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BULLETIN: Rating On Compass Holdings' ABCP Program Unchanged After Latest Review May 06
Standard & Poors, May 2006
Abstract
FRANKFURT (Standard & Poor's) May 8, 2006-Standard & Poor's Ratings Services said today that there is no change to the 'A-1' rating on the up to $15 billion European and U.S. ABCP Compass Securitisation Program. There have been structural changes since the program's inception. The rating on the CP issued by Compass was lowered to 'A-1' on July 19, 2005. This followed changes to the legal framework resulting in the loss of state support (Anstaltslast and Gewaehrtraegerhaftung) for certain obligations of Compass on that date. In October 2004, it was agreed with Standard & Poor's that VAT 13c issues, potentially arising in connection with the purchase of certain German assets, would be addressed on a transaction-specific basis. Also, certain liabilities...
Companies mentioned in this report are: Compass Securitisation Program,WestLB AG (Unsolicited Ratings)
Action: Bulletin
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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