S&P Raises Rtg on WuerttHyp 2001-1's C+ Nts; D+ Afmd.Business Editors LONDON--(BUSINESS WIRE)--Oct. 2, 2003 Standard & Poor's--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 it raised its credit rating on the class C+ credit-linked notes A credit linked note (CLN) is a form of funded credit derivative. It is structured as a security with an embedded credit default swap allowing the issuer to transfer a specific credit risk to credit investors. issued by Wuerttembergische Hypothekenbank AG (WuertHyp; A-/Negative/A-2) under its WuerttHyp 2001-1 transaction to 'A-' from 'BBB+'. At the same time, the 'BBB' credit rating on the class D+ notes was affirmed (see list below). The rating actions reflect the raising of the long-term counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit and senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating on WuerttHyp to 'A-' from 'BBB+' on Oct. 1, 2003, following the bank's spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. from Bayerische Hypo- und Vereinsbank AG (HVB HVB Hervey Bay, Queensland, Australia (Airport Code) HVB Hawaii Visitors Bureau HVB Central-European International Bank (Hungary) HVB High Volume Breeder (puppy mill) ; A-/Negative/A-2), which became effective on Sept. 29, 2003. The rating actions are not related to the performance of the underlying reference pool. Payments on the notes issued under the WuerttHyp 2001-1 transaction reference credit-linked notes issued directly by WuerttHyp, and payment depends on the performance of the reference pool. In addition, WuerttHyp's senior unsecured debt rating is a supporting rating to the ratings on the class C+ and D+ notes. Therefore, the rating on the class C+ notes has been raised to match the long-term counterparty credit and senior unsecured debt ratings on WuerttHyp. A copy of the related press release on WuerttHyp, titled "Four HVB Group Subsidiaries Ratings Off Watch After Spin-Off; Hypo International Assigned 'A-'", dated Oct. 1, 2003, is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com.
RATINGS LIST
Class Rating
To From
WuerttHyp 2001-1
GBP1.02 Million Floating-Rate Credit-Linked Notes
Rating Raised
C+ A- BBB+
Rating Affirmed
D+ BBB
ANALYST E-MAIL ADDRESSES See Internet address. e-mail address - electronic mail address stuart_nelson@standardandpoors.com michelle_weston@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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