Research Update: Sweden-Based Vattenfall Treasury AB's Proposed Notes Rated 'BBB-' Jun 05
Standard & Poors, June 2005
Abstract
On June 7, 2005, Standard & Poor's Ratings Services assigned its 'BBB-' long-term credit rating to Vattenfall Treasury AB's proposed issue of a 10-year no-call, perpetual, deferrable, deeply subordinated, and tax-deductible bond. The bond will be guaranteed on a subordinated basis by Vattenfall Treasury's parent, Sweden-based electricity utility Vattenfall AB (A-/Stable/A-2). The completion and size of the transaction remain subject to market conditions. Standard & Poor's considers the notes to have an equity credit of approximately 60 points, which factors in as positive the bond's: -- Deep subordination; -- Absence of maturity; and -- Both its optional and mandatory deferability features. Principal and interest on the notes are subordinated to all other debt obligations, and rank senior only to common...
Companies mentioned in this report are: Vattenfall Treasury AB,Vattenfall AB
Action: New Rating
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.
Vattenfall Treasury AB,Vattenfall AB
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