Corporación Andina de Fomento Outlook Revised To Negative On Likelihood Of Venezuela Nonpayment; Ratings Affirmed
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1 Research Update: Corporación Andina de Fomento Outlook Revised To Negative On Likelihood Of Venezuela Nonpayment; Ratings Affirmed Primary Credit Analyst: Alexis Smith-juvelis, New York + 1 (212) ; alexis.smith-juvelis@spglobal.com Secondary Contacts: Constanza M Perez Aquino, Buenos Aires (54) ; constanza.perez.aquino@spglobal.com Alexander Ekbom, Stockholm (46) ; alexander.ekbom@spglobal.com Table Of Contents Overview Rating Action Rationale Outlook Related Criteria Related Research Ratings List JUNE 12,
2 Research Update: Corporación Andina de Fomento Outlook Revised To Negative On Likelihood Of Venezuela Overview Recurrent payment delays from Venezuela over the past 12 months, combined with intensifying economic and liquidity strains, increase the likelihood of reduced preferential treatment to CAF, in our view. CAF's large exposure to Venezuela exacerbates the impact of potential nonpayment on its business profile and capital ratios. We are revising our outlook on CAF to negative and affirming our 'AA-/A-1+' ratings. The negative outlook reflects our view that within the next 24 months, there is a greater than one-in-three likelihood of Venezuela entering in protracted arrears. Rating Action On June 12, 2018, S&P Global Ratings revised its outlook on Corporación Andina de Fomento (CAF) to negative from stable. At the same time, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings. Rationale We revised the outlook to negative from stable based on the growing likelihood of persistent and long-term arrears in Venezuela's payment flows to CAF. Over the past 12 months, CAF has experienced recurrent payment delays with Venezuela. As of December, accumulated arrears reached US$136 million. While these were subsequently cleared in January 2018, further payment delays exceeding 90 days started accruing in the second half of While Venezuela is now current on these payments, we expect persistent and longer-term payment delays to eventually accrue over the next 24 months as economic conditions in Venezuela continue to worsen, compounded by sanctions and declining oil production. The sovereign has already entered into nonaccrual status (delays exceeding 180 days) with other multilateral lending institution (MLI) peers. Generally, Venezuela has demonstrated its willingness to pay CAF, supported by its close working relationship with the institution, while having defaulted on commercial obligations (See "Venezuela Long-Term Foreign Currency Rating JUNE 12,
3 Lowered To 'SD'," published on Nov. 13, ), but we expect the ability to treat them as preferred as increasingly constrained. The risks associated with nonpayment are exacerbated by CAF's significant exposure to Venezuela, which accounts for 14% of the total portfolio share. Unlike other MLI peers with exposure to Venezuela, CAF's nominal exposure to the sovereign will remain approximately constant in 2018, mainly because of a US$400 million liquidity facility approved to the Venezuelan central bank in December. We believe Venezuela's capacity to reduce the overall exposure of US$3.3 billion to CAF is limited, given 2018 expected disbursements from previously approved loans to the central government and disbursements under the central bank facility. These risks could lead to CAF's risk-adjusted capital (RAC) ratio after adjustments to decline from 16% as of December to below 15%, a threshold for a lower capitalization assessment, as well as affecting its preferred creditor status. CAF's level of liquidity has been rising, and we expect it won't be affected substantially by a nonpayment of Venezuela because we believe CAF has strong market access and will target high liquidity levels. As such, we expect them to accommodate unplanned disbursements. Our 'AA-' long-term issuer credit rating on CAF is predicated on our view of CAF's strong business profile and very strong financial profile. These combined factors result in a stand-alone credit profile (SACP) assessment of 'aa-'. We don't incorporate extraordinary shareholder support from CAF's callable capital into our issuer credit rating because we rate all of CAF's member shareholders lower than the institution. CAF continues to be a key lender for infrastructure and energy projects in the region and enjoys exceptional support from its shareholders. The past 10 years have been characterized by more frequent and larger general capital increases. In 2015, the Board of Directors approved the largest general capital increase in its history, equivalent to US$4.5 billion. In, paid-in capital contributions totaled US$570 million, and shareholders continue to pay on time and in full. This reinforces our view of CAF's important role in the region and will support continued growth in its portfolio. Our expectation is that all other sovereign members will continue to remain current on their debt service to CAF. Our appraisal of CAF's governance is constrained by the absence of a set of non-borrowing member countries, a weakness relative to higher-rated MLIs with greater shareholder diversity. Three members (Peru, Venezuela, and Colombia) account for 52% of total shares, followed by Argentina and Brazil, accounting for 9.0% each. On the other hand, CAF continues to strengthen its governance and adheres to robust risk management practices, which buttress our view of CAF's governance. CAF's RAC ratio after adjustments is 16% as of December, down from 17% in September. The reduction in CAF's risk-based capital mainly reflects the JUNE 12,
4 deteriorating credit quality of CAF's borrowers. On Jan. 11, 2018, we lowered our long-term foreign currency rating on Brazil to 'BB-', followed by lowering our long-term foreign currency rating on Bolivia to 'BB-' on May 23, This has been partially offset by the increases in paid-in capital. (The RAC ratio after diversification does not reflect the criteria correction published on July 11,. We believe the impact of the correction on the ratio is not material to the rating.) CAF's loan book was US$23.6 billion as of December, and we expect it to grow between 4.0% and 5.0% in We expect management will continue to diversify its portfolio and gradually increase exposure to investment-grade sovereigns. The top three countries that account for the largest proportion of the portfolio are Ecuador, Venezuela, and Argentina, accounting for 41% in, down from 42% in Similarly, 36% of its loan book is investment-grade, up from 35% in We expect this trend to continue, which can, over time, support the bank's capital ratio. As of December, loans in nonaccrual status as a percentage of the loan portfolio was 0.59%, up from 0.55% in December 2016, all of them from the private sector. This is relatively low vis-à-vis peers. At the same time, CAF's liquidity has been strengthening. While CAF's prudential liquidity policy minimum is coverage of 12 months of net cash requirements, it is actively targeting 24 months of coverage. This translates into improving liquidity ratios, with short-term debt plus currently maturing long-term debt as a percentage of liquid assets of 61% in. CAF's liquid assets are of sufficient quantity and quality so that we expect it would, under our stress scenario, be able to service its debts and maintain operations for one year without capital market access. According to our calculations, CAF's liquidity at the one-year horizon under stressed market conditions and assuming scheduled disbursements was 1.4x as of Dec. 31,. Under this same stress scenario, CAF could satisfy some increased demand for unplanned loan disbursements. We view CAF's funding program as very diversified by both geographic market and type of investor, supported by its frequent issuance in multiple markets and currencies. At the same time, CAF has a conservative funding profile, with cumulative assets exceeding consistently cumulative debt for maturities up to one year and no significant gap for five years. We estimate that CAF is structurally able to cover its scheduled short-term debt liabilities without recourse to new issuance. Its static funding gap (without loan disbursements) was 2.2x at the one-year horizon as of December, compared with 2.0x at year-end Its static funding gap (without loan disbursements) was 1.4x for five years. JUNE 12,
5 Outlook The negative outlook on the long-term rating reflects our view that within the next 24 months, there is a greater than one-in-three likelihood that the worsening economic and liquidity conditions of Venezuela could diminish its capacity to treat CAF as preferred. This would weigh on the business profile and could trigger a deterioration of CAF's risk-weighted capital adequacy. If, contrary to our expectations, any of CAF's shareholders fail to treat CAF as preferred, that could also lead to a downgrade. We could revise outlook to stable if CAF builds sufficient capital buffers and maintains high levels of liquidity to counterbalance increased risk in its loan portfolio. Related Criteria General Criteria: S&P Global Ratings' National And Regional Scale Mapping Tables, Aug. 14, General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, General Criteria: National And Regional Scale Credit Ratings, Sept. 22, 2014 Criteria - Governments - General: Multilateral Lending Institutions And Other Supranational Institutions Ratings Methodology, Nov. 26, 2012 Criteria - Financial Institutions - Banks: Multilateral Lending Institutions Capital Methodology And Assumptions, Dec. 6, 2010 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009 Related Research Colombia Foreign Currency Issuer Credit Ratings Lowered To 'BBB-/A-3' On Weaker Policy Flexibility; Outlook Stable, Dec. 11, Venezuela's Global Bonds Due 2023 And 2028 Downgraded To 'D', Dec. 8, Sovereign Ratings History, Dec. 7, Venezuela's Global Bonds Due 2025 And 2026 Downgraded To 'D', Nov. 21, Venezuela Long-Term Foreign Currency Rating Lowered To 'SD', Nov. 13, Argentina Long-Term Ratings Raised To 'B+' On Expected Economic Improvement; Outlook Is Stable, Oct. 30, Introduction To Supranationals Special Edition, Oct. 20, JUNE 12,
6 Republic of Ecuador Long-Term Ratings Lowered To 'B-' On Higher Fiscal And External Vulnerabilities; Outlook Is Stable, June 29, How Brexit Could Impact Ratings On Supranational Institutions, April 10, 2016 Annual Sovereign Default Study And Rating Transitions, April 3, Corporacion Andina de Fomento, July 25, How Much Can Multilateral Lending Institutions Up The Ante?, April 12, 2016 How An Erosion Of Preferred Creditor Treatment Could Lead To Lower Ratings On Multilateral Lending Institutions, Aug. 26, 2013 Ratings List Ratings Affirmed; Outlook Revised To From Corporacion Andina de Fomento Issuer Credit Rating AA-/Negative/A-1+ AA-/Stable/A-1+ Ratings Affirmed Corporacion Andina de Fomento Senior Unsecured Senior Unsecured Commercial Paper AAmxAAA A-1+ Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at All ratings affected by this rating action can be found on S&P Global Ratings' public website at Use the Ratings search box located in the left column. JUNE 12,
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More informationCompania Minera Milpo S.A.A. Ratings Raised To 'BB+' On Revision Of Group Status To Core; Outlook Negative
Research Update: Compania Minera Milpo S.A.A. Ratings Raised To 'BB+' On Revision Of Group Status To Core; Outlook Negative Primary Credit Analyst: Gerardo Leal, Mexico City (52) 55-5081-4450; gerardo.leal@spglobal.com
More informationVolkswagen Financial Services Outlook To Stable, 'BBB+' Ratings Affirmed; VW Bank Ratings Affirmed, Outlook Negative
Research Update: Volkswagen Financial Services Outlook To Stable, 'BBB+' Ratings Affirmed; VW Bank Ratings Affirmed, Outlook Negative Primary Credit Analyst: Harm Semder, Frankfurt (49) 69-33-999-158;
More informationR.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable
Research Update: R.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable Primary Credit Analyst: Saurabh B Khasnis, Centennial (1) 303-721-4554; saurabh.khasnis@spglobal.com Secondary Contacts: Hardeep
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 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 informationNotting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative
Research Update: Notting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative Primary Credit Analyst: Jean-Baptiste Legrand, London (44) 20-7176-3609; jb.legrand@spglobal.com Secondary Contact,
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 informationGermany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable
Research Update: Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198;
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 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 informationCity of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable
Research Update: City of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable Primary Credit Analyst: Hector Cedano, Toronto (1) 416 507 2536; hector.cedano@spglobal.com Secondary Contact: Bhavini Patel,
More informationAustrian Export Credit Agency Oesterreichische Kontrollbank 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Austrian Export Credit Agency Oesterreichische Kontrollbank 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Alois Strasser, Frankfurt (49) 69-33-999-240; alois.strasser@spglobal.com
More informationSpain-Based Bankia Ratings Affirmed At 'BBB-/A-3' Following Merger Announcement; Outlook Still Positive
Research Update: Spain-Based Bankia Ratings Affirmed At 'BBB-/A-3' Following Merger Announcement; Outlook Still Positive Primary Credit Analyst: Antonio Rizzo, Madrid (34) 91-788-7205; Antonio.Rizzo@spglobal.com
More informationPetróleos Méxicanos (PEMEX) 'BBB' Foreign Currency Rating Affirmed, Outlook Remains Positive
Research Update: Petróleos Méxicanos (PEMEX) 'BBB' Foreign Currency Rating Affirmed, Outlook Remains Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-4449; fabiola.ortiz@standardandpoors.com
More informationMapfre Insurance Group Core Entities Downgraded To 'BBB+' Following Downgrade Of Spain; On CreditWatch Negative
Research Update: Mapfre Insurance Group Core Entities Downgraded To 'BBB+' Following Downgrade Of Spain; On CreditWatch Negative Primary Credit Analyst: Marco Sindaco, London (44) 20-7176-7095; Marco_Sindaco@standardandpoors.com
More informationInsurer Helvetia Schweizerische Versicherungs-Gesellschaft in Liechtenstein Affirmed At 'A-'; Outlook Stable
Research Update: Insurer Helvetia Schweizerische Versicherungs-Gesellschaft in Liechtenstein Affirmed At 'A-'; Outlook Stable Primary Credit Analyst: Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172;
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 informationResearch Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan.
June 12, 2012 Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan Primary Credit Analyst: Luis Manuel M Martinez, Mexico City
More informationItalian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed
Research Update: Italian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207;
More informationMunicipal Finance Authority of British Columbia Affirmed At 'AAA' After Criteria Revision; Off UCO; Outlook Stable
Research Update: Municipal Finance Authority of British Columbia Affirmed At 'AAA' After Criteria Revision; Off UCO; Outlook Stable Primary Credit Analyst: Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@spglobal.com
More informationFortum Oyj 'BBB+/A-2' Ratings Placed On CreditWatch Negative On Possible Adverse Impacts Of Planned Uniper Acquisition
Research Update: Fortum Oyj 'BBB+/A-2' Ratings Placed On CreditWatch Negative On Possible Adverse Impacts Of Planned Uniper Acquisition Primary Credit Analyst: Lovisa E Forsloef, Stockholm (46) 8-440-5908;
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 informationRMBS ARREARS STATISTICS
RMBS ARREARS STATISTICS Australia (Excluding Non-Capital Market Issuance) At February 9, RMBS Performance Watch Australia at February 9, Australia Prime Standard & Poor's Rating Services Mortgage Performance
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 informationDanish Telecom Operator TDC A/S Downgraded To 'B+/B' On Completion Of Leveraged Buyout; Outlook Stable
Research Update: Danish Telecom Operator TDC A/S Downgraded To 'B+/B' On Completion Of Leveraged Buyout; Outlook Stable Primary Credit Analyst: Lukas Paul, Frankfurt + 49 693 399 9132; lukas.paul@spglobal.com
More informationBanca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed
Research Update: Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed Primary Credit Analyst: Letizia Conversano, Milan (39) 02-72111-283; letizia.conversano@spglobal.com
More informationVarious Rating Actions Taken On Six Colombian Financial Institutions After Downgrade Of Sovereign, BICRA Remains At '6'
Research Update: Various Rating Actions Taken On Six Colombian Financial Institutions After Downgrade Of Sovereign, BICRA Remains At '6' Primary Credit Analyst: Alfredo E Calvo, Mexico City (52) 55-5081-4436;
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 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 informationU.S.-Based Auto Supplier Autoliv Outlook Revised To Negative On Cash Injection In Veoneer; 'A-/A-2' Ratings Affirmed
Research Update: U.S.-Based Auto Supplier Autoliv Outlook Revised To Negative On Cash Injection In Veoneer; 'A-/A-2' Ratings Affirmed Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@spglobal.com
More informationJSL S.A. 'BB' And 'bra+' Ratings Affirmed; Outlook Remains Negative
Research Update: JSL S.A. 'BB' And 'bra+' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Marcus Fernandes, Sao Paulo (55) 11-3039-9734; marcus.fernandes@spglobal.com Secondary Contact:
More informationLloyds Bank Corporate Markets PLC And Lloyds Bank International Ltd. Assigned 'A-/A-2' Ratings; Outlook Positive
Research Update: Lloyds Bank Corporate Markets PLC And Lloyds Bank International Ltd. Assigned 'A-/A-2' Ratings; Outlook Positive Primary Credit Analyst: Giles Edwards, London (44) 20-7176-7014; giles.edwards@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 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 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 informationCredit Suisse (Schweiz) AG Assigned 'A/A-1' Ratings; Outlook Stable
Research Update: Credit Suisse (Schweiz) AG Assigned 'A/A-1' Ratings; Outlook Stable Primary Credit Analyst: Bernd Ackermann, Frankfurt (49) 69-33-999-153; bernd.ackermann@spglobal.com Secondary Contact:
More informationGermany-Based Chemical Producer LANXESS AG Outlook Revised To Stable On Stronger Credit Metrics; Affirmed At 'BBB-/A-3'
Research Update: Germany-Based Chemical Producer LANXESS AG Outlook Revised To Stable On Stronger Credit Metrics; Affirmed At 'BBB-/A-3' Primary Credit Analyst: Oliver Kroemker, Frankfurt (49) 69-33-999-160;
More informationLuxembourg-Based Investment HoldCo JAB 'BBB+' Rating On Watch Positive On Expected Improved Portfolio Characteristics
Research Update: Luxembourg-Based Investment HoldCo JAB 'BBB+' Rating On Watch Positive On Expected Improved Portfolio Characteristics Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207;
More informationAfrican Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable
Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable Primary Credit Analyst: Matthew D Pirnie, Johannesburg (27) 11-213-1993; matthew.pirnie@standardandpoors.com
More informationInternational Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Stable
Research Update: International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Primary Credit Analyst: Elie Heriard Dubreuil, London (44) 20-7176-7302; elie.heriard.dubreuil@standardandpoors.com
More informationDelta Lloyd Operating Entities Upgraded To 'A' On Integration Into And Core Status To NN Group; Outlook Stable
Research Update: Delta Lloyd Operating Entities Upgraded To 'A' On Integration Into And Core Status To NN Group; Outlook Stable Primary Credit Analyst: Marc-Philippe Juilliard, Paris +(33) 1-4075-2510;
More informationNorwegian Toll Road Co. Fjellinjen Outlook Revised To Positive; 'AA-/A-1+' Ratings Affirmed
Research Update: Norwegian Toll Road Co. Fjellinjen Outlook Revised To Positive; 'AA-/A-1+' Ratings Affirmed Primary Credit Analyst: Dennis Nilsson, Stockholm (46)84405354; dennis.nilsson@spglobal.com
More informationGermany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Outlook Stable
Research Update: Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton.geyze@spglobal.com Secondary Contact:
More informationGerman Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable
Research Update: German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable Primary Credit Analyst, Sovereigns And International Public Finance: Michael Stroschein, Frankfurt +49
More informationAdam & Co. Assigned Preliminary 'BBB+/A-2' Ratings; Outlook Stable; RBS Outlook Revised To Negative, Ratings Affirmed
Research Update: Adam & Co. Assigned Preliminary 'BBB+/A-2' Ratings; Outlook Stable; RBS Outlook Revised To Negative, Ratings Affirmed Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; sadat.preteni@spglobal.com
More informationPacific LifeCorp And Insurance Subsidiaries
Pacific LifeCorp And Insurance Subsidiaries Primary Credit Analyst: Heena C Abhyankar, New York + 1 (212) 438 1106; heena.abhyankar@spglobal.com Secondary Contacts: Elizabeth A Campbell, New York (1) 212-438-2415;
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 informationBanco Agromercantil de Guatemala 'BB/B' Ratings Affirmed; Outlook Remains Stable
Research Update: Banco Agromercantil de Guatemala 'BB/B' Ratings Affirmed; Outlook Remains Stable Primary Credit Analyst: Barbara Carreon, Mexico City (52) 55-5081-4483; barbara.carreon@standardandpoors.com
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