's cash conversion cycle in 2013 and Cash dividend payout ratio will be about 50% 60% and an average tax rate of about 13% 15% in 2013 and Taiwan Ratings Corp

6 Financial summary Table 2 Formosa Plastics Corp. Financial Summary Industry Sector: commodity chemicals --Fiscal year ended Dec (Mil. NT$) Revenues 196, , , , ,178.0 EBITDA 15, , , , ,908.0 Net income from continuing 14, , , , ,709.0 Funds from (FFO) 23, , , , ,746.0 Capital expenditures 12, , , , ,115.0 Free operating cash flow 11, , , , ,190.0 Discretionary cash flow (12,644.7) (3,423.0) 25, ,798.0 (8,278.0) Cash and short-term investments 68, , , , ,250.0 Debt 106, , , , ,926.0 Equity 226, , , , ,205.0 Adjusted ratios EBITDA margin (%) EBITDA interest coverage (x) EBIT interest coverage (x) Return on capital (%) FFO/debt (%) Free operating cash flow/debt (%) Debt/EBITDA (x) Debt/debt and equity (%) NT$--New Taiwan dollar. Note: data are fully adjusted. Table 3 Formosa Plastics Group Financial Summary Industry Sector: commodity chemicals --Fiscal year ended Dec (Mil. NT$) Revenues 1,276, ,292, ,224, , ,228,163.0 EBITDA 94, , , , ,571.0 Net income from continuing 27, , , , ,599.5 Funds from (FFO) 102, , , , ,240.1 Capital expenditures 71, , , , ,553.0 Free operating cash flow 28, , , , ,375.1 Discretionary cash flow (39,587.7) (26,215.0) 87, ,951.0 (40,862.0) Cash and short-term investments 246, , , , ,310.0 Debt 669, , , , ,972.0 Equity 802, , , , ,049.7 Adjusted ratios EBITDA margin (%) EBITDA interest coverage (x) EBIT interest coverage (x) Return on capital (%) FFO/debt (%) Free operating cash flow/debt (%) Debt/EBITDA (x) Debt/debt and equity (%) NT$--New Taiwan dollar. Note: pro-forma consolidation of Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp. and Formosa Petrochemical Corp. Liquidity: Adequate The short term rating is 'twa 1+'. We believe that the FP group has "adequate" liquidity to meet its needs over the next two years. This view incorporates the following major assumptions: The ratio of liquidity sources (including cash, liquid financial assets, funds from, and non debt financing) to liquidity uses (capital expenditures, cash 2013 Taiwan Ratings Corp

7 dividends, working capital needs, and debt maturities) will be below 1.5x over the next 12 months. The group could absorb, with limited refinancing, high impact, low probability events. Liquidity sources will continue to exceed uses, even if the group's EBITDA were to decline by 15%. The group's sound banking relationships support its financial flexibility. In addition, the group benefits from a very low credit spread due to its sizeable domestic corporate bond issuance. The group has prudent financial management. Principal Liquidity Sources Principal Liquidity Uses Cash and short term investment of about NT$71.8 billion as of the end of 2013 and Short term investment excludes cross shares holdings among the four core companies. FFO of about NT$145 billion in 2013 and NT$160 billion in About NT$9 billion from working capital movements in both 2013 and Capital expenditures exceeding NT$25 35 billion in 2013 and % of debt maturity in one year amounting to NT$106 billion in Cash dividends are about 50% 60% of net income in 2013 and Reconciliation Table 4 Reconciliation Of Formosa Plastics Corp. Reported Amounts With Taiwan Ratings' Adjusted Amounts --Fiscal year ended Dec. 31, (Mil. NT$) Operating income Interest expense Cash flow from Cash flow from Capital expenditures Formosa Plastics Corp. reported amounts 5, , , , ,424.6 Taiwan Ratings' adjustments Capitalized interest (71.8) (71.8) (71.8) Reclassification of nonoperating income (expenses) 12, Reclassification of workingcapital cash flow changes (834.1) -- Total adjustments 12, (71.8) (905.9) (71.8) Taiwan Ratings' adjusted amounts EBIT Interest expense Cash flow from Funds from Capital expenditures 18, , , , ,352.8 NT$--New Taiwan dollar. Note: Formosa Plastics Corp. reported amounts shown are taken from the company's financial statements but might include adjustments made by data providers or reclassifications made by Taiwan Ratings' analysts. Related Criteria And Research Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Key Credit Factors: Criteria For Rating Companies In The Global Commodity Chemicals Industry, Sept. 19, 2012 Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18, Taiwan Ratings Corp

8 Key Credit Factors: Criteria For Rating The Global Oil Refining Industry, Nov. 28, 2011 Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 Taiwan Ratings' Ratings Definitions,, Aug. 6, 2010 Understanding TRC Rating Definitions,, Aug. 6, Corporate Criteria: Ratios And Adjustments, April 15, Corporate Criteria: Analytical Methodology, April 15, 2008 Corporate Criteria Parent/Subsidiary Links; General Principles; Subsidiaries/Joint Ventures/Nonrecourse Projects; Finance Subsidiaries; Rating Link to Parent, Oct. 28, 2004 (Unless otherwise stated, these articles are published on access to which requires a registered account) Ratings Detail TRC Current Ratings Corporate Credit Rating twaa /Negative/twA 1+ Corporate Credit Rating History 2011/08/ /05/ /12/06 twaa /Negative/twA 1+ twaa /Stable/twA 1+ twaa/stable/twa Taiwan Ratings Corp

9 Copyright 2013 by Taiwan Ratings Corporation (TRC). 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 TRC. The Content shall not be used for any unlawful or unauthorized purposes. TRC and any third party providers, as well as their directors, officers, shareholders, employees or agents (collectively TRC Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. TRC 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. TRC DISCLAIMS 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 TRC 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. TRC credit ratings are opinions about relative credit risk. TRC'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. TRC 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. TRC does not act as a fiduciary or an investment advisor except where registered as such. While TRC has obtained information from sources it believes to be reliable, TRC does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. TRC cannot guarantee the accuracy, completeness, or timeliness of the information relied on in connection with a rating or the results obtained from the use of such information. 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, TRC reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. TRC disclaims 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. TRC 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 TRC may have information that is not available to other TRC business units. TRC has established policies and procedures to maintain the confidentiality of certain non public information received in connection with each analytical process. TRC may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. TRC reserves the right to disseminate its opinions and analyses. TRC's public ratings and analyses are made available on its Web sites, (free of charge), and rrs.taiwanratings.com.tw (subscription), and may be distributed through other means, including via TRC publications and third party redistributors Taiwan Ratings Corp

Rating Research Services

Rating Research Services Rating Research Services Media Release: Ratings On Taiwan Mobile Co. Ltd. Affirmed On Sustainable Market Position; Outlook Stable Primary Credit Analyst: Anne Kuo, CFA; (886) 2 8722-5829; anne.kuo@taiwanratings.com.tw

More information

A Financial Analysis of Energies and Gas Pipelines

A Financial Analysis of Energies and Gas Pipelines 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

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

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

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

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

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

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

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

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

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

Standard & Poor's Base-Case Scenario. Related Criteria And Research

Standard & Poor's Base-Case Scenario. Related Criteria And Research Summary: Valeo S.A. Primary Credit Analyst: Vincent Gusdorf, CFA, Paris (33) 1-4420-6667; vincent.gusdorf@standardandpoors.com Secondary Contact: Barbara Castellano, Milan (39) 02-72111-253; barbara.castellano@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

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

Duke Energy International Geracao Paranapanema 'BBB-' Global And 'braaa' National Scale Ratings Affirmed

Duke Energy International Geracao Paranapanema 'BBB-' Global And 'braaa' National Scale Ratings Affirmed Research Update: Duke Energy International Geracao Paranapanema 'BBB-' Global And 'braaa' National Scale Ratings Affirmed Primary Credit Analyst: Sergio Fuentes, Buenos Aires (54) 114-891-2131; sergio.fuentes@standardandpoors.com

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

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

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

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

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

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

Research Update: Klabin Ratings Raised To 'BB+' On Improving Financial Profile. Table Of Contents

Research Update: Klabin Ratings Raised To 'BB+' On Improving Financial Profile. Table Of Contents December 8, 2010 Research Update: Klabin Ratings Raised To 'BB+' On Improving Financial Profile Primary Credit Analyst: Reginaldo Takara, Sao Paulo (55) 11 3039-9740;reginaldo_takara@standardandpoors.com

More information

Market Data Analysis - Pacific Life

Market Data Analysis - Pacific Life 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

Research Update: Steel Group ArcelorMittal Outlook Revised To Negative On Weak Credit Metrics; 'BBB-/A-3' Ratings Affirmed.

Research Update: Steel Group ArcelorMittal Outlook Revised To Negative On Weak Credit Metrics; 'BBB-/A-3' Ratings Affirmed. November 8, 2011 Research Update: Steel Group ArcelorMittal Outlook Revised To Negative On Weak Credit Metrics; 'BBB-/A-3' Ratings Affirmed Primary Credit Analyst: Andrey Nikolaev, Paris (33) 1-4420-7329;andrey_nikolaev@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

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

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

Asia Insurance Co. Ltd.

Asia Insurance Co. Ltd. Primary Credit Analyst: Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@standardandpoors.com Secondary Contact: Mark Li, Beijing (861) 6569-2998; mark.haihu.li@standardandpoors.com Table Of Contents

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

Primary Credit Analyst: Eric Tanguy, Paris (33) 1-4420-6715; eric_tanguy@standardandpoors.com

Primary Credit Analyst: Eric Tanguy, Paris (33) 1-4420-6715; eric_tanguy@standardandpoors.com Summary: Valeo S.A. Primary Credit Analyst: Eric Tanguy, Paris (33) 1-4420-6715; eric_tanguy@standardandpoors.com Secondary Contact: Antoine Cornu, Paris (33) 1-4420-6796; antoine_cornu@standardandpoors.com

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

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

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

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

Avianca Holdings Outlook Revised To Stable From Positive, 'B+' Credit Rating Affirmed On Weaker Credit Metrics

Avianca Holdings Outlook Revised To Stable From Positive, 'B+' Credit Rating Affirmed On Weaker Credit Metrics Research Update: Avianca Holdings Outlook Revised To Stable From Positive, 'B+' Credit Rating Affirmed On Weaker Credit Metrics Primary Credit Analyst: Francisco Gutierrez, Mexico City (52) 55-5081-4407;

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

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

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

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

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

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

Russia-Based EvrazHolding Finance And Sibmetinvest Rated 'B+', Unsecured Notes Rated 'B+'; Outlook Stable

Russia-Based EvrazHolding Finance And Sibmetinvest Rated 'B+', Unsecured Notes Rated 'B+'; Outlook Stable November 24, 2011 Russia-Based EvrazHolding Finance And Sibmetinvest Rated 'B+', Unsecured Notes Rated 'B+'; Outlook Stable Primary Credit Analyst: Andrey Nikolaev, Paris (33) 1-4420-7329; andrey_nikolaev@standardandpoors.com

More information

Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com. Likelihood Of Extraordinary Government Support

Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com. Likelihood Of Extraordinary Government Support Summary: Landsvirkjun Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: Karin Erlander, London (44) 20-7176-3584; karin.erlander@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

Swedish Housing Group Framtiden 'AA-/A-1+' And 'K-1' Ratings Affirmed On Strong Relationship With Owner; Outlook Stable

Swedish Housing Group Framtiden 'AA-/A-1+' And 'K-1' Ratings Affirmed On Strong Relationship With Owner; Outlook Stable Research Update: Swedish Housing Group Framtiden 'AA-/A-1+' And 'K-1' Ratings Affirmed On Strong Relationship With Owner; Outlook Stable Primary Credit Analyst: Pierre-Brice Hellsing, Frankfurt +46 (0)8

More information

U.K. Broadcaster ITV Upgraded To 'BBB-/A-3' On Expected Solid Credit Metrics, Moderate Financial Policy; Outlook Stable

U.K. Broadcaster ITV Upgraded To 'BBB-/A-3' On Expected Solid Credit Metrics, Moderate Financial Policy; Outlook Stable Research Update: U.K. Broadcaster ITV Upgraded To 'BBB-/A-3' On Expected Solid Credit Metrics, Moderate Financial Policy; Outlook Stable Primary Credit Analyst: Patrizia D'Amico, Milan (39) 02-72111-206;

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

Israel Chemicals 'BBB' Ratings Placed On CreditWatch Negative Due To Weaker Credit Metrics

Israel Chemicals 'BBB' Ratings Placed On CreditWatch Negative Due To Weaker Credit Metrics Research Update: Israel Chemicals 'BBB' Ratings Placed On CreditWatch Negative Due To Weaker Credit Metrics Primary Credit Analyst: Oliver Kroemker, Frankfurt (49) 69-33-999-160; oliver.kroemker@spglobal.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

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

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

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

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

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

Investing: Technical Analysis of Transmissora Aliança de Energia Elétrica S.D.

Investing: Technical Analysis of Transmissora Aliança de Energia Elétrica S.D. December 22, 2011 Research Update: Transmissora Aliança de Energia Elétrica S.A. Assigned 'BBB-' Corporate Credit Rating Based On Stable Cash Flows Primary Credit Analyst: Reginaldo Takara, Sao Paulo (55)

More information

Global Energy Group GDF SUEZ's 'A/A-1' Ratings On CreditWatch Negative On Adverse Business Outlook

Global Energy Group GDF SUEZ's 'A/A-1' Ratings On CreditWatch Negative On Adverse Business Outlook Research Update: Global Energy Group GDF SUEZ's 'A/A-1' Ratings On CreditWatch Negative On Adverse Business Outlook Primary Credit Analyst: Nicolas Riviere, Paris (33) 1-4420-6709; nicolas_riviere@standardandpoors.com

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

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

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

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

CAP 'BB+' Ratings Affirmed And Off CreditWatch Negative On Likely Stronger Credit Metrics, Outlook Stable

CAP 'BB+' Ratings Affirmed And Off CreditWatch Negative On Likely Stronger Credit Metrics, Outlook Stable Research Update: CAP 'BB+' Ratings Affirmed And Off CreditWatch Negative On Likely Stronger Credit Metrics, Outlook Stable Primary Credit Analyst: Marcus Fernandes, Sao Paulo (55) 11-3039-9734; marcus.fernandes@standardandpoors.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Primary Credit Analyst: Alex P Herbert, London (44) 20-7176-3616; alex.herbert@standardandpoors.com

Primary Credit Analyst: Alex P Herbert, London (44) 20-7176-3616; alex.herbert@standardandpoors.com Summary: Volkswagen AG Primary Credit Analyst: Alex P Herbert, London (44) 20-7176-3616; alex.herbert@standardandpoors.com Secondary Contact: Eric Tanguy, Paris (33) 1-4420-6715; eric.tanguy@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

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

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

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

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

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

Research Update: Russia-Based HMS Hydraulic Machines & Systems Group Assigned 'BB-' Corporate Credit Rating; Outlook Stable.

Research Update: Russia-Based HMS Hydraulic Machines & Systems Group Assigned 'BB-' Corporate Credit Rating; Outlook Stable. June 16, 2011 Research Update: Russia-Based HMS Hydraulic Machines & Systems Group Assigned 'BB-' Corporate Credit Primary Credit Analyst: Antoine Cornu, Paris (33) 1-4420-6796;antoine_cornu@standardandpoors.com

More information

Swiss Building Materials Group Holcim 'BBB/A-2' Ratings Affirmed; Outlook Remains Stable On Merger Talks With Lafarge

Swiss Building Materials Group Holcim 'BBB/A-2' Ratings Affirmed; Outlook Remains Stable On Merger Talks With Lafarge Research Update: Swiss Building Materials Group Holcim '/A-2' Ratings Affirmed; Outlook Remains Stable On Merger Talks With Lafarge Primary Credit Analyst: Bertrand P Jabouley, CFA, Paris (33) 1-4420-7335;

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

Italy-Based Veneto Banca Downgraded To 'BB+/B' On Increased Economic Risk; Outlook Negative

Italy-Based Veneto Banca Downgraded To 'BB+/B' On Increased Economic Risk; Outlook Negative Research Update: Italy-Based Veneto Banca Downgraded To 'BB+/B' On Increased Economic Risk; Outlook Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And

More information

PEMEX Stand-Alone Credit Profile Revised To 'bb+' From 'bbb-' On Weaker Financial Metrics; Ratings Affirmed

PEMEX Stand-Alone Credit Profile Revised To 'bb+' From 'bbb-' On Weaker Financial Metrics; Ratings Affirmed Research Update: PEMEX Stand-Alone Credit Profile Revised To 'bb+' From 'bbb-' On Weaker Financial Metrics; Ratings Affirmed Primary Credit Analyst: Marcela Duenas, Mexico City (52) 55-5081-4437; marcela.duenas@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

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

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

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

Norway-Based Telecommunications Operator Telenor Upgraded To 'A/A-1' On Increasing Revenues And Profits; Outlook Stable

Norway-Based Telecommunications Operator Telenor Upgraded To 'A/A-1' On Increasing Revenues And Profits; Outlook Stable Research Update: Norway-Based Telecommunications Operator Telenor Upgraded To 'A/A-1' On Increasing Revenues And Profits; Outlook Stable Primary Credit Analyst: Thierry Guermann, Stockholm (46) 8-440-5905;

More information

Research Update: Iceland-Based Utility Landsvirkjun Rating Raised To 'BB+' On Improved Stand-Alone Credit Profile; Outlook Negative.

Research Update: Iceland-Based Utility Landsvirkjun Rating Raised To 'BB+' On Improved Stand-Alone Credit Profile; Outlook Negative. October 20, 2010 Research Update: Iceland-Based Utility Landsvirkjun Rating Raised To 'BB+' On Improved Stand-Alone Credit Primary Credit Analyst: Andreas Kindahl, Stockholm (46) 8-440-5907;andreas_kindahl@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

Italian Construction Company Salini Impregilo Upgraded To 'BB+' On Strong Credit Ratios; Outlook Stable

Italian Construction Company Salini Impregilo Upgraded To 'BB+' On Strong Credit Ratios; Outlook Stable Research Update: Italian Construction Company Salini Impregilo Upgraded To 'BB+' On Strong Credit Ratios; Primary Credit Analyst: Vincent Gusdorf, CFA, Paris (33) 1-4420-6667; vincent.gusdorf@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

Sul America Upgraded To 'BBB-' And Sul America Companhia Nacional de Seguros To 'BBB+' Under New Criteria Review

Sul America Upgraded To 'BBB-' And Sul America Companhia Nacional de Seguros To 'BBB+' Under New Criteria Review Research Update: Sul America Upgraded To 'BBB-' And Sul America Companhia Nacional de Seguros To 'BBB+' Under New Criteria Review Primary Credit Analyst: Suzane M Iamamoto, Sao Paulo (55) 11-3039-9728;

More information

Research Update: Ratings On Russian Independent Gas Producer OAO NOVATEK Raised To 'BB+/ruAA+'; Outlook Stable

Research Update: Ratings On Russian Independent Gas Producer OAO NOVATEK Raised To 'BB+/ruAA+'; Outlook Stable July 11, 2008 Research Update: Ratings On Russian Independent Gas Producer OAO NOVATEK Raised To 'BB+/ruAA+'; Outlook Stable Primary Credit Analyst: Elena Anankina, Moscow (7) 495-783-4130;elena_anankina@standardandpoors.com

More information