S&P Assgns AA Rtg to Pioneer Export Funding ABS Notes.Business Editors TOKYO--(BUSINESS WIRE)--Standard & Poor's Sept. 1, 2000--Standard & Poor's today assigned its double-`A' rating to Pioneer Export Funding Ltd.'s US$125 million secured floating-rate notes Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. floating-rate note An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a due 2005. The notes are secured by the Series 2000-1 Certificate issued by APPIT APPIT Association des Professeurs de Pathologie Infectieuse et Tropicale (VI) Export Master Trust and a surety bond surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. issued by Centre Solutions (Bermuda) Ltd. (AA/Stable/--) in respect of the Series 2000-1 Certificate. The Series 2000-1 Certificate in turn is backed by trade receivables, both on an existing and future-flow basis, generated from the sale of products originated by various entities related to Indonesia's Asia Pulp pulp: see paper. & Paper Co. Ltd. (CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. +/Developing/--). The rating on Pioneer addresses full and timely payment of interest and the payment of principal on or before the dates and in the amounts scheduled under the notes. The rating is based on the surety bond issued by Centre Solutions to Pioneer, which guarantees full and timely payment of interest and principal on the Series 2000-1 Certificate. In addition to the surety bond, the rating reflects: -- Pioneer's right, title, and interest in the Series 2000-1 Certificate; -- A first perfected security interest for the exclusive benefit of the noteholders over the Series 2000-1 Certificate, the surety bond, and any payments related to Series 2000-1 Certificate and the surety bond; -- Eligible bank accounts; and -- The sound legal structure as supported by various legal and tax opinions, Standard & Poor's said. --CreditWire RATINGS ASSIGNED Pioneer Export Funding Ltd. Issue Rating US$125 million secured floating-rate notes AA Copyright 2000, 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. |
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