Preliminary Ratings Assigned in Société Générale's Credit and Equity Default Swap Transaction Nov 04
Standard & Poors, November 2004
Abstract
LONDON (Standard & Poor's) Nov. 4, 2004Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €60 million Goya floating-rate credit- and equity-linked notes series A and B to be issued by Claris Ltd., an SPE (see list below). The purpose of this transaction, arranged by Société Générale, is to transfer a portion of the credit and equity risk associated with a pool of €3 billion of corporate names from Société Générale to external parties for seven years via a default swap. 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 be issued. All of Standard &...
Companies mentioned in this report are:
- Claris Ltd.
- Societe Generale
Action: Preliminary Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Claris Ltd.
- Societe Generale
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