GCC Banks Should See A More Stable Financial Footing In 2018
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- Darleen Flowers
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1 Industry Report Card: GCC Banks Should See A More Stable Financial Footing In 2018 Primary Credit Analyst: Mohamed Damak, Dubai (971) ; Secondary Contacts: Suha Urgan, Dubai (971) ; Puneet Tuli, Dubai ; Goeksenin Karagoez, FRM, Paris (33) ; Table Of Contents Lending Growth Across The GCC Will Remain Muted Asset Quality Indicators Are Likely To Stabilize Funding Is Improving; Deployment Of Liquidity Is The New Theme Profitability Will Plateau, But At A Lower Level Than Historically Capitalization Is Strong And We Expect It To Remain So Our Bank Ratings In The GCC Countries Related Research JANUARY 8,
2 Industry Report Card: GCC Banks Should See A More Stable Financial Footing In 2018 Banks in the Gulf Cooperation Council should breathe a little easier in the year ahead. S&P Global Ratings believes that barring unforeseen events, 2018 will mark the stabilization of the financial profiles and performance of GCC banks, after two years of significant pressure. What's more, GCC banks will have recognized most of the impact of the softer economic cycle on their asset quality by mid That's except for Qatar, where trends in asset quality will depend on how the boycott of the country evolves. Relatively sluggish economic conditions will also keep lending growth muted, as we do not expect oil prices to rebound significantly. We think that GCC banks' cost of risk will increase in 2018 because of the adoption of IFRS 9 and the higher amount of restructured and past due but not impaired loans sitting on their balance sheets. However, we also think that the general provisions that GCC banks have accumulated over the years will help a smooth transition to the new accounting standard. GCC banks' liquidity improved in 2017, and we do not foresee a major change in Continued debt or sukuk issuance by the GCC governments in 2018 will absorb some of the liquidity without a major change in GCC banks' risk appetite. Finally, we think that GCC banks' profitability will stabilize at a lower level than historically, underpinned by an increased cost of risk and the introduction of value added tax (VAT; some of which banks will pass on to their clients). Overview We believe that GCC banks' financial profiles will start stabilizing from the second half of 2018, absent any materialization of geopolitical risk. The three key risks that we foresee for GCC banks, in addition to geopolitical risks, are muted loan growth, a higher cost of risk, and lower profitability. Most of our ratings on GCC banks carry a stable outlook. The negative outlooks are on the Qatari banks--where the evolution of the boycott will determine their future creditworthiness--as well as on a few banks in other GCC countries due to idiosyncratic factors. Supporting the ratings, banks in the GCC continue to display strong capitalization by global standards, albeit with signs of quantitative and qualitative deterioration. Over the past year, we have affirmed most of our ratings on banks in the GCC. We have taken a few negative rating actions, most of them on banks in Bahrain, Oman, and Qatar. Overall, 28% of our rated banks in the GCC currently have a negative outlook. They are concentrated in Qatar, due to the potential effect of the boycott on Qatari banks' funding profiles, asset quality, and profitability, but there are a few banks in other GCC countries where idiosyncratic reasons drive our negative outlook. JANUARY 8,
3 Lending Growth Across The GCC Will Remain Muted The end of the triple-digit-oil-price era resulted in a significant slowdown of the GCC economies and reduced growth opportunities for their banking systems. We forecast that oil prices will stabilize at about $55 per barrel in 2018 and 2019, and anticipate unweighted average economic growth for the six GCC countries of 2.5% in , or less than half the growth they delivered in Growth in private-sector lending continued to drop and reached an annualized 2.6% on average in the first nine months of 2017, compared with 5.7% in In , we expect this situation to continue due to reduced government spending (except in Kuwait). We expect private-sector lending growth to reach 3%-4% in , supported by strategic initiatives such as the Dubai Expo 2020, Saudi Vision 2030, the World Cup 2022 in Qatar, and higher government spending in Kuwait led by Kuwait 2035, a long-term development plan announced in early A surge in geopolitical risk and ensuing delays of some of these initiatives could severely affect our base-case scenario. Chart 1 JANUARY 8,
4 Asset Quality Indicators Are Likely To Stabilize The slowdown in economic activity over the past two years only resulted in a slight increase in nonperforming loans (NPLs). At Sept. 30, 2017, NPLs to total loans for the rated GCC banks reached 3.1%, compared with 2.9% at year-end However, restructured loans and past due but not impaired loans saw a higher increase, reflecting corporate entities' longer cash flow cycles. We expect NPL ratios to continue to deteriorate in the next six months and then progressively stabilize, mirroring the stabilization of the GCC countries' real economy. Our expectation discounts any unexpected materialization of geopolitical risk or any other shock in the commodities market. Overall, we do not expect the NPL ratio to exceed 5% in the next months. We see Qatari banks' asset quality as under increasing pressure. A group of Arab states has been boycotting Qatar since early June 2017, and in our view, this is dampening economic activity, including the real estate and hospitality sectors, which in turn is weakening Qatari banks' asset quality indicators. We see an important correlation between any potential escalation or de-escalation of the boycott measures and deterioration or stabilization of Qatari banks' asset quality. Elsewhere, the continued decline in real estate prices in the United Arab Emirates (UAE) might reduce the asset quality of Emirati banks, although under our base-case scenario, the deterioration will remain contained. Finally, Saudi banks' NPL formation will continue to depend on the health of the contracting sector. It is too early to tell if the recent shifts in Saudi Arabia's power structures and societal norms will affect Saudi banks' asset quality indicators. However, they could increase the risk of policy mistakes, which in turn would imply higher domestic and geopolitical tensions. At the same time, we consider that these structural reforms could empower Saudi citizens and make Saudi Arabia more attractive to investors over the medium term, as the authorities intend. On a positive note, rated GCC banks still enjoy strong NPL coverage by provisions, at 139% on Sept. 30, These provisions will prove helpful as banks move to IFRS 9 in January While we think that the overall impact of IFRS 9 adoption on GCC banks will be manageable, in our view a higher cost of risk will persist for some time. JANUARY 8,
5 Chart 2 Funding Is Improving; Deployment Of Liquidity Is The New Theme Growth in customer deposits slowed to 3.5% in the first nine months of 2017, compared to 5.0% in Qatar was the outlier, as Qatari bank deposits grew by 10%, underpinned by a significant jump in government deposits of 57% during the first nine months of The Qatari banking system experienced significant outflows of foreign deposits in the aftermath of the boycott--$21 billion at Sept. 30, However, an injection of $39 billion by the government and its related entities more than compensated for the outflow. While we think that the outflows will continue as foreign deposits, particularly from the boycotting countries, continue to mature, we expect that it will be in an orderly fashion. Under our base-case scenario, we exclude significant outflows from Asian and European countries, which in our opinion only a large-scale geopolitical event could trigger. We also take comfort from our expectation of sufficient extraordinary government support to the Qatari banking system as needed. Elsewhere in the GCC, government deposits are growing again, accelerating in the UAE and Saudi Arabia, but decelerating in Kuwait due to increased government spending. We view the GCC banks' funding profiles as satisfactory. Funding is dominated by core customer deposits, and the use of wholesale funding remains limited, except for a few large and sophisticated issuers. The GCC banking system's JANUARY 8,
6 loan-to-deposit ratio averaged 88.3% on Sept. 30, 2017, compared with 89% at year-end 2016, ranging from a high 112.2% for Qatar to a low 50.1% for Bahraini retail banks (see chart 3). Chart 3 Loan-to-deposit ratios have been on an improving trend over the past 12 months, meaning that deployment rather than lack of liquidity is the new theme. The ratio of cash and money market instruments to total assets dropped slightly in the same period, as government debt issuances attracted local and regional banks' liquidity. In the context of muted economic activity and loan growth, we think that government issuances will continue to attract local and regional banking systems' attention. As at Sept. 30, 2017, the coverage of short-term wholesale funding by broad liquid assets stood at about 4.4x on average for rated GCC banks, compared with 3.8x at year-end JANUARY 8,
7 Chart 4 Profitability Will Plateau, But At A Lower Level Than Historically The first nine months of 2017 saw a slight improvement in rated GCC banks' profitability, but we don't think this situation will last (see chart 5). Some of the improvement is due to increasing amounts of earnings-generating assets and slightly higher interest margins. Banks have deployed their excess liquidity in government bonds, which earn more than either deposits with central banks or cash. At the same time, improving local liquidity and the increase in the Federal Reserve's interest rates--which local authorities (with the exception of Kuwait) mirrored--led to a slightly higher average interest margin in A more aggressive approach toward costs also helped, with the average cost-to-income ratio reducing to 36.2% on Sept. 30, 2017, compared with 38.7% in Finally, the increase in the annualized cost of risk was contained at 1.2% for rated GCC banks, compared with 1.0% in Overall, we don't think that the improvement in profitability will last because: Loan growth will remain muted. Banks will continue prioritizing quality over quantity and shy away from lucrative but higher-risk exposures, especially as IFRS 9 requires lifetime provisioning for exposures with deteriorating credit JANUARY 8,
8 quality or repayment issues. The cost of risk will continue to increase and stabilize at a higher level. Restructured loans and past due but not impaired loans that will slip into nonperforming categories in the last quarter of 2017 and new IFRS 9 provisions are likely to push the cost of risk higher for longer. Operating costs are likely to increase because of the introduction of VAT, although we are of the view that banks will pass some of its impact on to end users. While banks continue to benefit from a large amount of noninterest-bearing deposits, we anticipate that some corporate depositors will seek to improve their profitability by switching to remunerated products when interest rates start to rise. All in all, we expect revenue growth to decelerate and banks to continue cutting costs where possible. Collaboration with fintech companies and the use of technology for low added-value transactions, such as money transfer and payments, could offer some opportunities in this space. The decline in profitability since with the triple-digit-oil-price era has reignited the debate on consolidation, especially with the merger of First Gulf Bank and National Bank of Abu Dhabi to form First Abu Dhabi Bank in We continue to believe that consolidation, although necessary in some overbanked markets, will remain the exception rather than the new norm. The market share of the five largest banks is around 60% in the UAE and Saudi Arabia and is even higher in Qatar and Kuwait. However, the limited number of small banks, with the exception of the UAE, limits consolidation opportunities. Additionally, the ownership structure of many banks in the GCC, characterized by control by prominent families or regional governments, underpins our view. JANUARY 8,
9 Chart 5 Capitalization Is Strong And We Expect It To Remain So GCC banks continue to display strong capitalization by international standards, with an unweighted average S&P Global Ratings risk-adjusted capital (RAC) ratio of 11.5% at year-end We note, however, that capitalization has dropped over the past three years, from an average of 12.5% at year-end 2013, as previous lending growth has not been matched by additional capital raisings or conservative dividend payout ratios (see chart 6). This was most evident in Saudi Arabia in 2017, with banks hiking their interim dividends substantially due to a lack of growth prospects coupled with stabilization of liquidity. Also partly underpinning the drop in capitalization are the new RAC methodology that we implemented in which increased our risk weights for certain higher-risk exposures--and our downward revision of some of the parameters we use in the calculation (such as sovereign ratings or Banking Industry and Country Risk Assessment scores) over the past couple of years. Over the past few years, few banks have issued hybrid instruments. That's mainly because core equity has become more expensive in relative terms, given the favorable liquidity conditions. As shareholders and other investors are less JANUARY 8,
10 willing to inject core capital into banks and more interested in getting a continuous and predefined income stream from hybrid instruments, we expect the quality of capital to continue weakening. However, this trend has not yet reached the point where we would see it as having a negative impact on our assessment of the quality of capital. Chart 6 Additional loss-absorbing-capacity instruments and resolution regimes are absent in the GCC, but might develop in the future. For the time being, we continue to see the governments of four out of the six GCC countries as highly supportive of their banking systems, and we expect them to intervene to prevent problems at systemically important banks. We assess the likelihood of government support as uncertain in Bahrain and we view the authorities as supportive in Oman. In both countries, we think that the government's capacity to extend support to its banking system has diminished over time. If and when resolution regimes are implemented in the GCC, we might revise our view on government support. Our Bank Ratings In The GCC Countries We currently rate 25 banks in the GCC countries. The average long-term rating on this cohort of banks stood at 'BBB+' at Dec. 31, 2017, the same level as last year. This is in keeping with our outlook distribution, where 68% of outlooks JANUARY 8,
11 are stable. At Dec. 31, 2017, 28% of our rated GCC banks had negative outlooks, more than half of which are on banks in Qatar. Our negative outlooks on Qatari banks are due to the potential negative impact of the boycott on the government's creditworthiness and capacity to support its banking system, and the pressure on Qatari banks' funding profiles, asset quality, and profitability indicators. Idiosyncratic reasons explain the negative outlooks on a few banks in other GCC countries. Chart 7 JANUARY 8,
12 Chart 8 Related Research Capitalization At Gulf Banks Is One Of The Main Strengths Supporting Their Ratings, Oct. 25, 2017 The Future Of Banking: Could Fintech Disrupt Gulf Cooperation Council Banks' Business Models?, Oct. 16, 2017 Qatari Banks Outlooks Revised To Negative Following Sovereign Action; Ratings Affirmed, Sept. 11, 2017 Credit FAQ: How Recent Developments In Qatar Affect The Banking System, June 9, 2017 The Overall Effect Of IFRS 9 On Rated Gulf Cooperation Council Banks' Financial Profiles Will Be Manageable, May 29, 2017 Only a rating committee may determine a rating action and this report does not constitute a rating action. Additional Contact: Financial Institutions Ratings Europe; JANUARY 8,
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Research Update: Banco de Bogota S.A. y Subsidiarias 'BBB-/A-3' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Ricardo Grisi, Mexico City (52) 55-5081-4494; ricardo.grisi@spglobal.com
Notting 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,
Dell Inc. Corporate Credit Rating Affirmed; Outlook Revised To Positive On Debt Reduction Expectations
Research Update: Dell Inc. Corporate Credit Rating Affirmed; Outlook Revised To Positive On Debt Reduction Primary Credit Analyst: Martha P Toll-Reed, New York (1) 212-438-7867; molly.toll-reed@standardandpoors.com
Petroleos Mexicanos And Subsidiaries Upgraded To Foreign Currency 'BBB+' And Local Currency 'A' On Sovereign Upgrade
Research Update: And Subsidiaries Upgraded To Foreign Currency 'BBB+' And Local Currency 'A' On Sovereign Upgrade Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-4449; fabiola.ortiz@standardandpoors.com
Swedish Property Company Akademiska Hus AB 'AA/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Swedish Property Company Akademiska Hus AB 'AA/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Carl Nyrerod, Stockholm (46) 8-440-5919; carl.nyrerod@spglobal.com Secondary
Stand-Alone Credit Profiles: One Component Of A Rating
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City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive
Research Update: City of Laval 'AA' Ratings Affirmed; Outlook Remains Positive Primary Credit Analyst: Nineta Zetea, Toronto (416) 507-2508; nineta.zetea@spglobal.com Secondary Contact: Stephen Ogilvie,
Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable
Research Update: Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable Primary Credit Analyst: Niklas Steinert, Frankfurt (0049) 69 33 999 248; niklas.steinert@spglobal.com Secondary
International Business Machines Corp.
Summary: International Business Machines Corp. Primary Credit Analyst: John D Moore, CFA, New York (1) 212-438-2140; john.moore@spglobal.com Secondary Contact: David T Tsui, CFA, CPA, New York (1) 212-438-2138;
R+V Versicherung AG. Primary Credit Analyst: Manuel Adam, Frankfurt (49) ;
Primary Credit Analyst: Manuel Adam, Frankfurt (49) 69-33-999-199; manuel.adam@spglobal.com Secondary Contacts: Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172; birgit.roeper@spglobal.com Ralf Bender,
JSL 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:
Germany-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:
International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Remains Stable
Research Update: International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Primary Credit Analyst: Lisa M Schineller, PhD, New York (1) 212-438-7352; lisa.schineller@spglobal.com
Health 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;
Standard & Poor s Presentation Virginia GFOA
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(/en_us/web/guest/home) MidMichigan Health, MI Bond Rating Outlook Revised To Positive On Operational Performance, Solid Balance Sheet Metrics
(/en_us/web/guest/home) MidMichigan Health, MI Bond Rating Outlook Revised To Positive On Operational Performance, Solid Balance Sheet Metrics 15-Nov-2017 17:30 EST View Analyst Contact Information NEW
African Trade Insurance Agency Ratings Affirmed At 'A'; Outlook Remains Negative
Research Update: African Trade Insurance Agency Ratings Affirmed At 'A'; Outlook Remains Negative Primary Credit Analyst: Nourredine Lafhel, Dubai (971) 4-372-7168; nourredine.lafhel@spglobal.com Secondary
Adam & 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
What Are Rating Criteria?
Primary Credit Analyst: John A Scowcroft, New York (212) 438-1098; john.scowcroft@standardandpoors.com Secondary Credit Analysts: Lapo Guadagnuolo, London (44) 20-7176-3507; lapo.guadagnuolo@standardandpoors.com
Compania 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
Core Entities Of German Insurance Group W&W Affirmed At 'A-'; Outlook Stable
Research Update: Core Entities Of German Insurance Group W&W Affirmed At 'A-'; Outlook Stable Primary Credit Analysts: Volker Kudszus, Frankfurt (49) 69-33-999-192; volker.kudszus@spglobal.com Benjamin
Secondary Contact: Vittoria Ferraris, Milan (39) ; S&P Global Ratings' Base-Case Scenario
Summary: Hera SpA Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@spglobal.com Secondary Contact: Vittoria Ferraris, Milan (39) 02-72111-207; vittoria.ferraris@spglobal.com
Montebello Public Financing Authority Montebello, California; Appropriations; General Obligation
Summary: Montebello Public Financing Authority Montebello, California; Appropriations; General Obligation Primary Credit Analyst: Michael Z Stock, New York (1) 212-438-2611; michael.stock@spglobal.com
Territory of Yukon 'AA' Rating Affirmed; Outlook Is Stable
Research Update: Territory of Yukon 'AA' Rating Affirmed; Outlook Is Stable Primary Credit Analyst: Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@spglobal.com Secondary Contact: Bhavini Patel,
German Utility innogy SE Upgraded To 'BBB/A-2'; Outlook Stable
Research Update: German Utility innogy SE Upgraded To 'BBB/A-2'; Outlook Stable Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@spglobal.com Secondary Contact: Bjoern Schurich,
UBS Group AG And UBS AG Upgraded On Stable Business Model And Revenues; Outlooks Stable
Research Update: UBS Group AG And UBS AG Upgraded On Business Model And Revenues; Outlooks Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean.cotten@spglobal.com Secondary Contacts: Giles
Rankings Raised To ABOVE AVERAGE On Mount Street Loan Solutions As U.K. Primary And Special Servicer; Outlook Stable
Rankings Raised To ABOVE AVERAGE On Mount Street Loan Solutions As U.K. Primary And Special Servicer; Servicer Analysts: Heloise Juarez, London +44 (0) 20 71762905; heloise.juarez@spglobal.com Chiara Sardelli,
Research Update: National Australia Bank Ltd. & Subsidiaries Ratings Lowered On Criteria Change. Table Of Contents
December 1, 2011 Research Update: & Subsidiaries Ratings Lowered On Criteria Change Primary Credit Analyst: Gavin Gunning, Melbourne (61) 3-9631-2092;gavin_gunning@standardandpoors.com Secondary Contact:
MS Amlin Group - Syndicate 2001
Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary Contact: David Laxton, London (44) 20-7176-7079; david.laxton@spglobal.com Table Of Contents Lloyd's
Primary Credit Analyst: Sadat Preteni, London (44) ;
Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; sadat.preteni@spglobal.com Secondary Contact: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@spglobal.com Table Of Contents Rationale
Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable
Research Update: Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable Primary Credit Analyst: Marie-France Raynaud, Paris (33) 1-4420-6754; marie-france.raynaud@spglobal.com
How We Rate Sovereigns
Criteria Officer, Global Sovereigns: Olga I Kalinina, CFA, New York (1) 212-438-7350; olga.kalinina@standardandpoors.com Primary Credit Analysts: John B Chambers, CFA, New York (1) 212-438-7344; john.chambers@standardandpoors.com
Research Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable. Table Of Contents
January 25, 2012 Research Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt 49 0 69 33 999 166;anna_lozmann@standardandpoors.com Secondary
Research Update: Grupo Catalana Occidente Core Entities Outlook Revised To Negative On Plan To Acquire Seguros Groupama; Ratings Affirmed
June 22, 2012 Research Update: Grupo Catalana Occidente Core Entities Outlook Revised To Negative On Plan To Acquire Seguros Groupama; Ratings Affirmed Primary Credit Analyst: Peter Mcclean, London (44)
Basler 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
Request For Comment: Global Framework For Assessing Operational Risks Specific To Wireless Device Payment Plan Agreements
Request For Comment: Global Framework For Assessing Operational Risks Specific To Wireless Device Payment Plan Agreements July 18, 2017 Farooq Omer (1) 212-438-1129 farooq.omer@spglobal.com Mark O Neil
African 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
Corporacion Nacional del Cobre de Chile Downgraded To 'A+' From 'AA-'; Outlook Stable
Research Update: Corporacion Nacional del Cobre de Chile Downgraded To 'A+' From 'AA-'; Outlook Stable Primary Credit Analyst: Diego H Ocampo, Sao Paulo (55) 11-3039-9769; diego.ocampo@standardandpoors.com
Qualitas 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
Turkish Appliance Manufacturer Vestel Outlook Revised To Negative; Rating Affirmed At 'B-'
Research Update: Turkish Appliance Manufacturer Vestel Outlook Revised To Negative; Rating Affirmed At 'B-' Primary Credit Analyst: Sandra Wessman, Stockholm (46) 8-440-5910; sandra.wessman@spglobal.com
Amlin Underwriting - Syndicate 2001
Primary Credit Analyst: Dina Patel, London (44) 20-7176-8409; dina.patel@standardandpoors.com Secondary Contact: Dennis P Sugrue, London (44) 20-7176-7056; dennis.sugrue@standardandpoors.com Table Of Contents
Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated 'BBB+/A-2/K-1'; Outlook Stable
Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com
VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Following UCO Review
VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Primary Credit Analyst: Peter L Rizzo, New York (1) 212-438-5059; peter.rizzo@spglobal.com Secondary Contact:
Asian Infrastructure Investment Bank Assigned 'AAA/A-1+' Rating; Outlook Stable
Research Update: Asian Infrastructure Investment Bank Assigned 'AAA/A-1+' Rating; Outlook Stable Primary Credit Analyst: Alexander Ekbom, Stockholm (46) 8-440-5911; alexander.ekbom@spglobal.com Secondary
Research Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable.
December 8, 2011 Research Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable Primary Credit Analyst: Harm Semder, Frankfurt (49) 69-33-999-158;harm_semder@standardandpoors.com
PartnerRe Ltd., Subs Outlooks Revised To Stable From Neg.; Ratings Affirmed, Delinked From Exor
Research Update: PartnerRe Ltd., Subs Outlooks Revised To Stable From Neg.; Ratings Affirmed, Delinked From Primary Credit Analyst: Taoufik Gharib, New York (1) 212-438-7253; taoufik.gharib@spglobal.com
Emgesa S.A. E.S.P. Outlook Revised To Stable From Negative On Expected Parent Support; 'BBB' Rating Affirmed
Research Update: Emgesa S.A. E.S.P. Outlook Revised To Stable From Negative On Expected Parent Support; Primary Credit Analyst: Stephanie Alles, Mexico City (52) 55-5081-4416; stephanie.alles@spglobal.com
Poland-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;
Swiss Republic and Canton of Geneva 'AA-' Rating Affirmed; Outlook Remains Negative
Research Update: Swiss Republic and Canton of Geneva 'AA-' Rating Affirmed; Outlook Remains Negative Primary Credit Analyst: Romuald Goujon, Paris (33) 1-4475-2547; Romuald.Goujon@spglobal.com Secondary
Summary: Eneco Holding N.V.
May 31, 2012 Summary: Eneco Holding N.V. Primary Credit Analyst: Karin Erlander, London (44) 20-7176-3584; karin_erlander@standardandpoors.com Secondary Contact: Mark J Davidson, London (44) 20-7176-6306;
Volkswagen 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;
Bond Ratings 101. Minnesota Government Finance Officers Association. Arrowwood Resort Alexandria, Minnesota September 28, 2017
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Fortum 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;
Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax
Summary: Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax Primary Credit Analyst: Jennifer Hansen, San Francisco (1) 415-371-5035; jen.hansen@spglobal.com Secondary Contact: Kaila
Austrian Road Operator Autobahnenund Schnellstrassen-Finanzierungs-AG 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Austrian Road Operator Autobahnenund Schnellstrassen-Finanzierungs-AG 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Ludwig Heinz, Frankfurt (49) 69-33-999-246; ludwig.heinz@spglobal.com
International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Remains Stable
Research Update: International Bank for Reconstruction and Development 'AAA/A-1+' Ratings Affirmed; Outlook Remains Stable Primary Credit Analyst: Lisa M Schineller, PhD, New York (1) 212-438-7352; lisa.schineller@spglobal.com
Lubbock, Texas; Retail Electric
Summary: Lubbock, Texas; Retail Electric Primary Credit Analyst: Scott W Sagen, New York (1) 212-438-0272; scott.sagen@spglobal.com Secondary Contact: Peter V Murphy, New York (1) 212-438-2065; peter.murphy@spglobal.com