S&P Lowers and Afms Rtgs on Struct Fin Trans; OffWatch.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's Jan. 11, 2001--Standard & Poor's today affirmed four Argentine structured transactions and downgraded five. All nine transactions were removed from CreditWatch with negative implications, where they were placed on Nov. 2, 2000 (see list). For those deals where principal and interest repayment is dependent on the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of underlying corporate obligors, Standard & Poor's has affirmed the ratings of the Aguas Argentinas SA US$140 million IADB IADB abbr. Inter-American Defense Board B Loan (Aguas IADB) and Gain Trust Notes due 2005 Financial Trust (GAIN 2005), and has downgraded the ratings of 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) 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. Trust I (TGN IFC I), TGN IFC Trust II (TGN IFC II), TGN CRIBs Cribs may mean:
TGS Ticket-Granting Service TGS Ticket-granting Server TGS The Good Shepherd TGS Teen Girl Squad TGS The Gargoyles Saga TGS Texas Gourd Society TGS Tomato Growers Supply TGS Trinity Grammar School TGS Tomographic Gamma Scanner ) (SPE SPE - Software Practice and Experience ) US$176 million IADB B Loan (TGS US$176 million IADB), and Transportadora de Gas del Sur S.A. (TGS) US$75 million IADB B Loan (TGS US$75 million IADB). The ratings downgrades follow similar ratings actions of the respective corporate credit ratings. Transfer and convertibility risks are neither a constraint nor a limitation to those transactions whose ratings have been downgraded, since these risks are consistent with the triple-'B'-minus ratings these deals had before the downgrades. In addition, the TGN CRIBs transaction benefits from a transfer and convertibility insurance policy issued by Overseas Private Investment Corp. Furthermore, the Aguas IADB, TGS US$75 million, TGS US$176 million, and TGN IFC I and II transactions benefit from an IFC or IADB preferred creditor preferred creditor A creditor having priority to payment over one or more other classes of creditors. For example, holders of first mortgage bonds must be paid by the borrower before payments are made to holders of second mortgage bonds on the same status umbrella. The transactions mentioned in this paragraph whose rating has been downgraded from triple-'B'-minus to double-'B'-plus are, therefore, constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by the credit quality of the respective underlying corporate obligors and not constrained by sovereign transfer and convertibility risk. For BHN BHN, n.pr See number, Brinell hardness and test, Brinell hardness. II Mortgage Trust's class A1 and A2 bonds and BHN III Mortgage Trust's class A1 and A2 bonds, the ratings have been affirmed based on their good performance during the past three economically stressful years in Argentina, and their ability to cover higher-than-expected losses. Detailed performance reports on all BHN Mortgage Trusts transactions are available by contacting the analysts referenced above. The remaining two transactions that were placed on CreditWatch with negative implications on Nov. 2, 2000, Fideicomiso Financiero Probond IV class A and Fideicomiso Financiero Probond VI class A, have been fully redeemed, Standard & Poor's said. ---CreditWire.
Structured Transactions With Global Ratings Affirmed and Removed From
CreditWatch
Rating
To From
BHN II Mortgage Trust classes A1 & A2 bonds BBB- BBB-/Watch Neg
BNH III Mortgage Trust classes A1 & A2 bonds BBB- BBB-/Watch Neg Gain
Trust Notes due 2005 Financial Trust BBB- BBB-/Watch Neg Aguas
Argentinas S.A. US$140 million IADB B loan BBB- BBB-/Watch Neg
Structured Transactions With Global Ratings Lowered and Removed From
CreditWatch
Rating
To From
TGN IFC Trust I BB+ BBB-/Watch Neg
TGN IFC Trust II BB+ BBB-/Watch Neg
TGN CRIBs Financial
Trust I BB+ BBB-/Watch Neg
TGS S.S. US$176 million
IADB B loan BB+ BBB-/Watch Neg
TGS S.A. US$75 million
IADB B loan BB+ BBB-/Watch Neg
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