S&P Afms A-1 Rtg on 12 KZH Corps Re: Consolidation.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 8/20/98-- Standard & Poor's today affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its 'A-1' rating on the commercial paper notes issued by 12 KZH KZH Krank Zu Hause (German) corporations (see list below). This action follows the implementation of a transition agreement whereby the 12 KZH corporations will be succeeded by 12 limited liabilities companies. The rating is based on the obligations of Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. to make timely payments to the holders of such commercial paper notes under the transition agreement. The 12 KZH companies were sponsored by Chase. Starting from Aug. 19, 1998, the 12 KZH companies are succeeded by corresponding KZH LLCs and become subsidiaries of Chase's MOAT Funding LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which is not rated by Standard & Poor's. The 'A-1' rating assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to each of the 12 KZH companies will be withdrawn upon the maturity of the last series of outstanding commercial paper notes issued by each KZH entity. The 'A-1' rating is based on total rate of return swap agreements provided by Chase ('A-1'-plus) and liquidity facilities provided by 'A-1' rated liquidity banks. All swap, liquidity, security, and program administration agreements will be terminated upon the consolidation of the KZH companies into MOAT. However, under the transition agreement, Chase, MOAT, and the 12 KZH LLCs agreed that MOAT will assume the payment obligations of outstanding commercial paper notes issued by the 12 KZH corporations. Although MOAT has assumed payment obligations of KZH's outstanding commercial paper notes, Chase has ultimate obligations under the transition agreement to make full and timely payments. Chase will be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay directly to commercial paper holders any deficiency payments or payments required to be returned under the bankruptcy code Bankruptcy Code may refer to:
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 time. As such, Standard & Poor's has affirmed its rating assigned to such commercial paper notes. -- CreditWire -0- 'A-1' COMMERCIAL PAPER RATINGS AFFIRMED FORMER COMPANY NAME NEW COMPANY NAME KZH Soleil Corp. KZH Soleil LLC KZH-ING 1 Corp. KZH ING-1 LLC KZH Holding Corp. III KZH Holding III LLC KZH-Crescent Corp. KZH Crescent LLC KZH-Crescent-2 Corp. KZH Crescent-2 LLC KZH-ING 2 Corp KZH ING-2 LLC KZH-Soleil-2 Corp. KZH Soleil-2 LLC KZH-CNC Corp. KZH CNC LLC KZH-PAMCO Corp. KZH PAMCO LLC KZH-IV Corp. KZH IV LLC KZH-ING-3 Corp.. KZH ING-3 LLC KZH-CypressTree-1 Corp. KZH CypressTree-1 LLC CONTACT: Ling Yu, New York, 212/208-8194 |
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