PBI S.A.'s LdGP Assigned 'AAA' Rating; 'A/A-1' Counterparty Ratings Assigned; Otlk Stable Jun 00

  • ID: 1831594
  • June 2000
  • Standard & Poors
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LONDON (Standard & Poor's CreditWire) June 7, 2000--Standard & Poor's today assigned its triple-'A' senior secured debt rating to the Lettres de Gage Publiques (LdGP) issued by Pfandbrief Bank International S.A. (Luxembourg) (PBI). At the same time, Standard & Poor's assigned its single-'A' long-term and its 'A-1' short-term counterparty credit and certificate of deposit ratings to PBI. The outlook is stable. The rating approach for Luxembourgoise Lettres de Gage (LdG) is similar to that for rating German Pfandbriefe or French Obligations Foncieres, and takes into account the strength of the legal protection offered to holders of LdG, which allows the rating assigned to LdG to be separated from the credit quality of the issuer. The rating on PBI's LdGP primarily...

Companies mentioned in this report are:
- DEPFA Pfandbrief Bank International S.A.
- UniCredit Bank AG

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
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- DEPFA Pfandbrief Bank International S.A.
- UniCredit Bank AG

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