Presale: Claris Ltd. Nov 04
Standard & Poors, November 2004
Abstract
Preliminary credit ratings have been assigned to the Goya floating-rate credit- and equity-linked notes series A and B to be issued by Claris Ltd. The purpose of this transaction, arranged by Société Générale, is to transfer the credit and equity risk associated with a pool of €3 billion of corporate names from Société Générale to external parties for seven years (see chart below) via a main default swap (hereafter called the "default swap"). The default swap will be contracted with Claris, an SPE incorporated in Jersey. The issuer meets Standard & Poor's bankruptcy-remoteness criteria. This transaction will be issued under Claris' €10 billion limited-recourse secured debt program, under which various series of notes with different ratings or risk profiles can...
Companies mentioned in this report are:
- Societe Generale
- Claris Ltd.
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: Full Analysis
- Societe Generale
- Claris Ltd.
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW4
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
