Empresas Copec S.A. 'BBB' Credit Rating Affirmed, Outlook Remains Stable
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1 Research Update: Empresas Copec S.A. 'BBB' Credit Rating Affirmed, Outlook Remains Stable Primary Credit Analyst: Cecilia L Fullone, Buenos Aires (54) ; cecilia.fullone@standardandpoors.com Secondary Contact: Francisco Gutierrez, Mexico City (52) ; francisco.gutierrez@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria & Research Ratings List JULY 23,
2 Research Update: Empresas Copec S.A. 'BBB' Credit Rating Affirmed, Outlook Remains Stable Overview We expect Chile-based conglomerate, E-Copec, to maintain its good market position in its main operating lines and its stable operating performance. We are affirming our 'BBB' corporate credit rating on the company. The stable outlook reflects our expectation that the company will keep a financial performance in line with its "intermediate" financial risk profile. Rating Action On July 23, 2014, Standard & Poor's Ratings Services affirmed its 'BBB' corporate credit rating on Empresas Copec S.A. (E-Copec). The outlook remains stable. The rating action follows our ordinary annual review. Rationale Our 'BBB' rating on E-Copec comprises the following: Our "satisfactory" business risk and "intermediate" financial risk profile assessments for the company, which determine our anchor of 'bbb-'; and We assess the diversification/portfolio effect for E-Copec as moderate, which leads to a one-notch uplift from the anchor score. E-Copec has four main business lines (fuel, midstream energy, pulp, and wood and panels). Although many of these divisions operate within the same industry, the conglomerate conducts business in multiple regions, resulting in a medium degree of correlation among them. In our view, E-Copec maintains its "satisfactory" business risk profile thanks to the good market position in its main business lines. We expect the company to maintain a significant market share in the wood panel sector in the Americas and in the global pulp market. Also, its well-known brand, good operating and logistical practices, nationwide coverage, and ability to successfully transfer price risk to customers support the company's market position in the Chilean and Colombian fuel distribution sectors. In addition, the company's operating efficiency is above average in its pulp and forest products production, thanks to its productive plantations that shorten its trees' life cycle to half of that of similar species in the JULY 23,
3 northern hemisphere, adequate technology, efficient asset configuration, and energy self-sufficiency. The inherent price volatility of forest products, which is highly dependent of consumer spending cycles (especially pulp, because it is subject to fluctuating demand patterns from Asian markets), represents the main risk, in our view. We continue to assess E-Copec's financial risk profile as "intermediate." Although credit metrics at Celulosa Arauco y Constitucion S.A. (Arauco; BBB-/Stable/--), its operating subsidiary, were weaker in 2012 and 2013 due to high debt and aggressive investments amid softer-than-expected results, we believe E-Copec's cash flow diversification and strong liquidity shield the conglomerate from the inherent volatility of the pulp and wood-related products business. Our base-case scenario incorporates the following expectations for 2014 and 2015: Operating assumptions match those of its rated subsidiaries, Arauco and Compania de Petroleos de Chile COPEC S.A. (Copec; BBB/Stable/--). See our full analysis on Arauco published on Feb. 24, 2014, and our research update on Copec published on June 24, Consolidated annual capital expenditures (capex) approaching $1 billion in 2014, which is in line with management's plans. Annual dividends from subsidiaries registered under the equity method at about $120 million. Cash proceeds ($364 million) from the divestment of E-Copec's 25% stake in Empresa Electrica Guacolda S.A. (not rated). Dividend payout ratio at 40% of net income. Under these assumptions, we expect the company's consolidated annual EBITDA to be $2.0 billion - $2.3 billion in 2014 and At the same time, in our view, debt levels will drop to about $5 billion from $6 billion in 2013, as we expect Arauco to consolidate its new panel operations in the U.S. and Canada, and to continue to prioritize debt reductions over investments until its Montes del Plata operations reach full capacity by mid Therefore, we expect debt to EBITDA to be about 2.5x and FFO to debt in a range of 30%-35%, compared with 3.3x and 22%, respectively, in the 12 months ended March E-Copec's total cover ratio (dividends-to-operating costs plus net interest and dividends-paid ratio) of 1.6x indicates robust operating cash flows. Also, in December 2009 and September 2011, the company issued bonds for $300 million and $70 million, respectively, and lent those amounts to its subsidiaries, Abastible S.A. and Copec, via intercompany loans with the same maturity and interest rate. Due to its relatively low debt and the issuance of the bonds for $370 million, we expect E-Copec's net interest payments to remain minimal. E-Copec has stakes in the following companies: Arauco (99.98%); Copec (100%); Chilean liquefied gas importer and distributor, Abastible (not rated; 99.05%) JULY 23,
4 Largest supplier of natural gas for industrial clients in Chile, Metrogas S.A. (not rated; 39.83%); Fishing company, Pesquera Iquique- Guanaye S.A. (not rated; 81.9%); and Some mining investments--specifically its 50% ownership in the coal mine project, Sociedad Mina Invierno S.A. (not rated). We based our ratings on E-Copec on our stand-alone credit profile (SACP) for the company and our view that it's a core subsidiary to its parent, AntarChile S.A. (not rated), because: E-Copec's sale is highly unlikely; Its operations are integral to the overall group strategy; The group has incentives to support E-Copec as it contributes a meaningful stream of cash. In 2013, E-Copec's EBITDA represented 97% of AntarChile's EBITDA and it's the sole dividend contributor to its parent's asset portfolio; It's closely linked to the group's reputation as it has been the flagship company of the Angelini group since its inception; It has a long track record as a profitable business; and Its capitalization is commensurate with that of the group. Liquidity We assess E- Copec's liquidity as "strong." We incorporate the following aspects in our assessment of the company's liquidity profile: Sources of liquidity will exceed uses by at least 1.5x in the next 12 months; Sources should continue to exceed uses even if EBITDA declines by 30%; E-Copec should absorb high-impact, low probability events with limited need for refinancing, as it has some flexibility in both its capex and dividend payments; Solid relationship with banks and good access to debt markets; and As of March 31, 2014, E-Copec and its subsidiaries were in compliance, and have sufficient room, under their covenants. Principal Liquidity Sources: Cash balances of $1.4 billion as of March 31, 2014; Committed credit bank lines of $320 million for Arauco; Funds from operations (FFO) of $1.6 billion - $1.8 billion; and Proceeds from the recent sale of Guacolda for $364 million. Principal Liquidity Uses: Short-term debt of $1.2 billion as of March 31, 2014 (part of it was refinanced with the proceeds from Arauco's recent $500 million issuance bullet due 2024); Capex and working capital needs of about $1 billion in 2014; and Dividend payments at a 40% payout ratio, which the company can lower to the 30% legal minimum, if necessary. JULY 23,
5 Outlook The stable outlook on E-Copec reflects our expectation that the company will maintain its credit metrics commensurate with its "intermediate" financial risk profile in the next two to three years. Downside scenario We could lower the ratings if the company's core credit metrics weaken, which could mean, for instance, a debt to EBITDA of more than 3.0x and FFO to debt of less than 30%. This could be in line with scenarios of consolidated EBITDA margins below 7%. Upside scenario An upgrade is unlikely in the intermediate term, but it's possible if the company significantly improves its financial risk profile, with debt to EBITDA consistently below 2x or FFO to debt higher than 45%. Ratings Score Snapshot Corporate Credit Rating: BBB/Stable/-- Business risk: Satisfactory Country risk: Intermediate Industry risk: Intermediate Competitive position: Satisfactory Financial risk: Intermediate Cash flow/leverage: Intermediate Anchor: bbb- Modifiers Diversification/Portfolio effect: Moderate (+1 notch) Capital structure: Neutral (no impact) Liquidity: Strong (no impact) Financial policy: Neutral (no impact) Management and governance: Satisfactory (no impact) Comparable rating analysis: Neutral (no impact) Entity status within group: Core (no impact) Related Criteria & Research Related criteria Methodology And Assumptions: Liquidity Descriptors for Global Corporate Issuers, Jan. 2, 2014 Corporate Methodology, Nov. 19, 2013 Corporate Methodology: Ratios and Adjustments, Nov. 19, JULY 23,
6 Group Rating Methodology, Nov. 19, 2013 Related research Celulosa Arauco y Constitución S.A., Feb. 24, 2014 Compania de Petroleos de Chile Copec S.A. 'BBB' Credit Rating Affirmed, Outlook Remains Stable, June 24, 2014 Ratings List Ratings Affirmed Empresas Copec S.A. Corporate Credit Rating BBB/Stable/-- Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. JULY 23,
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More informationMarine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Performance; Ratings Affirmed
Research Update: Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Primary Credit Analyst: Robert J Greensted, London (44) 20-7176-7095; robert.greensted@spglobal.com
More informationEuler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable
Research Update: Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@standardandpoors.com
More informationHealth Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded
Research Update: Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274;
More informationGermany-Based UniCredit Bank AG Upgraded To 'BBB+/A-2' On Improving Conditions At The Italian Parent; Outlook Developing
Research Update: Germany-Based UniCredit Bank AG Upgraded To 'BBB+/A-2' On Improving Conditions At The Italian Parent; Outlook Developing Primary Credit Analyst: Benjamin Heinrich, CFA, FRM, Frankfurt
More informationRussia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable
Research Update: Russia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;
More informationGeorgian Oil and Gas Corp. 'B+/B' Ratings Affirmed, Despite Expected Increase In Leverage; Outlook Stable
Research Update: Georgian Oil and Gas Corp. 'B+/B' Ratings Affirmed, Despite Expected Increase In Leverage; Primary Credit Analyst: Mikhail Davydov, Moscow + (7)4956623492; mikhail.davydov@spglobal.com
More informationQualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable
Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Primary Credit Analyst: Jesus Palacios, Mexico City (52) 55-5081-2872; jesus.palacios@spglobal.com
More informationItaly-Based Veneto Banca 'BB/B' Ratings Affirmed On Results Of ECB Review; Outlook Remains Negative
Research Update: Italy-Based Veneto Banca 'BB/B' Ratings Affirmed On Results Of ECB Review; Outlook Primary Credit Analyst: Francesca Sacchi, Milan (39) 02-72111-272; francesca.sacchi@standardandpoors.com
More informationInteractive Brokers LLC
Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@spglobal.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385; robert.hoban@spglobal.com
More informationThe Go-Ahead Group PLC
Summary: The Go-Ahead Group PLC Primary Credit Analyst: Rachel J Gerrish, CA, London (44) 20-7176-6680; rachel.gerrish@spglobal.com Secondary Contact: Varvara Nikanorava, London (44) 20-7176-3988; varvara.nikanorava@spglobal.com
More informationDutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Outlooks Stable
Dutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Primary Credit Analyst: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@standardandpoors.com Secondary
More informationBanco de Bogota S.A. y Subsidiarias 'BBB-/A-3' Ratings Affirmed; Outlook Stable
Research Update: Banco de Bogota S.A. y Subsidiarias 'BBB-/A-3' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Alfredo Calvo, Mexico City (52) 55-5081-4436; alfredo.calvo@standardandpoors.com
More informationMacquarie Group Ltd.
Primary Credit Analyst: Nico N DeLange, Sydney (61) 2-9255-9887; nico.delange@spglobal.com Secondary Contact: Sharad Jain, Melbourne (61) 3-9631-2077; sharad.jain@spglobal.com Table Of Contents Major Rating
More informationChubb Insurance Singapore Ltd.
Primary Credit Analyst: Trupti U Kulkarni, Singapore (65) 6216-1090; trupti.kulkarni@spglobal.com Secondary Contact: Billy Teh, Singapore (65) 6216-1069; billy.teh@spglobal.com Table Of Contents Major
More informationHighmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed
Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:
More informationAXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable
Research Update: AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-2013; Michael.Vine@spglobal.com
More informationFive Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign
Research Update: Five Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign Primary Credit Analyst: Dulce M Cortes Elias, Mexico City; Dulce.Cortes-Elias@spglobal.com
More informationThree Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable
Research Update: Three Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable Primary Credit Analyst: Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172;
More informationDLR Kredit A/S Affirmed At 'A-/A-2'; Outlook Stable
Research Update: DLR Kredit A/S Affirmed At 'A-/A-2'; Outlook Stable Primary Credit Analyst: Pierre-Brice Hellsing, Stockholm +46 (0)8 440 59 06; Pierre-Brice.Hellsing@spglobal.com Secondary Contact: Sean
More informationItalian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed
Research Update: Italian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed Primary Credit Analyst: Marta Bevilacqua, Milan (39) 02-72-111-298; marta.bevilacqua@spglobal.com
More informationAustria-Based KA Finanz Downgraded To 'A-/A-2' On Revised Expectation Of State Support; Outlook Stable
Research Update: Austria-Based KA Finanz Downgraded To 'A-/A-2' On Revised Expectation Of State Support; Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt +49 (0) 69 33 999 16; anna.lozmann@standardandpoors.com
More informationU.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Stable
Research Update: U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Primary Credit Analyst: Hugo Foxwood, London (44) 20-7176-3781; hugo.foxwood@standardandpoors.com
More informationSouthern California Metropolitan Water District; General Obligation; Water/Sewer
Summary: Southern California Metropolitan Water District; General Obligation; Water/Sewer Primary Credit Analyst: Chloe S Weil, San Francisco (1) 415-371-5026; chloe.weil@standardandpoors.com Secondary
More informationGovernment Development Bank for Puerto Rico Downgraded To 'CC' From 'CCC-' On Imminent Default; Outlook Negative
Research Update: Government Development Bank for Puerto Rico Downgraded To 'CC' From 'CCC-' On Imminent Default; Outlook Negative Primary Credit Analyst: Brendan Browne, CFA, New York (1) 212-438-7399;
More informationIcelandic Bank Islandsbanki Affirmed At 'BBB-/A-3' After Change To Agreement With Glitnir; Outlook Still Stable
Research Update: Icelandic Bank Islandsbanki Affirmed At 'BBB-/A-3' After Change To Agreement With Glitnir; Outlook Still Stable Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean.cotten@standardandpoors.com
More informationSpanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable
Research Update: Spanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable Primary Credit Analyst: Emanuele Tamburrano, London (44) 20-7176-3825; emanuele.tamburrano@spglobal.com Secondary
More informationPetroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative
Research Update: Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative Primary Credit Analysts: Marcela Duenas, Mexico City (52) 55-5081-4437;
More informationKimco Realty Corp. 'BBB+' Corporate Credit Rating Affirmed; Outlook Stable
Research Update: Kimco Realty Corp. 'BBB+' Corporate Credit Rating Affirmed; Outlook Stable Primary Credit Analyst: George A Skoufis, New York (1) 212-438-2608; george.skoufis@standardandpoors.com Secondary
More informationEstonian Power Utility Eesti Energia 'BBB' Ratings On CreditWatch Negative On Announced Plans To Acquire Nelja Energia
Research Update: Estonian Power Utility Eesti Energia 'BBB' Ratings On CreditWatch Negative On Announced Plans To Acquire Nelja Energia Primary Credit Analyst: Anna Brusinets, Moscow +7 (495) 7834060;
More informationJyske Bank 'A-/A-2' Ratings Affirmed On Offer To Buy Nordjyske Bank
Research Update: Jyske Bank 'A-/A-2' Ratings Affirmed On Offer To Buy Nordjyske Bank Primary Credit Analyst: Pierre-Brice Hellsing, Stockholm + 46(0)84405906; Pierre-Brice.Hellsing@spglobal.com Secondary
More informationGerman Power And Gas Co Uniper Upgraded To 'BBB' On Reduced Event Risk And Strengthening Business Risk; Outlook Stable
Research Update: German Power And Gas Co Uniper Upgraded To 'BBB' On Reduced Event Risk And Strengthening Business Risk; Outlook Stable Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925;
More informationPolish Insurance Group PZU 'A' Ratings Affirmed On Criteria For Rating Above The Sovereign; Outlook Stable
Research Update: Polish Insurance Group PZU 'A' Ratings Affirmed On Criteria For Rating Above The Sovereign; Outlook Stable Primary Credit Analyst: Anvar Gabidullin, CFA, London (44) 20-7176-7047; anvar.gabidullin@standardandpoors.com
More informationOutlook On BrokerCreditService (Cyprus) Revised To Positive On Better Group Funding Profile; 'B/B' Ratings Affirmed
Research Update: Outlook On BrokerCreditService (Cyprus) Revised To Positive On Better Group Funding Profile; 'B/B' Ratings Affirmed Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;
More informationBCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed
Research Update: BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;
More informationGermany-Based DVB Bank Ratings Lowered To 'BBB/A-2' On Weakened Strategic Importance To Owner; Outlook Negative
Research Update: Germany-Based DVB Bank Ratings Lowered To 'BBB/A-2' On Weakened Strategic Importance To Owner; Outlook Negative Primary Credit Analyst: Cihan Duran, Frankfurt (49) 69-33-999-242; cihan.duran@spglobal.com
More informationMediobanca SpA. Primary Credit Analyst: Regina Argenio, Milan (39) ;
Summary: Mediobanca SpA Primary Credit Analyst: Regina Argenio, Milan (39) 02-72111-208; regina.argenio@spglobal.com Secondary Contact: Mirko Sanna, Milan (39) 02-72111-275; mirko.sanna@spglobal.com Table
More informationResearch Update: Italy-Based Banca Carige SpA Ratings Lowered To 'BBB-/A-3' On Italy BICRA Change; Outlook Negative.
February 10, 2012 Research Update: Italy-Based Banca Carige SpA Ratings Lowered To 'BBB-/A-3' On Italy BICRA Change; Outlook Negative Table Of Contents Overview Rating Action Rationale Outlook Ratings
More informationSpain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive
Research Update: Spain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive Primary Credit Analyst: Lucia Gonzalez, Madrid (34) 91 788 7219; lucia.gonzalez@spglobal.com
More informationCity of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable
Research Update: City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Primary Credit Analyst: Dina Shillis, CFA, Toronto (416) 507-3214; dina.shillis@spglobal.com Secondary
More informationNN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd
Research Update: NN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd Primary Credit Analyst: Marc-Philippe Juilliard, Paris +(33) 1-4075-2510; m-philippe.juilliard@spglobal.com
More informationSteel Group ArcelorMittal Upgraded To 'BBB-' On Decreasing Debt And Solid Performance; Outlook Stable
Research Update: Steel Group ArcelorMittal Upgraded To 'BBB-' On Decreasing Debt And Solid Performance; Primary Credit Analysts: Simon Redmond, London (44) 20-7176-3683; simon.redmond@spglobal.com Elad
More informationRoyal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive
Research Update: Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; sadat.preteni@spglobal.com Secondary Contact: Alexandre
More informationSpain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Stable
Research Update: Spain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary Contact:
More informationGreek Gaming Company Intralot Outlook Revised To Negative On Increased Leverage; 'B' Ratings Affirmed
Research Update: Greek Gaming Company Intralot Outlook Revised To Negative On Increased Leverage; 'B' Ratings Affirmed Primary Credit Analyst: Natalia Arrizabalaga, London + 442071763289; Natalia.Arrizabalaga@spglobal.com
More informationPoland-Based Insurer PZU Group Outlook Revised To Stable On Stabilizing Financial Strength; 'A-' Ratings Affirmed
Research Update: Poland-Based Insurer PZU Group Outlook Revised To Stable On Stabilizing Financial Strength; 'A-' Ratings Affirmed Primary Credit Analyst: Jure Kimovec, FRM, CAIA, ERP, Frankfurt (49) 69-33-999-190;
More informationBasler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable
Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Primary Credit Analyst: Dirk Heise, Frankfurt (49) 69-33-999-163; dirk.heise@standardandpoors.com
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