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Bulletin: Kimono Finance Notes Unaffected By The Downgrade Of The Region Of Lazio Nov 06
Standard & Poors, Nov 2006
Abstract
LONDON (Standard & Poor's) Nov. 14, 2006-Standard & Poor's Ratings Services said today that the downgrade of the Region of Lazio to 'BBB/Watch Neg' from 'A-/Watch Neg' has implications for the Kimono Finance S.r.l. transaction, although the notes are unaffected at this time. The ratings on the notes issued by Kimono Finance are unaffected by the Lazio downgrade because of the unconditional and irrevocable financial guarantees provided by several monoline insurers (see ratings list). The downgrade will, however, affect the purchase of further receivables by the issuer, and the payments of further instalments by the noteholders. Under the receivables transfer agreement, a downgrade of Lazio below 'BBB+' constitutes a termination event, and therefore no further receivables can be transferred to...
Companies mentioned in this report are: Assured Guaranty (Europe) Ltd.,Lazio (Region of),MBIA U.K. Insurance Ltd.,FGIC UK Ltd.
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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