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ARCHIVE | Criteria | Structured Finance | Legal: Amended Structured Finance Legal Criteria For English And Welsh SPEs Dec 05
Standard & Poors, Dec 2005
Abstract
In light of legislative changes to U.K. insolvency law, we will request for future transactions that a bankruptcy-remote SPE incorporated in England and Wales has and maintains an independent director. This article sets forth the rationale for amending our English and Welsh SPE criteria. Section 1 provides an overview of changes to these criteria, section 2 describes the general characteristics, and section 3 sets forth our specific criteria for determining that an entity incorporated in England or Wales is a bankruptcy-remote SPE. Section 4 describes entity-specific SPE criteria. Our general legal criteria for structured finance transactions focus on how assets can be isolated under local law so that an insolvency or corporate reorganization of the owner does not affect the...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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