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BULLETIN: Portuguese Government Sells its Stake in BRISA Auto-Estradas de Portugal Nov 02
Standard & Poors, Nov 2002
Abstract
Standard & Poor's Ratings Services said today that the announcement by the Portuguese government of its decision to sell its remaining 5.5% stake in toll road owner and operator BRISA Auto-Estradas de Portugal S.A. (BRISA; AA-/Stable/A-1+) would have no impact on the ratings on the company. Investimentos e Participacoes Empresariais S.A., a Portuguese government investment holding company, will sell the shares to Deutsche Bank AG (AA-/Stable/A-1+). The transaction, which involves a five-year exchangeable bond and a put option, provides BRISA with upfront cash but creates a potential liability to buy back the shares in five years. This liability, however, is expected to be limited. ANALYST E-MAIL ADDRESSES jan_plantagie@standardandpoors.com paul_lund@standardandpoors.com maria_lemos@standardandpoors.com infrastructureeurope@standardandpoors.com...
Companies mentioned in this report are: BRISA Auto-Estradas de Portugal S.A.,Deutsche Bank AG
Action: S&P Event
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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