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ARCHIVE | Criteria | Structured Finance | ABS: CAPCO Structured Financings Surge Feb 00
Standard & Poors, Feb 2000
Abstract
To raise funds for small business ventures, several states have begun to implement Capital Company Tax Credit Programs ('CAPCO programs'). Under a CAPCO program, certified capital companies ('CAPCOs') are licensed by the state to operate as a CAPCO; once formed the companies provide financial assistance to approved businesses through loans or direct equity investments. Insurance companies that invest ('certified investor' or 'noteholder') in the issuance of debt (medium-term notes) by CAPCOs earn tax credits towards insurance premium taxes due to the state. Typically, the CAPCO programs restrict the note purchasers to insurance companies. However, certain states allow corporations and individuals to participate and receive income tax credits. Currently, five states offer CAPCO programs: Florida, Louisiana, Missouri, New York, and Wisconsin....
Companies mentioned in this report are: New York City,Missouri,Louisiana,Florida,Wisconsin
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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