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BULLETIN: NIB Capital Bank's Downgrade Has No Immediate Effect On Dutch Securitizations Aug 05
Standard & Poors, Aug 2005
Abstract
LONDON (Standard & Poor's) Aug. 10, 2005-Standard & Poor's Ratings Services said today that the downgrade of The Netherlands-based NIB Capital Bank N.V. (NIBC) would have no immediate effect on the ratings in certain Dutch securitizations, subject to changes being made in those transactions in which NIBC has a ratings-dependent role (see list below). On Aug. 9, 2005, Standard & Poor's cut its long- and short-term counterparty credit ratings to 'A-/A-2' from 'A+/A-1'. Following the downgrade, all of the affected securitizations will have to make changes to enable their current ratings to be maintained. In particular, NIBC's involvement as interest-rate swap counterparty and as bank or GIC account provider now needs to be reviewed. NIBC has informed Standard & Poor's...
Companies mentioned in this report are: North Westerly CLO I B.V.,Provide Orange 2003-1 B.V.,Dutch MBS XI B.V.,North Westerly CLO II B.V.,Monastery 2004-I B.V.
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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