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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed Primary Credit Analyst: Srabani C Chandra-Lal, New York (1) ; Secondary Contact: Mark M Risi, New York (1) ; OVERVIEW We raised our ratings on the B and C notes from both Series and Series from GreatAmerica Leasing Receivables Funding LLC. At the same time, we affirmed our ratings on 10 classes of notes from Series , , and from the same transaction. The upgrades reflect the better-than-expected collateral performance to date and the growth in hard credit support as a percent of the amortizing collateral balance. The transactions are securitizations of small-ticket equipment leases/loans originated by GreatAmerica Financial Services Corp., formerly known as GreatAmerica Leasing Corp. NEW YORK (Standard & Poor's) Sept. 16, Standard & Poor's s Services today raised its ratings on the B and class C notes from GreatAmerica Leasing Receivables Funding LLC's Series and Standard & Poor's also affirmed its ratings on the A notes from Series , , and and the class B and C notes from Series (see list). Today's rating actions reflect each transaction's collateral performance to date, the improved performance of the small-ticket equipment sector, our views regarding future collateral performance, our macroeconomic outlook, the structure of the transaction, and the credit enhancement available to the notes. In addition, our analysis incorporated secondary credit factors, such as credit stability, payment priorities under various scenarios, and sectorand issuer-specific evaluations. In our view, the creditworthiness of the SEPTEMBER 16,

2 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed notes is consistent with the raised and affirmed ratings. Each transaction is exhibiting better-than-expected collateral performance (see Table 1). We lowered our original lifetime loss expectation for Series and (see Table 2) based on the lower-than-expected gross loss, net loss, and delinquency rates to date. Actual cumulative recovery rates remain consistent with the rates analyzed at issuance, and our analysis continues to assume some stressed recovery rates. Although Series 's losses to date are currently trending lower than our initial expectation, we are not revising our loss expectation at this time because the transaction has not sufficiently amortized to a level that we believe warrants a change. Table 1 Collateral Performance (%) As of the August 2013 Distribution Month Series Month Pool 60+ day Current Current factor delinquencies CRR CNL CRR--Cumulative recovery rate. CNL--Cumulative net loss. Table 2 CNL Expectations (%) As of the August 2013 distribution month Series Initial lifetime loss Revised lifetime CNL CNL expectation CNL expectation NA Each transaction has a sequential principal payment structure, with credit enhancement in the form of subordination for the higher tranches, overcollateralization, and a reserve account (see Table 3). In addition, residual receipts are available to cover losses. The reserve account for Series and started out at 1.50% of the outstanding pool balance before amortizing to its floor amount of 1.00% of the initial pool balance, where it remains today. The overcollateralization for Series and remain at their target amounts of 7.09% and 6.24% of the current pool balance, respectively, and have not reached their floor amount of 1.00% of the initial pool balance. While the overcollateralization on these series will continue to amortize until they reach their floors, we expect the credit enhancement will continue to grow as a percent of the outstanding amortizing collateral balance. Table 3 Hard Credit Support (%) SEPTEMBER 16,

3 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed As of the August 2013 distribution month Current Total hard total hard credit support credit support Series at issuance (i) (% of current) (ii) A B C A A A B C (i) As a percent of the total collateral balance, total hard credit support consists of a reserve account and overcollateralization, as well as subordination. The hard credit enhancement excludes booked residuals. We incorporated our cash-flow analysis in our review of this transaction, which included current and historical performance to estimate future performance. Our various cash-flow scenarios included forward-looking stressed assumptions on recoveries, timing of losses, and voluntary prepayment speeds that we believe are appropriate given the transaction's current performance. The results demonstrated, in our view, that all of the classes from these transactions have adequate credit enhancement at their respective raised and affirmed rating levels. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at RELATED CRITERIA AND RESEARCH Related Criteria "Counterparty Risk Framework Methodology And Assumptions," June 25, 2013 "Understanding Standard & Poor's Definitions," June 3, 2009 "Methodology: Credit Stability Criteria," May 3, 2010 "Equipment Leasing Criteria: Credit Risks Evaluated In Lease-Backed Securitizations," Sept. 1, 2004 "Equipment Leasing Criteria: Structural Considerations In Lease-Backed Transactions," Sept. 1, 2004 Related Research "Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors," Nov RATINGS RAISED GreatAmerica Leasing Receivables Funding LLC Series SEPTEMBER 16,

4 Four s Raised From GreatAmerica Leasing Receivables Funding L.L.C.; 10 s Affirmed To From B AA+ (sf) AA (sf) C AA (sf) A (sf) GreatAmerica Leasing Receivables Funding LLC Series To From B AA+ (sf) AA (sf) C AA (sf) A+ (sf) RATINGS AFFIRMED GreatAmerica Leasing Receivables Funding LLC Series GreatAmerica Leasing Receivables Funding LLC Series A-2 AAA (sf) A-3 AAA (sf) GreatAmerica Leasing Receivables Funding LLC Series A-1 A-1+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) SEPTEMBER 16,

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 SEPTEMBER 16,

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

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

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

More information

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

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

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

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

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

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

More information

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

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

More information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

More information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Stand-Alone Credit Profiles: One Component Of A Rating

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

More information

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

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

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

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

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

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

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

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

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

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

More information

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

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

More information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

More information

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

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

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

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

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

More information

Interest-Only Loans Could Destabilize Denmark's Mortgage Market

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

More information

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

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

More information

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

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

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

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

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

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

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

More information

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

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

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

More information

Highlands Ranch Metropolitan District, Colorado; General Obligation

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

More information

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

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

More information

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

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

More information

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

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

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

More information

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

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

More information

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

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

More information

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

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

More information

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

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

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

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

More information

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

Constellium Holdco B.V. Recovery Rating Profile

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

More information

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

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

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

More information

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

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

More information

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

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

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

More information

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

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

More information

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

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

More information

Credit Mutuel Group Long-Term Rating Lowered To 'A' On France's Rising Banking Industry Risks; Outlook Stable

Credit Mutuel Group Long-Term Rating Lowered To 'A' On France's Rising Banking Industry Risks; Outlook Stable Research Update: Credit Mutuel Group Long-Term Rating Lowered To 'A' On France's Rising Banking Industry Risks; Outlook Stable Primary Credit Analyst: Francois Moneger, Paris (33) 1-4420-6688; francois.moneger@standardandpoors.com

More information