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'A-1' Rating Affirmed on French Asset-Backed CP Program of Thesee Ltd. Jun 01
Standard & Poors, June 2001
Abstract
LONDON (Standard & Poor's CreditWire) June 28, 2001--Standard & Poor's today affirmed its 'A-1' rating on the French franc CP program of Th-s-e Ltd., BNP PARIBAS' ABCP conduit. The rating action follows the introduction of 17 new sellers into the program, a pool worth a total maximum amount of Eur763 million. All sellers are part of the same corporate group and the securitized pool of trade receivables is fully cross collateralized. The transaction differs slightly from mainstream trade receivable securitization deals in that credit support is provided by a first demand guarantee backed by cash collateral, and operating costs, dilution, and commingling risk are covered by a joint and several undertaking to pay. Both the guarantee and the joint and...
Companies mentioned in this report are: Thesee Ltd.,BNP Paribas
Action: New Rating
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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