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Rating Actions Taken On DEPFA BANK PLC LOC- And SBPA-Backed Public Finance Issues Jun 09 Product Image

Rating Actions Taken On DEPFA BANK PLC LOC- And SBPA-Backed Public Finance Issues Jun 09

  • ID: 1770539
  • June 2009
  • Standard & Poors

FEATURED COMPANIES

  • Albuquerque
  • Connecticut Hsg Fin Auth
  • Emmaus Gen Auth
  • Illinois
  • Michigan
  • Texas Transp Comm
  • MORE

Abstract
Standard & Poor's Ratings Services changed its ratings on 103 DEPFA BANK PLC letter of credit (LOC)- and standby bond purchase agreement (SBPA)-backed U.S. Public Finance issues (see table 1). These rating actions follow Standard & Poor's April 1, 2009, placement of its rating on DEPFA BANK PLC on CreditWatch with positive implications (see "Hypo Real Estate Entities 'BBB/A-2' Ratings On CreditWatch Positive On Likely State Support", RatingsDirect, April 1, 2009). The ratings on the 103 issues that were changed have credit and/or liquidity support provided by DEPFA BANK PLC in the form of either LOCs or SBPAs, which provide for the full and timely payment of interest and principal according to the transactions' terms....

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.

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