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Bundes-Pensions-Service fuer Post und Telekommunikation e.V. Sep 05
Standard & Poors, Sep 2005
Abstract
Strong explicit and implicit sovereign support from the Federal Republic of Germany. Strong political consensus of support behind the clearly defined public policy mandate. Very low own liquidity, mitigated by direct access to federal government funds up to a level determined in the federal budget law. The ratings on Bundes-Pensions-Service f-r Post und Telekommunikation e.V. (BPS-PT) are based on its important public policy mandate and its close links with, and strong support from, the Federal Republic of Germany (AAA/Stable/A-1+). BPS-PT is a registered association created in 2001 for the sole purpose of financing and distributing the pension and medical assistance payments of the civil servants (and their surviving dependants) who worked for the former state postal monopoly company Deutsche Bundespost...
Companies mentioned in this report are: Bundes-Pensions-Service fuer Post und Telekommunikation e.V.,Germany (Federal Republic of) (Unsolicited Ratings),KfW,KfW International Finance Inc.,Treuhandanstalt,Landwirtschaftliche Rentenbank
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.
Research Type: Full Analysis
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