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Bulletin: Ratings Unaffected On NIBC Bank's Covered Bonds Following Counterparty Replacement Steps Dec 08
Standard & Poors, Dec 2008
Abstract
LONDON (Standard & Poor's) Dec. 3, 2008-Standard & Poor's Ratings Services said today that its 'AAA' credit ratings on the covered bonds issued by NIBC Bank N.V. remain unaffected following two unrelated events. First, NIBC has added German assets to the cover pool, and second, NIBC is taking steps to replace itself as an ineligible swap counterparty. NIBC became ineligible following the revision of our 'A-2' rated derivatives counterparty methodology on Oct. 22. The revised swap criteria state that, absent any other structural mitigants, we would no longer maintain 'AAA' ratings on securitization and other structured finance-related debt instruments (including covered bonds) that depend on the performance of derivatives counterparties that are rated 'A-2' or equivalent. In our view, support...
Companies mentioned in this report are: NIBC Bank N.V.
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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