S&P Lwrs Rtg on Home Tech B Nts; Still on Watch Neg.Business Editors LONDON--(BUSINESS WIRE)--June 26, 2003 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 that it lowered its credit rating on the class B 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 issued by Home Technology Receivables (No. 1) PLC, an SPE SPE - Software Practice and Experience , to 'BB' from 'BBB'. It remains on CreditWatch with negative implications where it was placed on May 29, 2003. Although the transaction's performance to date is consistent with the initial projections and none of the performance triggers has been breached, the downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. reflects the fact that the restructuring of Endeva Service Ltd. and Endeva Fulfilment Ltd., the Box Clever Box Clever is an electronics rental chain created in 2000 by the merger of Radio Rentals and Granada Rentals. Now only online. External links
Furthermore, the possibility of a replacement of the servicers to the transaction looks remote based on current information available to Standard & Poor's. Standard & Poor's continues to review this evolving situation and will continue to press for relevant information. Copies of related press releases on this transaction are available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. ANALYST E-MAIL ADDRESSES See Internet address. e-mail address - electronic mail address herve-pierre_flammier@standardandpoors.com vladimir_stupak@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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