S&P Asgns Harmonized Rtgs to Canadian Tire Receiv Tr.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's May 1, 2001-- Standard & Poor's today assigned its triple-'A'-rating on Canadian Tire Canadian Tire (TSX: CTC, CTC.A) is one of Canada's 35 largest publicly traded companies and operates an inter-related network of businesses engaged in retailing (hardgoods, apparel and petroleum) and services (financial and automotive). Receivables Trust's (CTRT) various series of outstanding senior asset-backed notes and its double-'A'-rating on CTRT's various series of outstanding subordinated asset-backed notes (see list). The rating on CTRT's series 1997-1 commercial paper program has not yet been harmonized har·mo·nize v. har·mo·nized, har·mo·niz·ing, har·mo·niz·es v.tr. 1. To bring or come into agreement or harmony. See Synonyms at agree. 2. Music To provide harmony for (a melody). . The ratings reflect sufficient credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for the notes at their respective levels. The ratings also reflect the credit risk of the collateral loan pool based on the pool's historical performance; parent company Canadian Tire Corp. Ltd.'s experience as an originator and servicer of their credit card program; and the presence and profile of Canadian Tire Corp. within the Canadian retail environment. In addition, the ratings are based on the effectiveness of the payment structure and the sound legal structure. The credit enhancement levels were determined by separate analysis of Canadian Tire Corp.'s retail card sub-portfolio and MasterCard sub-portfolio; lower enhancement levels are typically ascribed to a universally applicable card product, such as MasterCard, due in part to the relatively stronger ability of that product to continue to be used after a seller insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet or certain amortization events. The credit enhancement levels are based upon a portion of the portfolio continuing to consist of the MasterCard product. On Oct. 31, 2000, Standard & Poor's and the Canadian Bond Rating Service (CBRS CBRS Coastal Barrier Resources System CBRS Canadian Bond Rating Service CBRS Citizen Band Radio Service CBRS Community Building Resource Service (Australia) CBRS Computer-Based Reporting System CBRS Concept-Based Requirements System ) announced that they have combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
v. har·mo·nized, har·mo·niz·ing, har·mo·niz·es v.tr. 1. To bring or come into agreement or harmony. See Synonyms at agree. 2. Music To provide harmony for (a melody). announcements do not constitute upgrades or downgrades on ratings assigned by CBRS, nor do they signify sig·ni·fy v. sig·ni·fied, sig·ni·fy·ing, sig·ni·fies v.tr. 1. To denote; mean. 2. To make known, as with a sign or word: signify one's intent. any changes in an issue's underlying credit quality, unless explicitly indicated. Ratings on specific term debt issues previously assigned by CBRS to CTRT are formally withdrawn, Standard & Poor's said.---CreditWire Harmonized Ratings Assigned Canadian Tire Receivables Trust Class Rating Amount (Mil. C$) Series 2000-1 senior notes AAA 200.0 Series 2000-1 subordinated notes AA 4.0 Series 1999-1 senior notes AAA 200.0 Series 1999-1 subordinated notes AA 4.0 Series 1995-2 senior notes AAA 99.0 Series 1995-2 subordinated notes AA 1.0 |
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