|
|
 |
|
Viewing report
|
|
|
|
ARCHIVE | Criteria | Structured Finance | ABS: Marine Cargo Container Lessors Look to Securitize Fleets Jul 00
Standard & Poors, July 2000
Abstract
In recent months, Standard & Poor's has been requested to review a number of transactions securitized by lease payments on marine cargo container lessors' fleets. The companies, which lease the containers used in the transport of goods aboard ocean liners, are faced with high fixed costs and competitive pricing pressures. Through selling their leases and containers into a special-purpose entity (SPE) to reduce investor risk, a transaction may be assigned a rating above that of the parent's corporate credit rating. Accessing this alternative source of funds can help these companies to further lower their funding costs--a worthwhile quest in this mature, capital intensive industry. In analyzing these proposed lease-backed transactions, Standard & Poor's does not approach these structures as pure...
Companies mentioned in this report are: Sea Containers Ltd.
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.
|
|
|
|
