Industry Report Card: Difficult Trading Conditions Persist Into 2010 For U.K. Corporate Securitizations Apr 10
Standard & Poors, April 2010
Abstract
Since Standard & Poor's Ratings Services' last European Corporate Securitization Industry Report Card in October 2009, we have seen difficult trading conditions persist in most sectors. This has broadly resulted in the continued deterioration in the performance metrics of many transactions, with observed ratings activity in the transportation/infrastructure, insurance, pub, and telecom areas. However, for the most part, the deterioration in performance has been within our expectations, thus making the aforementioned rating activity specific to the circumstances of individual transactions rather than a reflection of the sector as a whole. The one notable exception to this is in the pub sector, which we note has had a comparatively high number of rating actions: five transactions were affected, out of a...
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.
- British Telecommunications PLC
- Ambac Assurance Corp.
- The Royal Bank of Scotland PLC
- Swiss Reinsurance Co. Ltd.
- Bank of Ireland
- MBIA Insurance Corp.
- AXA France IARD
- Kelda Group Ltd.
- France Telecom S.A.
- Thames Water Utilities Ltd.
- Northumbrian Water Ltd.
- Assured Guaranty (Europe) Ltd.
- Yorkshire Water Services Ltd.
- Sanctuary Housing Assn.
- Places for People Homes Ltd.
- Housing Association Funding PLC
- Haven Funding PLC
- Finance for Residential Social Housing PLC
- Gazprom OAO
- Haven Funding (32) PLC
- Southern Water Services Ltd.
- Punch Taverns Finance PLC
- Mutual Securitisation PLC
- South East Water Ltd.
- Roadchef Finance Ltd.
- RSL Finance (No.1) PLC
- Unique Pub Finance Co. PLC (The)
- Punch Taverns Finance B Ltd.
- U.K. Care No. 1 Ltd.
- Fixed-Link Finance B.V.
- Sutton and East Surrey Water PLC
- THPA Finance Ltd.
- Dwr Cymru (Financing) Ltd.
- Sunderland (SHG) Finance PLC
- Friends Life Ltd.
- Aeroporti di Roma SpA
- Telereal Securitisation PLC
- Anglian Water Services Financing PLC
- Artesian Finance PLC
- South Staffordshire Water PLC
- CMA CGM S.A.
- Metronet Rail SSL Finance PLC
- Metronet Rail BCV Finance PLC
- Enterprise Inns PLC
- Dignity Finance PLC
- Artesian Finance II PLC
- HSH Nordbank AG
- Southern Water Services (Finance) Ltd.
- Bank of Scotland PLC Covered Bond Programme
- Harbour Funding PLC
- Places for People Group
- Infrastrutture SpA
- The Housing Finance Corp. Ltd.
- Tube Lines (Finance) PLC
- Bakethin Finance PLC
- Ocean Star 2004 PLC
- Spirit Issuer PLC
- Greene King Finance PLC
- Vita Capital II Ltd.
- Freshwater Finance PLC
- Marston's Issuer PLC
- Ocean Star 2005 PLC
- Crystal Credit Ltd.
- Artesian Finance III PLC
- Vega ContainerVessel 2006-1 PLC
- Alte Liebe 1 Ltd.
- Successor Hurricane Industry Ltd.
- Carillon Ltd.
- Arsenal Securities PLC
- OSIRIS Capital PLC
- Epic (Barchester) PLC
- Vita Capital III Ltd.
- Theatre (Hospitals) No. 2 PLC
- MedQuake Ltd.
- Fusion 2007 Ltd.
- Thames Water Utilities Cayman Finance Ltd.
- Channel Link Enterprises Finance PLC
- Avondale Securities S.A.
- Newton Re Ltd.
- Nathan Ltd.
- Atlas V Capital Ltd.
- Yorkshire Water Services Odsal Finance Ltd.
- Yorkshire Water Services Bradford Finance Ltd.
- MultiCat Mexico 2009 Ltd.
- Successor X Ltd.
- Atlas VI Capital Ltd.
- Vita Capital IV Ltd.
- Wales & West Utilities Finance PLC
- Heathrow Funding Ltd.
- Mitchells & Butlers Finance PLC
- CTRL Section 1 Finance PLC
- South East Water (Finance) Ltd.
- British United Provident Assn Ltd.
- Theatre (Hospitals) No. 1 PLC
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