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'AA-' Rating Assigned To BBVA's Synthetic Repack CID Finance B.V. Series 4 Sep 05
Standard & Poors, Sep 2005
Abstract
FRANKFURT (Standard & Poor's) Sept. 6, 2005-Standard & Poor's Ratings Services said today that it assigned its 'AA-' credit rating to the -25 million variable-rate credit-linked secured limited-recourse notes series 4 issued by CID Finance B.V. CID Finance is an SPE incorporated in The Netherlands in August 2004. It meets Standard & Poor's SPE bankruptcy-remote criteria. The notes form the fourth series issued by CID Finance under its -5 billion program. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA-/Stable/A-1+) established the program to issue notes and make alternative investments. Standard & Poor's reviewed the program in October 2004. In this transaction, arranged by BBVA, CID Finance issued -25 million notes at 99.5% and used the proceeds to purchase -25 million senior...
Companies mentioned in this report are: CID Finance B.V.,Banco Bilbao Vizcaya Argentaria S.A.
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
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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