S&P Withdraws Rating on Pioneer Export Funding Ltd.Business Editors HONG KONG--(BUSINESS WIRE)--Standard & Poor's Sept. 12, 2002--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 said today that it had withdrawn it's single-'A'-plus rating on Pioneer Export Funding Ltd.'s US$125 million secured floating-rate notes Floating-rate note (FRN) Note whose interest payment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 (Pioneer Notes) and removed the rating from CreditWatch where it was placed on Sept. 6, 2002. The rating withdrawal follows trustee notification that Centre Solutions (Bermuda) Ltd. (A+/Watch Neg/--), as 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. provider, had elected to pay in full the outstanding balance of the APPIT APPIT Association des Professeurs de Pathologie Infectieuse et Tropicale (VI) Export Master Trust Series 200-1 Certificates that secured the Pioneer Notes at the end of August 2002. Copyright 2002, Standard & Poor's Ratings Services |
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