Primary Credit Analyst: Doug Paterson, London, (44)
|
|
- Job O’Neal’
- 8 years ago
- Views:
Transcription
1 Standard & Poor s Ratings Services 17g-7(N) Representations & Warranties Disclosure Report AUG. 13, 2015 SEC Rule 17g-7(N) SEC Rule 17g-7(N) requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms related to the assets available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. This is Standard & Poor s Ratings Services 17g-7(N) Representations & Warranties Disclosure Report for the transaction shown in the title above. KMU Portfolio S.A., Compartment Asset-Backed Floating-Rate Notes (Including Unrated Asset-Backed Floating-Rate Notes) Primary Credit Analyst: Doug Paterson, London, (44) doug.paterson@standardandpoors.com Secondary Contact: Giuseppina Martelli, Milan, (39) giuseppina.martelli@standardandpoors.com Additional Contact: Structured Finance Europe StructuredFinanceEurope@standardandpoors.com As required by SEC Rule 17g-7(N), this report includes only those representations, warranties and enforcement mechanisms related to the assets available to investors. This report does not include representations and warranties without a corresponding enforcement mechanism or remedy in the transaction documents that may be exercised by investors (or their representatives).
2 Table 1 No. Benchmark Transaction Representations And Warranties (Receivables Purchase Agreement And Incorporated Terms Memorandum ) 1 The [Seller] represents and warrants to the Issuer as at [the Purchase Date] that: On each Purchase Date, the Seller hereby represents and warrants to the Issuer the Seller Representations and Warranties. Receivables Representations and Warranties of the Seller As at the Closing Date and, in relation to any additional Offers, as at the relevant Additional Purchase Date, the Seller Warranties are accurate. Seller Warranties As at the Closing Date and, in relation to any additional Offers, as at the relevant Additional Purchase Date, the Seller represents and warrants the following: 2 Enforceability and Assignment. The Receivables exist and constitutes legally valid, binding and enforceable obligations of the respective Debtor. that the Receivables have been originated by the Seller in the ordinary course of the Seller's business and are in existence and are related to vehicles (including autos and other vehicles) or ships or equipment and have been created in compliance with all applicable laws; that the Finance Agreements are legally valid and assignable and are governed by the laws of Germany; 3 Identification. The Receivable may be segregated and identified at any time for purposes of ownership. 4 Governing Law. The Receivables and related contracts are governed by the laws of the [local jurisdiction]. that the Receivables may be segregated and identified at any time for purposes of ownership and related Financed Collateral; that all Receivables are governed by the laws of Germany; that the Finance Agreements are legally valid and assignable and are governed by the laws of Germany; 5 Selection Procedures. No Procedures adverse to the Beneficiaries were used by the [Seller] in selecting the Receivables from the [bank portfolio]. 6 Legal Title. The Receivable is a Receivable to which the [Seller] is fully entitled, free of any rights of any third party, over which the [Seller] may freely dispose and in respect of which the [Issuer] will, upon [payment of the purchase price for the receivable], acquire the title unencumbered by any counterclaim set-off right, other objection and Adverse Claims. 7 Rights of Disposal. The [Seller] can dispose of the Receivables free from rights of third parties and without the consent of the related Debtor. Not included in the Transaction. that such Receivable is free of rights of third parties, and has not been, in whole or in part, pledged, assigned, discounted, subrogated, transferred or seized or attached in any way and is free and clear of any adverse claims; that the Receivable can be validly transferred by way of sale and assignment, such transfer is not subject to any legal or contractual restriction which prevents the valid transfer thereof to the Issuer and, upon such transfer, such Receivable will not be available to the creditors of the Seller upon its insolvency; See Disclaimer on the last page. Page 2
3 8 Minimum Instalments. At least [#] instalment has been fully paid in respect of the Receivable. 9 Contract Term. The Receivable has a maximum remaining term of [#], and its original term is not greater than [#] months. 10 Receivable Origination. The Receivable was originated in the ordinary course of the [Sellers] business in accordance with the Credit and Collection Policy of the [Seller] and is based on the applicable general terms and conditions of business of the [Seller]. 11 Origination in line with applicable laws. The Receivable has been created in compliance with all applicable laws, rules and regulations and all required consents, approvals and authorisations have been obtained. 12 Eligibility Criteria. The Receivable complies with the [eligibility criteria]. that on the relevant Cut-Off Date at least one instalment has been paid in respect of each of the Finance Agreements; that the original maturity of each Receivable has maximum 96 months; that the Receivables have been originated by the Seller in the ordinary course of the Seller's business and are in existence and are related to vehicles (including autos and other vehicles) or ships or equipment and have been created in compliance with all applicable laws; that the Receivables have been originated by the Seller in the ordinary course of the Seller's business and are in existence and are related to vehicles (including autos and other vehicles) or ships or equipment and have been created in compliance with all applicable laws; that all Purchased Receivables are eligible in accordance with the Eligibility Criteria on the relevant Cut-Off Date; Eligible Receivables "Eligibility Criteria" means, in respect of any Receivable that is the subject of an Offer, as relevant: 13 Payment Delinquency. The Receivables was overdue not more than [#] days. that no Receivable is a Delinquent Receivable and no Receivable has been a Delinquent Receivable at any time during the six (6) months period immediately preceding the relevant Cut-Off Date; "Delinquent Receivable" means of any Cut-Off Date, a Purchased Receivable of which an amount of at least one Instalment is overdue for more than 30 calendar days, provided that such Purchased Receivable has not yet become Defaulted Receivable. 14 No Termination. The Receivable is due from a Debtor who is not insolvent or bankrupt and the contract under which the Receivable arises has not been terminated. that terminations of the Finance Agreements have not occurred and are not pending. that no Finance Agreement has been terminated, repudiated or rescinded by the Seller or, so far as the Seller is aware, terminated, repudiated or rescinded by any relevant Debtor; that no Receivable is a Defaulted Receivable; "Defaulted Receivables" means as of any Cut-Off Date any Purchased Loan Receivable in respect of which the relevant Finance Agreement has been terminated (gekündigt) in accordance with such Finance Agreement and the Credit and Collection Policy. 15 No Set-Off. The Receivable is not subject to any right of revocation, set-off or counter-claim or warranty claims of the Debtors. that the Debtor is not entitled to any right of rescission, set-off, counterclaim, contest, challenge or other defence (deriving from the Finance Agreement, See Disclaimer on the last page. Page 3
4 the respective vehicle, equipment or ship purchase agreement or otherwise) in respect of such Receivable; that the status and enforceability of the Receivables is not impaired due to warranty claims or any other rights (including claims which may be set-off) of the Debtor (even if the Issuer knew or could have known of the existence of such defences or rights on the relevant Cut-Off Date); 16 Debtor Affiliation. The Receivable is not due from a Debtor who is either an employee, affiliate or officer of the [Seller]. that none of the Debtors is an Affiliate of the Seller or of any of its Affiliates; that the relevant Debtor is not an employee of the Seller or of any of its Affiliates; 17 Currency. The Receivable is denominated and payable in [local currency]. that the Receivables are denominated in an amount payable in EUR; 18 Not included in the Benchmark. that the Receivables are not secured by security interests in German real estate, shares in a German limited liability company (Gesellschaft mit beschränkter Haftung) or an entrepreneurial company with limited liability (Unternehmensgesellschaft (haftungsbeschränkt)), ships registered in a German ship registry or an aircraft registered in Germany, or any interest in any of the foregoing; 19 Not included in the Benchmark. that the Receivables have monthly, quarterly or semiannual instalment payments; 20 Not included in the Benchmark. that the Financed Objects under the Finance Agreements are existing and, to the extent the Financed Objects are ships, these are not ships registered, or required to be registered, in a German register of shipping; 21 Not included in the Benchmark. that the title to each vehicle, equipment or ship to which such Receivable relates is held by the Seller as security for the financing of such vehicle, equipment or ship pursuant to a Finance Agreement; 22 Not included in the Benchmark. that none of the Debtor is a nation, state, international organisation or similar political entity who enjoys legal immunity; 23 Not included in the Benchmark. that the Finance Agreements have been entered into exclusively with Debtors which, if they are corporate entities have their registered office or, if they are individuals have their place of residence, in Germany; 24 Not included in the Benchmark. that payments under such Receivable are not subject to any withholding tax; 25 Not included in the Benchmark. that neither the Seller nor any of its agents has received written notice of any litigation, dispute or complaint subsisting, threatened or pending which affects or might affect any Debtor or any Finance Agreement or which may have an adverse effect on See Disclaimer on the last page. Page 4
5 the ability of an Debtor to perform its obligations under any Finance Agreement; 26 Not included in the Benchmark. that no proceedings have been taken by the Seller against any Debtor in respect of any Finance Agreement or Receivable and no judgment has been obtained in respect of any Debtor; 27 Not included in the Benchmark. that no Debtor entered into the relevant Finance Agreement as a consumer (Verbraucher) within the meaning of section 13 of the Civil Code and no Debtor is an individual who entered into the relevant Finance Agreement for purposes of taking up a commercial or self-employed occupation within the meaning of section 512 of the Civil Code (Existenzgründer); 28 Not included in the Benchmark. that interest payable by the Debtors under the Finance Agreement is calculated at a fixed interest rate; 29 Not included in the Benchmark. that the total current outstanding exposure of the Seller (before giving effect to the sale of the Receivables) per Debtor is below or equal to EUR 1,300,000; 30 Not included in the Benchmark. that the purchase of the Receivable does not result in a violation of any Concentration Limit. "Concentration Limit" means, that as of each Additional Purchase Date after having taken into account the purchase of any Receivables as of such Additional Purchase Date: (a) the aggregated Discounted Balance of all Purchased Receivables being ship loan receivables shall be equal to or less than 5 per cent. of the Outstanding Notes Balance, (b) the aggregated Discounted Balance of all Purchased Receivables being equipment loan receivables referring to Machinery shall be equal to or less than 45 per cent. of the Outstanding Notes Balance, (c) the aggregated Discounted Balance of all Purchased Receivables being equipment loan receivables referring to any equipment other than Machinery shall be equal to or less than 40 per cent. of the Outstanding Notes Balance, (d) the aggregated Discounted Balance of all Purchased Receivables being loan receivables referring to the same industry sector shall be equal to or less than 25 per cent. of the Outstanding Notes Balance; (e) the aggregated Discounted Balance of all Purchased Receivables with semi-annual instalment payments shall be equal to or less than 2 per cent. of the Outstanding Notes Balance; (f) the aggregated Discounted Balance of all Final See Disclaimer on the last page. Page 5
6 Balloon Instalments shall be equal to or less than 15 per cent. of the Outstanding Notes Balance, and (g) the aggregated Discounted Balance of all Purchased Receivables owed by the same Debtor shall not be greater than EUR 1,300, Not included in the Benchmark. that the purchase of the Receivable does not result in the Excess Spread to fall to equal to or below 1.25 per cent.; and Enforcement Mechanism(s) 32 Repurchase of Receivables. In the event of a breach of any of the warranties and representations set out in Parts [#] and [#] of Schedule [#], which could, in the reasonable opinion of the Issuer, have a Material Adverse Effect on the ability of the Issuer to receive full and timely payment on the related Purchased Receivable or the Issuer s obligations under the Transaction Documents (a) if such breach is capable of remedy the relevant [Seller] shall, within the [remedy period of # days], remedy such breach, or, (b) if such breach is not capable of remedy, or, if capable of remedy is not remedied within the [remedy period], the relevant [Seller] shall repurchase the relevant Purchased Receivables affected by such breach from the Issuer on the [monthly reporting date] following the expiration of the [remedy period] at a price equal to the [amount outstanding under the Receivable]. Deemed Collections Upon the occurrence of a Deemed Collection, the Seller shall be treated as having received a Collection in respect of the affected Purchased Receivable and shall pay to the Issuer at the time the Deemed Collection comes to the attention of either the Seller, the Issuer or the Trustee the then Discounted Balance of the affected Purchased Receivable. For the avoidance of doubt, this Clause 12.1 shall not apply solely because the respective Debtor fails to pay amounts lawfully owed by it (Delkredere). The Seller shall hold any Deemed Collection for and to the order of the Issuer and (for so long as the Seller is also acting as the Servicer) shall pay such Deemed Collection to the Issuer Account on the next Payment Date; or, if the Seller has ceased to contemporaneously act as the Servicer, the Seller shall, on the next Payment Date pay such Deemed Collection to the Issuer. "Deemed Collection" means the deemed Collection in respect of Purchased Receivables which the Seller shall pay to the Issuer on a calendar day on which (a) any Receivables Representation and Warranty of the Seller proves to be incorrect in respect of such Purchased Receivable as of the Closing Date or as of the relevant Additional Purchase Date, unless such non-compliance is fully remedied by the Seller to the satisfaction of the Trustee; or provided that, for the avoidance of doubt, no Deemed Collection shall be payable in respect of Eligible Receivables if the Debtor fails to make due payments solely as a result of its insolvency (Delkredererisiko). Any Deemed Collection shall be at an amount equal to the Discounted Balance(s) of the affected Purchased Receivable(s). 33 Issuer and Trustee Indemnification. Without limiting any other rights which the Issuer may have hereunder or under applicable law the [Seller] shall indemnify the Issuer and the Trustee and any permitted assigns and their respective officers, directors and employees (collectively, "Indemnified Parties") from and against any and all Liabilities imposed upon, awarded against or incurred by any of them in any action or proceeding between [Seller] and any of the Indemnified Parties or between any of the indemnified Parties Indemnity Without limiting any other rights which the Issuer may have hereunder or under applicable law, each of the Servicer and the Seller hereby agrees that each of them separately indemnifies the Issuer and its respective officers, directors and agents or any assignee of the Issuer's rights hereunder or under the Servicing Agreement (each an "Indemnified Party" See Disclaimer on the last page. Page 6
7 and any third party, in each case arising out of or as a result of breach by [Seller] of any of the Transaction Documents. and collectively, the "Indemnified Parties"), from and against any and all damages, losses, claims, liabilities, costs and expenses, especially reasonable attorneys' fees, if any, disbursements, including any value added tax thereon (all of the foregoing being collectively referred to as "Indemnified Amounts") awarded against or incurred by any Indemnified Party, arising out of or as a result of (i) any breach of an obligation of the Seller under a Transaction 2 Document and/or (ii) the acquisition of an interest, either directly or indirectly, by the Issuer in the Purchased Receivables and in the related Financed Collateral. In particular, but without limitation, to the generality of the foregoing, the Seller shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from: (a) reliance on any representation or warranty made by the Seller (or any authorised officers of the Seller), under or in connection with this Agreement or any other information or report delivered by the Seller which shall have been materially false, incorrect or omitting of any material fact at the time made or deemed to be made; excluding, however, (i) Indemnified Amounts resulting from the gross negligence or wilful misconduct on the part of the relevant Indemnified Party or (ii) Indemnified Amounts arising out of the failure of a Debtor to pay amounts lawfully owed in respect of a Purchased Receivable solely by reason of the relevant Debtor's inability to make payments (Zahlungsunfähigkeit/Delkredere). The Issuer hereby agrees to notify the Seller if it becomes aware of any circumstances which could reasonably be expected to lead to a claim on the part of the Issuer under Clause 5.1, but failing to so notify shall not affect the validity of such potential claim. 34 In Particular the [Seller] shall indemnify the Purchaser and any such other person against any liability, losses and damages arising from reliance on any information, representations, warranties or reports which the [Seller], or any officer thereof, has issued under this agreement or in relation hereto or which are derived therefrom and included in the Monthly Report and which were false, incorrect or incomplete at the time issued or deemed to be issued; Not included in the Transaction. 35 Not included in the Benchmark. Termination The Issuer shall at any time after the occurrence of a Servicer Termination Event and without prejudice to the Issuer's other rights by notice in writing to the Servicer terminate the appointment of the Servicer hereunder and designate as a successor Servicer any Person (including the Issuer itself) entitled to provide such services pursuant to applicable law and to succeed the Servicer, unless the Seller provides the Issuer with collateral satisfactory to the Issuer to secure its claims against the Servicer. See Disclaimer on the last page. Page 7
8 "Servicer Termination Event" means: (d) any of the Seller Representations and Warranties or the Servicer Representations and Warranties or any representation or warranty in any report provided by the Seller or the Servicer is materially false or incorrect, and such inaccuracy, if capable of remedy, is not remedied within ten (10) Business Days of written notice from the Issuer or the Trustee and has a Material Adverse Effect in relation to the Issuer; See Disclaimer on the last page. Page 8
9 The language in Standard & Poor s Ratings Services 17g-7(N) Representations & Warranties Disclosure Report reflects representations, warranties and enforcement mechanisms related to the assets available to investors that commonly appear in the transaction documents for a specific type of security. In order to make the benchmarks generic, we made the following modifications. Specific article or section numbers have been replaced by a number symbol (Example: Section 5 now reads as Section # ). Proper nouns have been replaced with the bracketed name of the role the entity plays in the transaction (Example: ABC Corp now reads as [Seller]). Numbers or amounts specific to a deal have been replaced with a number symbol (Example: more than 30% now reads as more than #% ). Non-numerical characteristics have been replaced by a generic description (Example: financing of agricultural and construction equipment now reads as financing of [type of] equipment ). This Standard & Poor's Ratings Services 17g-7(N) Representations & Warranties Disclosure Report is not intended to be, and may not be relied upon as, legal advice. See Disclaimer on the last page. Page 9
10 Disclaimer Copyright 2015 by Standard & Poor s Financial Services LLC. 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 non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at STANDARD & POOR S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor s Financial Services LLC. See Disclaimer on the last page. Page 10
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 informationFour 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 informationFirstmac Mortgage Funding Trust No.4 Series 1-2015 Residential Mortgage-Backed Securities
MAY 12, 2015 SEC Rule 17g-7 SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations,
More informationAEG 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 informationAEG 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 informationNationale 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 informationWorkshop 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 informationGemini 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 informationS&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 informationEvaluating Insurers Enterprise Risk Management Practice
Evaluating Insurers Enterprise Risk Management Practice Li Cheng, CFA, FRM, FSA Director Financial Services Ratings October 3, 2013 Permission to reprint or distribute any content from this presentation
More informationResidential 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 informationConstellium 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 informationNorthStar 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 informationSpanish 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 informationOutlooks 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 informationInsurer 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 informationBertelsmann 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 informationSelective 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 informationMarket 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 informationIceland-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 informationSpain-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 informationPolish 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 informationASR 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 informationMBIA 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 informationElectricity 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 informationLear 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 informationLake 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 informationJapan 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 informationHealthcare 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 informationFibria 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 informationTri-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 informationAEG 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 informationInteractive 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 informationHealth 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 informationLong-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 informationCentral 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 informationA 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 informationResearch 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 informationDogus 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 informationBusiness 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 informationRBS 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 informationSNS 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 informationKuwait 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 informationFWD 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 informationDenmark-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 informationDuke 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 informationVienna 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 informationLloyds 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 informationVolkswagen 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 informationSirius 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 informationPohjola 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 informationMethodology: 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 informationRatingsDirect. 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 informationResearch Update: PRI Pensionsgaranti Mutual Insurance Company Assigned 'A' Ratings; Outlook Stable. Table Of Contents
December 8, 2010 Research Update: PRI Pensionsgaranti Mutual Insurance Company Assigned 'A' Ratings; Outlook Stable Primary Credit Analyst: Anna Glennmar, Milan (39) 02-72111252;anna_glennmar@standardandpoors.com
More informationResearch 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 informationThree 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 informationR.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 informationGuardian 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 informationRussia-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 informationDanish 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 informationNew 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 informationFour 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 informationResearch 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 informationMillenniumbcp 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 informationChina 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 informationLloyds 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 informationGreenville Electric Utility System, Texas Greenville; Retail Electric
Summary: Greenville Electric Utility System, Texas Greenville; Retail Electric Primary Credit Analyst: Jeffrey M Panger, New York (1) 212-438-2076; jeff.panger@standardandpoors.com Secondary Contact: Russell
More informationSix 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 informationRevised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies
Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies Financial Institutions Ratings Live Webcast: December 17, 2014 www.spratings.com/nbficriteria Permission to reprint
More informationFrench 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 informationChina Life Insurance Co. Ltd.
December 30, 2010 China Life Insurance Co. Ltd. Primary Credit Analyst: Eunice Tan, Hong Kong (852) 2533 3553; eunice_tan@standardandpoors.com Secondary Contact: Ryan Tsang, CFA, Hong Kong (852) 2533-3532;
More informationSNS 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 informationSul 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 informationResearch Update: Ratings On The Republic Of Iceland Placed On Watch Negative After The Electorate Rejects Icesave Agreement A Second Time
April 13, 2011 Research Update: Ratings On The Republic Of Iceland Placed On Watch Negative After The Electorate Rejects Icesave Agreement A Second Time Primary Credit Analyst: Eileen X Zhang, CFA, London
More informationBanco 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 informationTurkey-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 informationSummary: 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 informationStand-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 informationGerman 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 informationCentennial 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 informationMounting 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 informationInterest-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 informationDLR 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 informationInternational 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 informationSouth 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 informationSwedish 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 informationCook 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 informationSwedbank 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 informationCovea 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 informationCompanhia 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 informationGlobal 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 informationBelgium-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 informationChelan County Public Utility District No. 1, Washington; Retail Electric
Chelan County Public Utility District No. 1, Washington; Retail Electric Primary Credit Analyst: Peter V Murphy, New York (1) 212-438-2065; peter_murphy@standardandpoors.com Secondary Contact: Judith G
More informationEspírito 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 informationTen 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 informationDelta Lloyd Ratings Lowered To 'A-'; Still On CreditWatch Negative
Research Update: Delta Lloyd Ratings Lowered To 'A-'; Still On CreditWatch Negative Primary Credit Analyst: Tatiana Grineva, London (44) 20-7176-7061; tatiana.grineva@standardandpoors.com Secondary Contact:
More informationDominion 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 informationResearch 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 informationHighlands 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 informationAssessing Financial Practices Analytical Framework Assessment Methodology Analytical Process And Supporting Documentation
June 27, 2006 Criteria Governments U.S. Public Finance: Financial Management Assessment Primary Credit Analyst: James Wiemken, Chicago (1) 312-233-7005; james_wiemken@standardandpoors.com Secondary Credit
More information