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ARCHIVE | Criteria | Structured Finance | Legal: New Criteria for Representations and Warranties for Collateral Assignments of Funding Agreements Issued by U.S. Life Insurance Companies
Standard & Poors, Feb 2004
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.
Abstract
Standard & Poor's Ratings Services routinely provides ratings for notes that are secured primarily by funding agreements issued by U.S. life insurance companies in connection with note issuance programs. Standard & Poor's has recently revised its legal criteria for these programs to provide the issuer of the notes (Issuer) with the option of either: (1) providing an opinion of counsel relating to the common law collateral assignment of a funding agreement, or (2) setting forth in the transaction documents representations and warranties relating to such collateral assignment. The following is Standard & Poor's rationale for revising its legal criteria and provides a form of model representations and warranties for such collateral assignment. The Issuer in these programs is usually either...
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