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Transaction Update: Louis Dreyfus Commodities LLC ? Series B CP Notes Nov 11
Standard & Poors, November 2011
On Nov. 30, 2011, Standard & Poor's affirmed its short-term 'A-1' rating on Louis Dreyfus Commodities LLC's (the issuer's) commercial paper (CP) program series B CP notes following the restructuring of the issuer's CP program. The affirmation reflects revisions to the transaction documents that, among other things, split the outstanding CP notes into two tranches, the series A and B CP notes, and amends the letter of credit (LOC) that Credit Agricole Corporate and Investment Bank (Credit Agricole; 'A-1') is providing to refer specifically to the series B CP notes. The short-term 'A-1' rating reflects our opinion of the credit and liquidity support that Credit Agricole ('A-1') provides in the form of an irrevocable direct-pay LOC. Under the LOC, Credit...
Companies mentioned in this report are: Louis Dreyfus Commodities LLC
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: Full Analysis
Louis Dreyfus Commodities LLC