Asgns Prelim Rtgs to Hellenic Securitisation Nts.Business Editors LONDON--(BUSINESS WIRE)--(Standard & Poor's CreditWire)--Nov. 10, 2000 Standard & Poor's today assigned its preliminary ratings to the euro (Eur) 450 million floating-rate asset-backed notes series 1 and Eur295 million fixed-rate asset-backed notes series 2 to be issued by Hellenic Securitisation S.A., a special-purpose entity Special-Purpose Entity A financing technique in which a company decreases its risk by creating separate partnerships, rather than subsidiaries, for certain holdings and solicits outside investors to take on the risk. (see list below). "This is the fourth synthetic issuance of structured notes involving a debtor in the Hellenic Republic that is publicly rated by Standard & Poor's," said Andrew Broeren, associate director at Standard & Poor's Structured Finance Ratings group in London. "This issuance is part of a fundraising program to enable the Hellenic Republic to raise funds in the international capital market in an off-balance-sheet capacity before entering EMU emu or emeu (both: ē`my  ), common name for a large, flightless bird of Australia, related to the cassowary and the ostrich. in January
2001."
The preliminary ratings assigned are based primarily on the foreign currency debt rating of the Hellenic Republic (A-/Positive/A-1) providing an irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is and unconditional undertaking. The undertaking will ensure payment of any shortfall between issuer-available funds and the amounts due on the notes, plus any issuer expenses. The ratings also reflect the historic dividend flow of the consignment The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailment of goods for sale. A consignment is an arrangement resulting from a contract in which one person, the consignor, either ships or entrusts goods to another, the deposits and loans fund (CDLF CDLF Construction and Demolition Landfill ), the cash flow mechanics, and the sound legal structure of the transaction. A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Asset-Backed Securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. , Standard & Poor's said. -- CreditWire PRELIMINARY RATINGS ASSIGNED Hellenic Securitisation S.A. Eur450 Million Floating-Rate Asset-Backed Notes Series 1 and Eur295 Million Fixed-Rate Asset-Backed Notes Series 2 Series Rating Amount(a) (Eur. Mil.) 1 A- 450 2 A- 295 (a)The amount of each series of notes is preliminary and subject to change at any time. Copyright 2000, Standard & Poor's Ratings Services |
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