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ARCHIVE | Criteria | Structured Finance | Legal: Legal Criteria for Withholding Tax Issues in Structured Finance Transactions Feb 04
Standard & Poors, Feb 2004
Abstract
Whenever cash flows across a jurisdictional border, there is a heightened risk that the tax authorities in the jurisdiction from which the cash left will require part of that amount to be remitted to it in the form of withholding tax. This is often the case in cross-border structured finance transactions, where cash is passed from payers in one country to an SPE issuer in another country. To the extent that an issuer's ability to make full and timely payment on its rated notes relies on these third-party payments, Standard & Poor's rating analysis will need to consider whether these payments are subject to withholding tax. This article describes which comforts Standard & Poor's will expect to receive to confirm...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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