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BULLETIN: The Goldman Sachs Group Inc. Announces Relationship With Sumitomo Mitsui
Standard & Poors, Jan 2003
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.
Abstract
Standard & Poor's Ratings Services said that Goldman Sachs' (Goldman; A+/Stable/A-1) announcement of a multitiered relationship with Sumitomo Mitsui Banking Corp. (SMBC) (BBB/Negative/A-2) will not have an affect on its ratings or outlook on Goldman. Goldman and SMBC announced today a series of related transactions, which include a $1.27 billion investment by Goldman in SMBC convertible preferred stock, credit enhancement provided by SMBC to certain Goldman affiliates as credit protection against losses on corporate loans, and a business cooperation agreement through which Goldman and SMBC will work together to manage asset sales in Japan. Standard & Poor's views the preferred stock investment as a large credit exposure for Goldman, but expects it to be at least partially hedged. The credit...
Companies mentioned in this report are: Goldman Sachs Group Inc. (The),Sumitomo Mitsui Banking Corp.
Action: S&P Event
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