Presale: Claris Ltd. Jun 06
Standard & Poors, June 2006
Abstract
Preliminary credit ratings have been assigned to the "Voltaire 2006" floating-rate credit-linked notes to be issued by Claris Ltd. The purpose of this transaction, arranged by Société Générale, is to transfer the credit risk associated with a pool of corporate names to external parties from Société Générale, for eight or 10 years depending on the classes of notes. Société Générale will enter into a CDS and an interest rate swap 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 be issued. All of Standard & Poor's segregation requirements across...
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.
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