Cyber-Val 09-97 Rtd 'AAA' by S&P.LONDON--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/25/97-- Standard & Poor's today assigned a triple-'A' rating to the senior units issued by CYBER-VAL 09-97, a fonds commun de creances set up jointly by Credit Lyonnais and ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Gestion. The total issuance level will be at French franc (FFr) 40 billion (about US$6.5 billion). The rating is based primarily on the perceived credit quality of the Etablissement Public de Financement et de Restructuration (EPFR EPFR Emerging Portfolio Fund Research (Cambridge, MA) ). The soundness of the legal structure and the protections built into the transaction to secure payment flows to unit holders are also important rating factors. The rating is subject to satisfactory completion and receipt of final documents and legal opinions. Established by Law No 95-1251 of Nov. 28, 1995, EPFR's purpose is to finance the defeasance of nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. transferred by Credit Lyonnais to the Consortium de Realisation (CDR (1) See CD-R and extension. (2) (Call Detail Reporting) See call accounting. (3) (Common Data Rate) A standard sampling rate for digital video for 480i and 576i systems. The rate is 13.5 MHz. See ITU-R BT. ). EPFR's funding comes from a Credit Lyonnais loan, part of which is the subject to the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. deal in question. Standard & Poor's believes that EPFR's credit quality is very strong and is a significant factor in the triple-'A' rating assigned to the fund. As an etablissement public national (public corporation), EPFR comes within the scope of the Law of July 16, 1980, concerning the "execution of judgments by entities falling under public law." This means the state supervisory authority for EPFR, must ensure the latter pays its debts, even if this means freeing the necessary resources. Should EPFR cease to exist, its debts would be legally transferred to the state. EPFR also is closely linked to the state from an operational point of view. It is run by a board of directors that includes two members appointed by parliament and three others nominated by the minister of the economy, while the French Treasury and the Public Accountancy directorate also have responsibility for its administration. EPFR already received capital infusions Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. from the state of FFr4 billion in 1996 and FFr700 million in 1997. But should the need arise, and as per the Decree of Jan. 2, 1959 relative to the Finance Law, it could receive subsequent unlimited cash advances from the state without further ado Ado (ä`dō), city (1987 est. pop. 287,000), SW Nigeria. Located in a region where rice, corn, cassava, and yams are grown. Traditionally an important cotton-weaving town, Ado also manufactures bricks, tile, and pottery. , Standard & Poor's said. -- CreditWire CONTACT: Alain Carron, Paris (33) 1-4420-6664 Jeanne-Francoise De Polignac, Paris (33) 1-4420-6660 |
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