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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 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) ; Secondary Contact: Rafaela Vitoria, CFA, Sao Paulo (55) ; Table Of Contents Overview Rating Action Rationale Outlook Related Criteria And Research Ratings List MARCH 15,

2 Research Update: Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Overview We expect Brazil-based pulp producer Fibria to continue reducing its debt in 2013 and 2014, further strengthening its balance sheet and financial risk profile. We are raising our ratings to 'BB+' from 'BB'. Under conservative price assumptions, we believe its adjusted debt-to-ebitda levels may come closer to 3.5x by 2014, while liquidity remains "strong." Rating Action On March 15, 2013, Standard & Poor's Ratings Services raised its ratings on Fibria Celulose S.A. to 'BB+' from 'BB'. The outlook is stable. Rationale The rating action reflects our expectation that Fibria's debt reduction will continue. Since the company began a new financial policy since the first quarter of 2011, which mandates to keep the leverage ratio below 3.5x, it has prepaid around $1.2 billion in debt, and we expect that trend to continue in the near future. Our base-case scenario comprises annual debt reductions of around $600 million in 2013 and 2014, and may involve a combination of internally generated cash, excess liquidity and eventually, proceeds from additional sales of non-core assets. We believe Fibria's adjusted leverage ratios may fall below 4x by year-end, and probably closer to 3.5x in In our opinion, those ratios, together with its "strong" liquidity, are consistent with our assessment of a "significant" financial risk profile and are the main drivers behind the upgrade. Expected debt levels were adjusted mainly by the addition of the present value of operating lease payments and the deduction of surplus cash (assuming variable operating cash levels, depending on forecasted working capital requirements). Our set of assumptions also includes bleached hardwood kraft pulp list prices of $740 per ton, no material changes in the company's cost position and currency exchange rate, leading to annual EBITDA generation of about $1.1 billion. Although intra-cycle price volatility is warranted in the global pulp market, MARCH 15,

3 Research Update: Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable we believe price levels in the mid-$700 area are sustainable under a scenario of a demand growth rate of more than 5%. Although there would be a significant addition to global gross hardwood capacity in 2013, some recent mill closures have partly offset that risk. We continue to consider Fibria's business risk profile as "satisfactory" based on the company's very competitive cost position, large scale, leading position in the eucalyptus pulp industry, and its strong operating efficiency. The company also benefits from a global customer base, mainly in the comparatively more resilient tissue market. As a result, we expect Fibria to continue generating higher profitability and cash flow than its global peers. These strengths are partly offset by the intrinsic risks of the capital-intensive pulp industry, which requires sizeable investments in forests and industrial facilities several years in advance of production, and some concentration in few key production sites. Due to the nature of the commodity business, however, and the fact that margins are significantly affected by price fluctuations, we expect profitability to be somewhat volatile. Liquidity We believe Fibria has a "strong" liquidity, mainly due to the following: Cash sources will exceed uses by at least 1.7x for the next 12 months and at least 1.2x in the following 24 months; Net sources will remain positive, even if EBITDA were to decline by 30%; Sufficient covenant headroom under scenarios of material declines in EBITDA; Sound relationships with banks; and A good standing in credit markets. Liquidity sources for the next 12 months include Fibria's cash position of $1.6 billion and expected cash flow from operations of $900 million. The company's estimated uses of liquidity consist of debt amortization (about $560 million in the short term) and capital expenditures of about $600 million. Outlook The stable outlook assumes a successful deleveraging trend through 2014, with adjusted debt-to-ebitda ratios coming closer to 3.5x, while the liquidity remains "strong." We could upgrade the company by one notch if the leverage metric diminishes to closer to 2.5x, leaving sufficient buffer to offset price and cash flow volatility. We will also need to confirm that future investment patterns won't jeopardize the company's long-term capital structure, regardless of the nature of those investments and their attractiveness. A negative rating action could result from a significant reversal in market trends, causing Fibria to report significantly weaker credit metrics and liquidity, which we currently believe is unlikely. MARCH 15,

4 Research Update: Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Related Criteria And Research Key Credit Factors: Criteria For Rating Companies in The Global Forest Products Industry, Jan. 14, 2013 Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 Ratings List Upgraded; CreditWatch/Outlook Action To From Fibria Celulose S.A. Corporate Credit Rating BB+/Stable/-- BB/Positive/-- To From Fibria Overseas Finance Ltd. Senior Unsecured BB+ BB Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. MARCH 15,

5 Copyright 2013 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 nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at MARCH 15,

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

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 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

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

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

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

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

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

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

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

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

More information

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

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

More information

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

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

More information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Research Update: Transmissora Aliança de Energia Elétrica S.A. Assigned 'BBB-' Corporate Credit Rating Based On Stable Cash Flows.

Research Update: Transmissora Aliança de Energia Elétrica S.A. Assigned 'BBB-' Corporate Credit Rating Based On Stable Cash Flows. 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

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

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

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

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

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

More information

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

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

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

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

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: Interconexión Eléctrica S.A. E.S.P. (ISA) Corporate Credit Rating Affirmed At 'BB+' For Plan To Acquire CINTRA Chile

Research Update: Interconexión Eléctrica S.A. E.S.P. (ISA) Corporate Credit Rating Affirmed At 'BB+' For Plan To Acquire CINTRA Chile February 3, 2010 Research Update: Interconexión Eléctrica S.A. E.S.P. (ISA) Corporate Credit Rating Affirmed At 'BB+' For Plan To Primary Credit Analyst: Monica Ponce, Mexico City (52) 55-5081-4454;monica_ponce@standardandpoors.com

More information

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

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

More information

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

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

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

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

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

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

Research Update: Empresa de Energia de Bogotá S.A. E.S.P. 'BB+' Corporate Credit Rating Affirmed; Outlook Remains Stable.

Research Update: Empresa de Energia de Bogotá S.A. E.S.P. 'BB+' Corporate Credit Rating Affirmed; Outlook Remains Stable. June 21, 2011 Research Update: Empresa de Energia de Bogotá S.A. E.S.P. 'BB+' Corporate Credit Rating Affirmed; Outlook Primary Credit Analyst: Carolina Duran, Mexico City 52-55-5081-4417;carolina_duran@standardandpoors.com

More information

Vienna Insurance Group AG Wiener Versicherung Gruppe

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

More information

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

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

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

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

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

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

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

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

More information

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

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

More information

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

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

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

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

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

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

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

Central Texas Regional Mobility Authority; Toll Roads Bridges

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

More information

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

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

More information

Research Update: 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

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

Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies

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

More information

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

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

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

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

Workshop B: Credit Spread Trends In The Energy Sector

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

More information

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

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

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

More information

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

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

More information

Research Update: 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

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

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

More information

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

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

SMBC Aviation Capital Ltd. Assigned 'BBB+' Corporate Credit Rating; Outlook Stable

SMBC Aviation Capital Ltd. Assigned 'BBB+' Corporate Credit Rating; Outlook Stable Research Update: SMBC Aviation Capital Ltd. Assigned 'BBB+' Corporate Credit Rating; Outlook Stable Primary Credit Analyst: Betsy R Snyder, CFA, New York (1) 212-438-7811; betsy.snyder@standardandpoors.com

More information

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

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

More information

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

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

More information

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

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

More information

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

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

Evaluating Insurers Enterprise Risk Management Practice

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

More information

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

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

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

More information

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

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

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

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

Delta Lloyd Ratings Lowered To 'A-'; Still On CreditWatch Negative

Delta 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 information

Research Update: U.K.-Based Broadcaster ITV Ratings Raised To 'BB+' On Significant Strengthening In Credit Metrics, Outlook Stable.

Research Update: U.K.-Based Broadcaster ITV Ratings Raised To 'BB+' On Significant Strengthening In Credit Metrics, Outlook Stable. March 30, 2012 Research Update: U.K.-Based Broadcaster ITV Ratings Raised To 'BB+' On Significant Strengthening In Credit Metrics, Outlook Stable Primary Credit Analyst: Patrizia D'Amico, Milan (39) 02

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

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

Why Projects Fail 20 Years Of Rating Project Finance Debt

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

More information

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

Finnish Nuclear Power Producer TVO Downgraded To 'BBB-/A-3'; Outlook Negative

Finnish Nuclear Power Producer TVO Downgraded To 'BBB-/A-3'; Outlook Negative Research Update: Finnish Nuclear Power Producer TVO Downgraded To 'BBB-/A-3'; Outlook Negative Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary

More information