Fitch Ratings: Survivors & Defaults Within Argentine Structured Finance.Business Editors CHICAGO--(BUSINESS WIRE)--April 18, 2002 The current Argentine crisis has caused the first-ever default for emerging market structured finance, and defaults are anticipated to increase over the course of the year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new report published today by 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. . 'Fitch's analysis will use the Argentine stress levels when rating future emerging market securitizations', says Greg Kabance, Senior Director at Fitch Ratings. 'Fitch recognizes that certain events might be unique to Argentina given the characteristics of their economy.' According to the report, defaulted transactions include residential mortgage transactions related to Banco Hipotecario and an IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. B loan transaction related to TGN TGN Trans-Golgi Network TGN Tarragona (Catalonia, Spain) TGN Thesaurus of Geographic Names TGN The Good News (Catholic Diocese of Kalamazoo newspaper) TGn Task Group N (IEEE) . The survivors during this meltdown have been the export receivable future flow securitizations, which include Molinos rio de la Plata Molinos Rio de la Plata is Argentina's largest branded food products company. The company is a large exporter of sunflower processed oil and is one of Argentina's main exporters of bottled oil. S.A.'s secured export notes (SEN) and YPF YPF Yacimientos Petrolíferos Fiscales (Argentina) YPF Esquimalt, British Columbia, Canada (Airport Code) YPF Young Peoples Fellowship S.A.'s (YPF) SEN I and SEN II. These transactions continue to perform, and Fitch believes that hard currency export revenues, captured in offshore collection accounts, provide the protection investors need to survive the crisis. Structured financings with a high probability to default in the future include the provincial coparticipation/hydrocarbon transactions and several utility transactions that were hybrid deals involving preferred creditors or political risk insurance. A full copy of 'As the Dust Settles-Current Performance of Argentine Structured Finance' is available on Fitch's web site at 'www.fitchratings.com' by going to the International Structured Finance page and scrolling down to Asset Class Asset-Backed Securities. |
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