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GOVERNMENT EXPORT TRUST SERIES 1993-2 RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--

 NEW YORK, Sept. 2 /PRNewswire/ -- Government Export Trust's $45.4 million series 1993-2 certificates are rated "AAA" by Fitch. The rating is based on the 100 percent credit support provided by the Export-Import Bank of the United States (Eximbank) guaranty of the trust's assets, the strong servicing provided by Chemical Bank, and the sound legal structure.
 The trust was formed for the sole purpose of acquiring promissory notes of certain obligors and issuing certificates of beneficial interest in the trust. The trust purchased two promissory notes evidencing loans made by Chemical Bank to Banco Mexicano and Banca Serfin, the obligors. Promissory note payments are guaranteed by Eximbank for 100 percent of principal and interest. The Eximbank guaranty is backed by the full faith and credit of the United States of America. The certificates are not directly guaranteed by Eximbank or the United States.
 The principal and interest due on the promissory notes will be sufficient to pay the certificates' principal, their 4.61 percent coupon, and the trustee and servicer fees. Principal and interest will be due under the promissory notes on each Jan. 15 and July 15, starting January 1994 and ending July 1998. All amounts will be paid in U.S. dollars.
 Interest and principal on the certificates is payable semiannually on each March 1 and Sept. 1, beginning March, 1994. Payments of principal will be made in 10 equal payments of $4,542,800. The certificates are not subject to prepayment or acceleration.
 If an obligor fails to make full payment on the promissory note payment date and this failure continues for 30 days, the servicer will draw on the Eximbank guaranty. Eximbank will honor the draw within 5 business days. Since note payments are due 45 days before certificate payments, sufficient funds from Eximbank will be available on the certificate payment date. Subsequent to the first draw, Eximbank will pay amounts due under the defaulted promissory note directly to the trustee.
 The servicer is obligated to make timely demands for obligor or Eximbank payments. If the servicer fails to make a demand for payment, the trustee is required to make such demand. If the Eximbank guaranty is not honored because of either servicer or trustee error, the servicer will be required to make default payments itself. This requirement ensures that the servicer will perform properly.
 -0- 9/2/93
 /CONTACT: David R. Howard of Fitch, 212-908-0677/


CO: Government Export Trust ST: New York IN: FIN SU: RTG

LG -- NY069 -- 8493 09/02/93 14:47 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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