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ARCHIVE | Criteria | Structured Finance | Legal: Revised Article 9 of the Uniform Commercial Code: New Standard & Poor's Criteria
Standard & Poors, June 2001
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
On July 1, 2001, a substantially revised version of Article 9 of the Uniform Commercial Code will become effective in approximately 40 states. Article 9 governs the creation, perfection, and priority of security interests in most types of property (other than real estate). As a result, understanding and complying with the procedures set forth in Article 9 is important to protect the rights of investors and lenders involved in most types of asset-based lending, including asset-backed structured finance transactions rated by Standard & Poor's. Revised Article 9 is broader in scope than current law. It covers more types of transactions (for example, sales of promissory notes and payment intangibles) as well as additional asset types (such as deposit accounts and...
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