Summary: Fortis Bank SA/NV LOC-Backed Ratings Lowered; Off CreditWatch Negative; Airport; Joint Criteria; Letter of Credit - 2008/10/01 - S&P Credit Research

Report title: Summary: Fortis Bank SA/NV LOC-Backed Ratings Lowered; Off CreditWatch Negative; Airport; Joint Criteria; Letter of Credit

from S&P Credit Research
662 word report published Oct 01, 2008

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Abstract:

Standard&Poor's Ratings Services lowered its ratings on 10 Fortis Bank SA/NV letter of credit or LOC-backed issues and removed them from CreditWatch with negative implications. This action follows Standard&Poor's downgrade of Fortis Bank SA/NV, the LOC provider, to 'A+/A-1' from 'AA-/A-1+' and removal of the rating from CreditWatch with negative implications. The short-term and long-term components of the ratings are based on a LOC facility provided by Fortis Bank SA/NV.

Brief Excerpt:

RESEARCH Ratings Definitions Summary: Fortis Bank SA/NV LOC-Backed Ratings Lowered; Off CreditWatch Negative; Airport; Joint Criteria; Letter of Credit Publication date: 01-Oct-2008 Primary Credit Analyst: Chi W Tang, New York (1)...

Report Type:

Summary

Issuer:

California

Sector:

Global Issuers, Public Finance, 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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