Summary: Export Finance & Insurance Corp. Sep 11

Standard & Poors, September 2011

Abstract
The 'AAA' corporate credit rating on the Export Finance and Insurance Corp. (EFIC) reflects Standard & Poor's Ratings Services' opinion of the following factors: EFIC's status as a wholly owned statutory corporation of the Commonwealth of Australia (AAA/Stable/A-1+); and A legislative guarantee of EFIC's obligations when they are due for payment by the Australian government, funded from the government's Consolidated Revenue Fund (CRF). Although EFIC normally services debt from its own resources, its obligations are full obligations of the Australian government, with access to the CRF ensuring timeliness of debt service. This guarantee has never been called upon. The government also has in place an A$200 million callable capital facility available to EFIC to cover liabilities, losses, and claims, if...

Companies mentioned in this report are: Export Finance & Insurance Corp.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Export Finance & Insurance Corp.

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