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Preliminary Ratings Assigned in BNP Paribas' European ABS Transaction May 02 Product Image

Preliminary Ratings Assigned in BNP Paribas' European ABS Transaction May 02

  • Published: May 2002
  • Standard & Poors

FEATURED COMPANIES

Abstract
LONDON (Standard & Poor's) May 15, 2002--Standard & Poor's said today that it assigned its preliminary ratings to the fixed- and floating-rate notes to be issued by Joconde Investments S.A., a special-purpose entity (see list below). The collateral backing the notes consists of 'AAA' rated asset-backed securities and/or securities rated 'AA+' or higher issued by the governments of member countries of the EU. The purpose of the transaction, which is sponsored and arranged by BNP Paribas (AA-/Stable/A-1+), is to transfer a portion of the credit risk associated with a pool of corporate entities, totaling €1 billion, from BNP Paribas to external parties for a five-year period. The transfer is being achieved via a mezzanine credit default swap entered into by...

Companies mentioned in this report are:
- 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 READ MORE >

- BNP Paribas

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