Fitch Corrects Ratings On 2 Commerzbank Supported Issues.
NEW YORK--(BUSINESS WIRE)--Aug. 2, 2000
CORRECTION: Following its downgrade Downgrade
A negative change in the rating of a security.
For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of Commerzbank's long-term and short-term ratings, Fitch fitch: see polecat. incorrectly reported ratings yesterday on two issues supported by Commerzbank liquidity facilities. The affected issues and correct ratings are:
-- California, State of (CA) commercial paper notes (liquidity
facility: Bayerische Landesbank Girozentrale, Commerzbank
Aktiengesellschaft, Credit Agricole, Dexia Credit Local de
France, Landesbank Hessen-Thuringen Girozentrale, Morgan
Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Trust Co. 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 , State Street Bank & Trust Co.,
TD Securities (USA) Inc., Westdeutsche Landesbank
-- Massachusetts, Commonwealth of (MA) general obligation
refunding Reimbursing funds in restitution or repayment. The process of refinancing or borrowing money, ordinarily through the sale of bonds, to pay off an existing debt with the proceeds derived therefrom. variable-rate demand bonds ser 1998A (liquidity
facility: Commerzbank Aktiengesellschaft, NY)'AA-/F1'.
Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association
IBCA Institute of Burial and Cremation Administration
IBCA Integrated Business Communications Alliance
IBCA International Barbeque Cookers Association
IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.