Rating Lowered on Powerhouse Finance's Class A FCC Units; B and C Units Affirmed May 02
- ID: 2031570
- May 2002
- Standard & Poors
LONDON (Standard & Poor's) May 28, 2002--Standard & Poor's said today that it lowered its rating on the class A units issued by Powerhouse Finance, a Fonds Commun de Créances (FCC) set up under French law. At the same time, the ratings on the class B and C units were affirmed (see list below). The collateral in the portfolio is a receivable from a bank loan extended by Deutsche Bank AG to Société d'Edification de Logements Economiques (SELEC). The loan will be repaid from the rental income generated by Electricité de France's (EDF; AA/Negative/A-1+) lease on the portfolio of 10,168 residential properties located in France, and from disposal proceeds. "The rating action follows the recent downgrade of EDF to 'AA'...
Companies mentioned in this report are:
- Deutsche Bank AG
- Electricite de France S.A.
Action: Various Rating Actions
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Research type: News
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