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Bulletin: Ratings Unchanged In FCC SPARC Europe (Senior)/(Junior) Series 2008 After Natixis Replaced Aug 08
Standard & Poors, Aug 2008
Abstract
LONDON (Standard & Poor's) Aug. 21, 2008-Standard & Poor's Ratings Services said today that there is no change to the credit ratings on all classes of notes issued by FCC SPARC Europe (Senior) and FCC SPARC Europe (Junior) Series 2008 following the substitution of Natixis S.A. as senior issuer investment contract provider and junior issuer investment contract provider. The new counterparty is Banco Popular Espa-ol S.A. (AA/Negative/A-1+). The short-term rating on Natixis S.A. was recently lowered by another ratings agency, triggering the counterparty change under the transactions' documentation. Our rating on Natixis remains unchanged (AA-/Stable/A-1+). The entry into the new contracts are required under clause 6 ('Downgrade') of the junior and senior issuer investment contracts. These were executed on July...
Companies mentioned in this report are: FCC SPARC Europe (Senior)
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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