Printer Friendly

DCR Rates US$400 Million Oil Trading Corp. Notes 'AAA'

CHICAGO, Nov. 25 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has assigned a 'AAA' (Triple-A) rating to the US$400 million notes issued by Oil Trading Corp. (OTC) and insured by a DCR 'AAA' (Triple-A) rated bond insurer.

The notes have an expected final maturity of seven years and are collateralized by a seven-year forward oil purchase contract between Oil Trading Corp. and Morgan Guaranty Trust Co. The 'AAA' (Triple-A) rating assigned by DCR indicates timely payment of interest and principal on the offered certificates.

The rating of the transaction is based on the 'AAA' (Triple-A) claims paying ability rating of the insurer and its unconditional and irrevocable guarantee of scheduled payments for the underlying transaction. The underlying transaction obligates YPF, the Argentina oil company, to deliver a specified amount of oil to OTC. YPF exported more than $1.4 billion during 1995, making it the largest exporter in Argentina and the third largest in Latin America.

SOURCE Duff & Phelps Credit Rating Co.
 -0- 11/25/96


/CONTACT: William T. Hayes, CFA, 312-368-3142, hayes@dcrco.com, or Greg Kabance, 312-368-2052, kabance@dcrco.com, or Ralph R. Aurora, 212-908-0226, aurora@dcrco.com, all of Duff & Phelps Credit Rating Co./

CO: Oil Trading Corp. ST: Illinois IN: OIL SU: RTG

MS -- NYM093 -- 3711 11/25/96 11:57 EST http://www.prnewswire.com
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1996
Words:221
Previous Article:Whittman-Hart, Inc. Declares Stock Dividend
Next Article:Dalkon Shield Claimants Trust Announces Distribution of Additional Payments to Eligible Claimants
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters