Fitch Rates Arcel Finance Limited 'AAA'.Business Editors CHICAGO--(BUSINESS WIRE)--Feb. 8, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a 'AAA' rating to Arcel Finance Limited. The rating reflects the supporting financial 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. insurance policy provided by XL Capital Assurance, Inc. (XLCA XLCA Xl Capital Assurance, Inc. ), as well as the underlying 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. of export receivables from Aracruz Celulose Aracruz Celulose S.A. is a major Brazilian manufacturer of pulp. It is headquartered in São Paulo. The company is the world's leading supplier of bleached eucalyptus pulp. S.A. (Aracruz) of Brazil. The rating addresses the timely payment of interest on, and scheduled principal of, the senior notes. The underlying transaction is a securitization of the future flow of export receivables generated through Aracruz's sales of bleached eucalyptus pulp. The underlying transaction is rated 'BBB' on a stand-alone basis and is capped at the performance risk of the company. On Dec. 17, 2001, Fitch upgraded the corporate rating of Aracruz Celulose S.A. to 'BBB' from 'BBB-'. Complete reports on the securitization, Aracruz Celulose S.A., and XLCA are available through FitchResearch, Fitch's subscription-based Web site accessible via 'www.fitchratings.com' or contact Market Services at 1-800-853-4824. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion