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Research Update: Max Two ?100 Mil. Notes 'B-' Rating Affirmed And Off Watch; Then Suspended Pending Receipt Of Information Nov 11 Product Image

Research Update: Max Two ?100 Mil. Notes 'B-' Rating Affirmed And Off Watch; Then Suspended Pending Receipt Of Information Nov 11

  • Published: November 2011
  • Standard & Poors

Abstract
Despite ongoing requests since financial-year end Dec. 31, 2010, we have not yet received the 2010 audited financial statements of Jersey-based special-purpose entity Max Two Ltd. (MTL), which would confirm, or otherwise, the entity's status as a going concern. According to the information provided by the project managers, we understand that MTL has serviced its March and September 2011 debt service payments in full and on time without needing to tap the debt-service reserves. Furthermore, we anticipate that the project will continue to service its debt in full and on time in the foreseeable future, albeit with the likely use of its reserves, particularly for the September debt service payment dates. We are affirming the 'B-' long-term issue rating on...

Companies mentioned in this report are: Max Two Ltd.
Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch
Action: Suspended

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 READ MORE >

Max Two Ltd.

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