CDC Financial Products Rated `AAA' By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--May 24, 2001 Fitch assigns a counterparty rating of `AAA' to CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Financial Products Inc. (CDC FP), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. CDC IXIS Capital Markets North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (CDC IXIS Capital Markets). CDC FP trades in U.S. treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and agency bonds, municipal bonds, and other fixed-income instruments, as well as conducting derivative transactions such as swaps, structured transactions, and other similar capital markets activities. The `AAA' rating is based on strong operating guidelines and risk controls, as well as conservative balance sheet management. In addition, the rating reflects the guarantee of all CDC FP obligations by its ultimate parent, Caisse des Depots et Consignations (CDC), a French public-sector financial institution. In view of its status as a public establishment, CDC benefits from the implicit guarantee of the State of France for its commitments to counterparties. As a consequence, the rating assigned to CDC is the same rating as the State of France (`AAA'). The guarantee granted by CDC to CDC FP will be in effect until June 30, 2001. After that, the obligations of CDC FP will be guaranteed by CDC IXIS, the market obligations of which are in turn guaranteed by its parent, CDC. Obligations that benefited from the CDC guarantee prior to July 1, 2001 will continue to be guaranteed by CDC. Fitch rates CDC and the guaranteed obligations of CDC IXIS `F1+' short-term and `AAA' long-term. As of Dec. 31, 2000, CDC FP maintained $12.4 billion and $231.4 million in total assets and equity, respectively. Assets consist predominantly of liquid securities and securities repos, which are supported for the most part by $4.7 billion in guaranteed investment contract Guaranteed investment contract (GIC) A pure investment product in which a life company agrees, for a single premium, to pay at a maturity date the principal amount of a predetermined annual crediting (interest) rate over the life of the investment. assets loaned by the firm's affiliate, CDC Funding Inc., $2.6 billion in CP borrowings from its affiliate CDC Commercial Paper, and $2.3 billion in short term borrowings from its parent, CDC IXIS Capital Markets. |
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