Research Update: European Coal & Steel Community Jul 02

  • ID: 1873227
  • July 2002
  • Region: Europe
  • Standard & Poors
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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
Action: Review

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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European Coal & Steel Community in Liquidation

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