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ARCHIVE: CMBS Criteria: U.S. Secured Creditor Environmental Insurance Policy Provider Rating Criteria Updated Nov 03
Standard & Poors, Nov 2003
Abstract
NEW YORK (Standard & Poor's) Nov. 4, 2003--Standard & Poor's Ratings Services announced today that it has updated its U.S. secured creditor environmental insurance policy provider rating criteria. The update allows insurers providing a secured creditor environmental insurance policy to have a claims-paying ability rating of not less than two rating categories below the highest rating outstanding on the rated securities, or an 'A' rating for a typical conduit transaction. The secured creditor environmental insurance policy, which must cover the outstanding principal balance of the mortgage loan plus accrued interest and other expenses, is triggered by the combination of a default under the loan agreement and the discovery of an onsite pollution condition. While Standard & Poor's would prefer that...
Action: General Comment
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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