S&P Corrects By Lowering Issue Ratings On Preferred Stock Guaranteed By Portugal's Caixa Geral de Depositos To 'C' Feb 13
Standard & Poors, February 2013
Abstract
MADRID (Standard & Poor's) Feb. 18, 2013--Standard & Poor's Ratings Services today lowered to 'C' from 'CCC-' its issue ratings on preferred stock (ISIN: XS0195376925 and ISIN: XS0230957424) guaranteed by Portugal-based Caixa Geral de Depósitos S.A. (BB-/Negative/B) and issued by subsidiary Caixa Geral Finance Ltd. The outstanding amounts on the two issues are ?66 million and ?45 million respectively. Due to an error, we did not lower the ratings on these two issues when the dividend payments were skipped on Dec. 28, 2012, and Dec. 30, 2012 respectively. RATINGS LIST Downgraded To From Caixa Geral Finance Ltd. Preference Stock* C CCC- *Guaranteed by Caixa Geral de Depositos S.A....
Companies mentioned in this report are:
- Caixa Geral de Depositos S.A.
- Caixa Geral Finance Ltd.
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Caixa Geral de Depositos S.A.
- Caixa Geral Finance Ltd.
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