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BULLETIN: Dutch Securitizations Unaffected By NIB Capital Bank Downgrade After Taking Action Sep 05
Standard & Poors, Sep 2005
Abstract
LONDON (Standard & Poor's) Sept. 9, 2005-Standard & Poor's Ratings Services said today that the ratings on the notes issued out of several Dutch transactions would not be affected by the downgrade of NIB Capital Bank N.V. (NIBC), which had a rating-dependent role, as a result of structural changes undertaken in response to this downgrade (see list below). On Aug. 9, 2005, Standard & Poor's lowered its ratings on NIBC to 'A-/A-2' from 'A+/A-1' and removed them from CreditWatch with negative implications. NIBC acts as a counterparty to several of the Dutch transactions. Following the previous downgrade on Feb. 2, 2005, all of the affected securitizations made the necessary structural changes to reflect the lower credit ratings on NIBC, which...
Companies mentioned in this report are: NIBC Bank N.V.,North Westerly CLO I B.V.,Provide Orange 2003-1 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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