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S&P Credit Research898 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | PARIS (Standard&Poor's) Nov. 6, 2009--Standard&Poor's Ratings Services today said it is correcting the issue rating on the €40 million credit-linked note issued by UniCredit Bank Austria AG. We have lowered the rating on the note to 'BB+' from 'BBB-' (see ratings list below). On June 16, 2009, we downgraded the note's obligor, Austrian building materials group Wienerberger AG, to 'BB+' from 'BBB-' and removed all the ratings on Wienerberger from CreditWatch with negative implications, where they had been placed on June 4, 2009 (see "Wienerberger AG Downgraded To 'BB+/B' On Potentially Steepening Housing Slump In Eastern Europe; Outlook Negative". The rating on the credit-linked note remained unchanged at 'BBB-', whereas we should have lowered it to
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| Brief Excerpt: | RESEARCH Ratings Definitions S&PCORRECT: UniCredit Bank Austria AG aé¼40 Mil Credit-Linked Note Lowered To '##+' Publication date: 06-Nov-2009 Primary Credit Analyst: Xavier Buffon, Paris (33) 1-4420-6675; xavier_buffon@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | WIE@AV
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| Issuer: | Wienerberger AG
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| GICS: | Building Products (20102010)
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| Sector: | Global Issuers
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| Country: | Austria
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| Region: | Europe, Middle East, Africa
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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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