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Bulgarian JetFinance International 'B+/B' Ratings Placed On Watch Pos On Cetelem Acquisition Aug 07
Standard & Poors, Aug 2007
Abstract
LONDON (Standard & Poor's) Aug. 7, 2007--Standard & Poor's Rating Services said today that it placed its 'B+/B' long- and short-term counterparty credit ratings on Bulgaria-based JetFinance International AD (JetFinance) on CreditWatch with positive implications. The rating actions follows the announcement that Cetelem (AA+/Stable/A-1+), the consumer finance subsidiary of BNP Paribas (AA+/Stable/A-1+), has agreed to acquire a 100% shareholding in JetFinance. The deal is subject to regulatory approvals. 'The CreditWatch placement on JetFinance reflects the strong upside potential for the company's creditworthiness, resulting from the change of control,' said Standard & Poor's credit analyst Jerome Chui. Standard & Poor's expects that JetFinance will benefit from product, operational, managerial, and financial support from Cetelem, which would boost its market franchise and...
Companies mentioned in this report are: BNP Paribas Personal Finance EAD,BNP Paribas,BNP Paribas Personal Finance
Action: On CreditWatch:Positive
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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