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Bulletin: Ratings On League 2004-1 And 2005-1 Unaffected Following Swap Counterparty Replacement Oct 08
Standard & Poors, Oct 2008
Abstract
FRANKFURT (Standard & Poor's) Oct. 24, 2008-Standard & Poor's Ratings Services said today that its credit ratings on the notes issued by League 2004-1 Ltd. and League 2005-1 Ltd. remain unchanged following a change to the swap counterparty. By Oct. 20, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A+/Stable/A-1) had replaced Banque AIG, a 100% subsidiary of American International Group Inc. (AIG; A-/Watch Neg/A-1), as swap counterparty in both transactions. Following the replacement of the swap counterparty DZ BANK has entered into a new ISDA Master Agreement with both issuers replacing the initial interest rate swap agreements entered into at closing. League 2004-1 closed in May 2004 and is backed by a portfolio of German lease receivables. League 2005-1 closed...
Companies mentioned in this report are: Banque AIG,DZ BANK AG Deutsche Zentral-Genossenschaftsbank ,VR Leasing AG,League 2005-1 Ltd.
Action: Bulletin
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.
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