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Bulletin: Federal Home Loan Bank Ratings Unaffected By Lehman Derivative Exposure Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 10, 2008--Standard & Poor's Ratings Services said today that its individual counterparty credit ratings on the 12 Federal Home Loan Banks (FHLBs) will not be affected by their respective derivative exposures to Lehman Brothers Specialty Financing Inc. (Lehman). The overall system 'AAA' rating also remains intact. The exposures consist primarily of trades in negative mark-to-market positions where system banks posted excess collateral and have requested its return. The FHLBs' Office of Finance quantified aggregate system exposure across the 12 banks at approximately $260 million against combined system capital of $57 billion as of June 30, 2008. Because these trades and positions were executed under International Swaps and Derivatives Association (ISDA) master agreements with Collateral...
Companies mentioned in this report are: Federal Home Loan Banks
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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