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Rating Affirmed on Notes in Xelo PLC CDO; Off Watch Dec 03 Product Image

Rating Affirmed on Notes in Xelo PLC CDO; Off Watch Dec 03

  • Published: December 2003
  • Standard & Poors

FEATURED COMPANIES

  • Barclays Bank PLC
  • Xelo PLC
  • MORE

Abstract
LONDON (Standard & Poor's) Dec. 18, 2003--Standard & Poor's Ratings Services said today it affirmed its credit rating on one series of notes issued by Xelo PLC, an Irish domiciled multi-issuance SPE arranged by Barclays Bank PLC. At the same time, the notes were removed from CreditWatch, where they had been placed on Dec. 12, 2003. The rating action follows the lowering of the long-term rating on Parmalat Finanziaria SpA (CC/Watch Dev/C) to 'CC' on Dec. 10, 2003. Parmalat Finanziaria, or a credit-linked subsidiary, is named as a reference obligation under the credit default swaps connected with this synthetic CDO transaction. Standard & Poor's has conducted a full analysis of this transaction to assess the sensitivity of the rating to...

Companies mentioned in this report are:
- Xelo PLC
- Barclays Bank PLC

Action: Affirmed, Off CreditWatch

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 READ MORE >

- Xelo PLC
- Barclays Bank PLC

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