Bulletin: Rated Funds May Maintain Overnight Repurchase Agreements With The Bear Stearns Cos. Inc. - 2008/03/21 - S&P Credit Research

Report title: Bulletin: Rated Funds May Maintain Overnight Repurchase Agreements With The Bear Stearns Cos. Inc.

from S&P Credit Research
499 word report published Mar 21, 2008

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Abstract:

NEW YORK (Standard&Poor's) March 21, 2008--Standard&Poor's Ratings Services today affirmed its view that overnight repo investments with The Bear Stearns Cos. Inc. (BBB/Watch Dev/A-3) are consistent with our rated fund criteria that look to the creditworthiness of the repo counterparty. The criteria for highly rated funds calls for repo providers to maintain short-term ratings of 'A-1+' or 'A-1' or equivalent credit quality. This is based on JPMorgan Chase&Co.'s (AA-/A-1+/Stable) plans to acquire Bear Stearns, and its guaranty agreement, which unconditionally guaranties the due and punctual payment of all covered liabilities of the covered Bear entities (as defined in the guaranty agreement). Standard&Poor's Principal Stability Fund Ratings (also known as Money Market Fund

Brief Excerpt:

RESEARCH Ratings Definitions Bulletin: Rated Funds May Maintain Overnight Repurchase Agreements With The Bear Stearns Cos. Inc. Publication date: 21-Mar-2008 Primary Credit Analyst: Peter Rizzo, New York (1) 212-438-5059; peter_rizzo@standardandpoors.co...

Report Type:

Bulletin

Ticker:

BSC

Issuer:

Bear Stearns Cos. LLC (The)

GICS:

Investment Banking & Brokerage (40203020)

Sector:

Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, Public Finance, Residential MBS, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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