Credipar's S&P Rtgs on CW Neg; Sovac, Peugeot Affrmd.PARIS--(BUSINESS WIRE)--Standard & Poor's CreditWire 10/20/98-- Standard & Poor's today placed its double- 'A' -minus long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. and single- 'A' -plus short-term counterparty Counterparty The other participant, including intermediaries, in a swap or contract. ratings of Credipar S.A. on CreditWatch with negative implications. In a related action, it affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. SOVAC SOVAC Software Validation And Control S.C.A. 's (Sovac) double- 'A' long-term and 'A-1' -plus short-term counterparty ratings, as well as Peugeot S For the bicycle manufacturer, see . Peugeot is a major French car brand, part of PSA Peugeot Citroën. It is the second largest automaker in Europe, behind Volkswagen. Peugeot's roots go back to bicycle manufacturing at the end of the 19th century. .A. and related entities' single- 'A' -minus long-term and 'A-2' -short-term ratings. The outlook remains stable on Sovac's long-term rating and negative on Peugeot S.A.'s. These actions follow the announcement by Peugeot S.A. and GE Capital of a preliminary agreement for the sale of Sovac's 50% stake in Credipar to Peugeot S.A. Credipar's ratings were largely dependent on its partial ownership by Sovac and its role in the management of Peugeot S.A.'s captive captive said of naturally wild or feral animals kept in captivity for educational and scientific investigation with no attempt being made to domesticate them. car-finance company in France. Peugeot S.A. controls two major car brands, Peugeot and Citroen. Credipar's business is to finance Peugeot and Citroen car sales to individuals and corporations. Credipar has benefited from Sovac's expertise in terms of credit scoring Credit scoring A statistical technique that combines several financial characteristics to form a single score to represent a customer's creditworthiness. , risk management, and funding policy. In the coming months, Standard & Poor's will meet with Credipar and Peugeot S.A's management to assess Credipar's future role within the Peugeot S.A. group and the impact of this change in ownership on Credipar's commercial policy, risk management, and financial profile. Sovac's ratings reflect its strategic role in General Electric Capital Corp.'s , (GE Capital, rated 'AAA/Stable/A-1+') European operations, as well as its solid capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and satisfactory profitability. Peugeot S.A.'s ratings and outlook are not impacted by its acquisition of the remaining 50 % in Credipar. The integration of 100 % of Credipar should enable Peugeot S.A. to harmonize its car-financing strategy throughout Europe. In addition, this acquisition will not damage the group's solid financial profile in any significant way, Standard & Poor's said. - CreditWire -0- RATINGS ON CREDITWATCH WITH NEGATIVE IMPLICATIONS Credipar S.A. TO FROM Counterparty credit rtg AA-/CW Neg./A-1+ AA-/Neg./A-1+ Senior debt AA- AA- CDs AA-/A-1+ AA-/A-1+ RATINGS AFFIRMED Sovac S.C.A. Counterparty credit rtg AA/Stable/A-1 Peugeot S.A. Counterparty credit rtg. A-/Neg./A-2 Banque PSA Finance Holding Counterparty credit rtg. A-/Neg./A-2 |
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