S&P Places Two Asian Structured Deals on WatchNeg.Business Editors HONG KONG--(BUSINESS WIRE)--Standard & Poor's Sept. 21, 2001--Standard & Poor's today placed its double-'A' ratings on Asian Recovery CBO CBO See: Collateralized Bond Obligation. I Ltd.'s US$25 million class M notes and 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 on CreditWatch with negative implications (see list below). The CreditWatch placement follows a similar action on the provider of the surety bonds 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. covering both transactions, Centre Solutions (Bermuda) Ltd., which is a member of the Zurich Insurance Group. On Sept. 20, 2001, the financial enhancement rating on Centre Solutions was placed on CreditWatch with negative implications following 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. to double-'A' from double-'A'-plus and placement on CreditWatch Negative of Zurich Insurance Co. as a result of its exposure to catastrophic losses from the attacks on the World Trade Center on Sept. 11, 2001. (For additional information on the ratings impact of catastrophic losses at WTC WTC World Trade Center, see there , see "Various Rating Actions and Commentary on 20 Insurers With Exposures to WTC-Related Losses," published Sept. 20, 2001). The CreditWatch placement on Asian Recovery CBO I Ltd. and Pioneer Export Funding Ltd. will be resolved at the same time that the CreditWatch placement on Centre Solutions is resolved. Copyright 2001, 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.
RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS
Issue Rating
Asian Recovery CBO I Ltd.
US$25 million Class M Notes due 2005 AA/Watch Neg
Pioneer Export Funding Ltd.
US$125 million floating-rate notes due 2005 AA/Watch Neg
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