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 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
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