S&P Report: LG Card's ABS Deal Still Rated 'AAA' Despite Weakened Portfolio Performance Jan 04
Standard & Poors, January 2004
Abstract
TOKYO (Standard & Poor's) Jan. 19, 2004--Standard & Poor's Ratings Services said in a new report released today that it maintained its 'AAA' rating on a securitization of credit card receivables originated by LG Card Co. Ltd., despite the financial troubles besetting the card company, and the resulting deterioration in the transaction's asset performance. Credipia 2001 Ltd.'s (LG Credipia) US$500 million floating-rate guaranteed notes due December 2007 were originally rated 'AAA' by Standard & Poor's in December 2001. The notes are ultimately backed by a pool of Korean won-denominated credit card receivables originated by LG Card, one of Korea's largest card issuers, and carry a surety bond provided by Financial Security Assurance Inc. (FSA; AAA/Stable/--). Concerns over the credit quality...
Companies mentioned in this report are: Assured Guaranty Municipal Corp.,Shinhan Card Co. Ltd.
Action: S&P Event
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.
Assured Guaranty Municipal Corp.,Shinhan Card Co. Ltd.
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