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BellSouth-Related Synthetic Transaction Ratings Lowered and Removed From Watch Negative Oct 04
Standard & Poors, Oct 2004
Abstract
NEW YORK (Standard & Poor's) Oct. 5, 2004--Standard & Poor's Ratings Services today lowered its ratings on various securities issued by BellSouth Corp.-related trusts and removed them from CreditWatch, where they were placed with negative implications Feb. 24, 2004 (see list). The downgrades and CreditWatch removals follow the lowering of the corporate credit and senior-unsecured debt ratings on BellSouth Corp., and its related entities, and their removal from CreditWatch negative. All of the affected securities were issued through swap-independent synthetic transactions that are weak-linked to one of the following underlying securities: BellSouth Telecommunications Inc.'s 7.00% debentures due Dec. 01, 2095; BellSouth Telecommunications Inc.'s 6.75% debentures due Oct. 15, 2033; BellSouth Capital Funding Corp.'s 6.04% debentures due Nov. 15, 2026; or...
Companies mentioned in this report are: BellSouth Telecommunications Inc.,BellSouth Corp.,BellSouth Capital Funding Corp.,Receipts on Corporate Securities Trust,Structured Assets Trust Unit Repkgs (SATURNS) BellSouth Debenture-Backed Series 2001-3,Structured Repackaged Asset-Backed Trust Securities (STRATS) BellSouth Telecommunications Certificates Series 2003-1,Structured Asset Trust Unit Repackagings (SATURNS) BellSouth Corporation Debenture Backed Series 2004-5
Action: Downgraded
Action: Removed From CreditWatch
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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