S&P Afms Rtgs in Three CMBS Deals; D Nts Off Watch.Business Editors LONDON--(BUSINESS WIRE)--Oct. 2, 2003 Standard & Poor's--Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. said today it removed from CreditWatch and 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 credit ratings on the class D notes issued in three CMBS CMBS See: Commercial Mortgage Backed Securities securitizations: Dutch Dream 2001-1, Duke 2002 Ltd., and GECO GECO Groupe d'Étude en Chirurgie Osseuse GECO Gustave Genschow Co. (German cartridge headstamp) 2002 Ltd. At the same time, the credit ratings on the remaining classes in all three securitizations were affirmed (see list below). The rating actions reflect the removal of the senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating on Westfaelische Hypothekenbank AG (WestHyp; BBB/Negative/A-3) from CreditWatch on Oct. 1, 2003, following the bank's spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. from Bayerische Hypo- und Vereinsbank AG (HVB HVB Hervey Bay, Queensland, Australia (Airport Code) HVB Hawaii Visitors Bureau HVB Central-European International Bank (Hungary) HVB High Volume Breeder (puppy mill) ; A-/Negative/A-2), which became effective on Sept. 29, 2003. The rating actions are not related to the performance of the underlying reference pool. The class D notes in all three securitizations are solely collateralized by certain MTNs issued by WestHyp. Therefore, the ratings on these notes continue to reflect the senior unsecured debt rating on WestHyp. A copy of the related press release on WestHyp, titled "Four HVB Group Subsidiaries Ratings Off Watch After Spin-Off; Hypo International 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. 'A-'", dated Oct. 1, 2003, is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com.
RATINGS LIST
Class Rating
To From
Dutch Dream 2001-1
EUR198.85 Million Floating-Rate Amortizing Credit-Linked Notes
Rating Removed From CreditWatch and Affirmed
D BBB BBB/Watch Neg
Ratings Affirmed
A AAA
B AA
C A
GECO 2002 Ltd.
EUR590.25 Million Floating-Rate Amortizing Credit-Linked Notes and
EUR4 Million
Floating-Rate Amortizing Funding Notes
Rating Removed From CreditWatch and Affirmed
D BBB BBB/Watch Neg
Ratings Affirmed
A-1+ AAA
A-2 AAA
A-3 AAA
A-4 AAA
B AA
C A
E BB
Funding Notes AAA
DUKE 2002 Ltd.
EUR814.35 Million Floating-Rate Amortizing Credit-Linked Notes
Rating Removed From CreditWatch and Affirmed
D BBB BBB/Watch Neg
Ratings Affirmed
A2+ AAA
A3 AAA
A4 AAA
B AA
C A
E BB-
Funding Notes AAA
ANALYST E-MAIL ADDRESSES See Internet address. e-mail address - electronic mail address stuart_nelson@standardandpoors.com michelle_weston@standardandpoors.com jonathan_braidley@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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