Research Update: European Coal & Steel Community Jul 02
- ID: 1873227
- July 2002
- Region: Europe
- Standard & Poors
On July 23, 2002, Standard & Poor's Ratings Services affirmed its triple-'A' senior unsecured debt ratings on the European Coal & Steel Community (ECSC). The rating action follows the expiry of the ECSC Treaty, on July 23, 2002, terminating the legal existence of the ECSC. Under the ECSC Treaty, ECSC issued bonds, which are due to mature beyond 2002. Nevertheless, the EC has ensured that the necessary institutional structures exist to continue to honor ECSC's debt. In 1996, in preparation for the expiry of the Treaty, the EC decided that reserves should be kept in a Guarantee Fund to cover 100% of the outstanding loans not covered by EU member state guarantees. Following a -15 million ($14.7 million) allocation in...
Companies mentioned in this report are: European Coal & Steel Community in Liquidation
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