Fitch Affirms Paribas Derives Garantis at 'AAA'; Outlook Stable.NEW YORK -- Fitch affirms Paribas Derives Garantis' (PDG PDG Président Directeur Général (CEO) PDG Particle Data Group PDG Past District Governor PDG Parti Democratique Gabonais (Gabonese Democratic Party) PDG Product Development Group PDG Program Dependence Graph ) Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and Counterparty Rating at 'AAA'. The Outlook is Stable. PDG is a guarantee structure derivative product company (DPC DPC Department of Premier and Cabinet (Victoria, Australia) DPC Dutch Power Cows DPC Deferred Procedure Calls (Microsoft Windows NT 4. ). This unique structure enables PDG to guarantee the net payment for derivative transactions to counterparties of its sponsor, BNP Paribas, and is supported by the unique insolvency laws of France. PDG's ratings are based on its strong capital base, high counterparty credit quality, and conservative investment and operating guidelines. The notional value of PDG's portfolio has been declining for some time, due largely to its sponsor's improved rating. Generally, portfolio notional value and trade activity peaked for DPCs in the late 1990s and has been steadily declining ever since. Fitch attributes this overall decline to a variety of factors, including: product evolutions, the increased acceptance of collateral and modifications to terms, the inefficiencies associated with allocating large amounts of capital to DPCs, broader marketplace acceptance of lower rated investment-grade counterparties, and (in some cases) the improved rating of sponsors. Fitch affirms the following ratings with a Stable Outlook: Paribas Derives Garantis SNC SNC St Norbert College (De Pere, Wisconsin) SNC Sistema Nervioso Central SNC Société en Nom Collectif (French: Partnership) SNC Système Nerveux Central (French: central nervous system) --Long-term Issuer Default Rating (IDR) at 'AAA'; --Counterparty Rating at 'AAA'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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