Belgian Community of Flanders Affirmed At 'AA/A-1+' On Very Strong Management And Very Strong Economy; Outlook Stable
|
|
- Regina Parrish
- 5 years ago
- Views:
Transcription
1 Research Update: Belgian Community of Flanders Affirmed At 'AA/A-1+' On Very Strong Management And Very Strong Economy; Outlook Stable Primary Credit Analyst: Mehdi Fadli, Paris (33) ; Secondary Contact: Jean-Baptiste Legrand, Paris (33) ; Table Of Contents Overview Rating Action Rationale Outlook Key Statistics Ratings Score Snapshot Key Sovereign Statistics Related Criteria And Research Ratings List OCTOBER 16,
2 Research Update: Belgian Community of Flanders Affirmed At 'AA/A-1+' On Very Strong Management And Very Overview We cap our long-term rating on the Community of Flanders based on our 'AA' longterm rating on Belgium. We assess Flanders' stand-alone credit profile at 'aa+', reflecting our views of its very strong management, very strong budgetary performance, and very strong economy. We are affirming our 'AA/A-1+' ratings on Flanders. The stable outlook on Flanders mirrors that on Belgium. Rating Action On Oct. 16, 2015, Standard & Poor's Ratings Services affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on the Belgian Community of Flanders. The outlook remains stable. At the same time, we affirmed our 'AA' long-term issue rating on the community's 10 billion euro medium-term note (EMTN) program and our 'A-1+' short-term issue rating on its 1.5 billion Belgian commercial paper (CP) program. Rationale The ratings on Flanders primarily reflect our long-term sovereign credit rating on Belgium (unsolicited AA/Stable/A-1+). We cap the ratings on Flanders at the level of the long-term rating on Belgium because we don't think that current links between Belgium and its local and regional governments (LRGs) allow any of the Belgian LRGs to be rated above the sovereign (see "Methodology: Rating Non-U.S. Local And Regional Governments Higher Than The Sovereign," published Dec. 15, 2014, on RatingsDirect). In our opinion, Flanders' ability to mitigate negative intervention from the sovereign is limited mainly by its high dependence on combined and shared taxes collected by the state, as well as federal transfers. In accordance with our criteria, we assess Flanders' stand-alone credit profile (SACP) at 'aa+' (see "Methodology For Rating Non-U.S Local And Regional Governments" published June 30, 2014). The SACP is not a rating, but a measure which reflects Standard & Poor's opinion of an LRG's intrinsic creditworthiness, before taking into account the sovereign-related overriding factors, that is, the application of our ratings above the sovereign criteria and potential credit-specific extraordinary credit support from another government, when relevant. The SACP results from the OCTOBER 16,
3 combination of an LRG's individual credit profile and institutional framework assessment, adjusted, when appropriate, by one-notch of flexibility and creditspecific overriding factors. The 'aa+' SACP reflects our view of the very predictable and well-balanced institutional framework for Belgian communities and regions and Flanders' very strong financial management, economy, and budgetary performance, low debt burden, and strong liquidity versus exceptional previously. It also factors in our assessments of the community's average budgetary flexibility and moderate contingent liabilities. In our view, Flanders operates within Belgium's very predictable and well-balanced institutional framework for communities and regions, characterized by the maturity and stability of the system, and a generally good revenue and expenditure balance. In our opinion, Belgium's sixth state reform--which devolved new responsibilities to regions and communities and greater financial autonomy to regions--demonstrates the predictability of the system. Institutional discussions on the reform started in 2007, but the budgetary effects are felt only from We think that the reform also illustrates the ability of Belgian LRGs to influence federal government policy. The sixth state reform translates into a transfer of about 20 billion of new responsibilities from the federal state and social security to communities and regions, including about one-half for Flanders. This reform also incorporates amendments to the Special Financing Act, notably greater tax autonomy for regions. But it increases the LRGs' contributions to the consolidation of Belgium's public finances and pensions. We consider that Flanders will bear a high share of these consolidation efforts. We still estimate its contribution at approximately 840 million in 2015, 1.6 billion in 2016, and 1.7 billion in Nevertheless, in our base case, we anticipate that Flanders will be able to absorb these contributions while keeping a very strong budgetary performance, despite the negative impact on its budgetary balance from the implementation of the European system of national and regional accounts 2010 (ESA 2010), especially regarding the accounting treatment within the budget and not offbudget of some public-private partnerships (PPPs) and alternative funding. We think that the community will continue to structurally post an operating balance above 5% of operating revenues, except in 2016, when we anticipate higher operating expenditure than in our April 2015 base case. Moreover, mainly thanks to higher-than-expected capital revenues, 2014 actuals show a 0.5% surplus after capital accounts, compared with our previous base-case estimate of a deficit after capital accounts at 4.2% of total revenues. We consider that Flanders will post limited deficits after capital accounts in 2015 and 2016, at 1.1% of total revenues, before structurally returning to surpluses after capital accounts from 2017, because we expect the community will abide by its target of posting a balanced budget under ESA that year. In addition to its good operating balance, Flanders will likely strongly benefit from the acceleration of annual repayments of hybrids and the corresponding premium by KBC Bank N.V., which we assume at an average of 1 billion per year during OCTOBER 16,
4 We project that these very sound budgetary results will be achievable because of the strength of Flanders' financial management and economy. We consider Flanders' financial management to be very strong, thanks to its very good political and managerial strength, good revenue and expenditure management, reliable budgeting, prudent and sophisticated debt management, and very efficient and optimized liquidity management. Therefore, we consider that Flanders has the means to maintain its tight rein over operating expenditures. Moreover, we believe Flanders' revenues will continue to benefit from its attractive and diversified economy, including promising high-value industries, and its very good socioeconomic indicators, including a low unemployment rate of 5% and GDP per capita that we estimate at 34,327 in We now anticipate only a slight decrease in tax-supported debt in 2017, to 47% of operating revenues compared with 50% at year-end 2014, versus our previous projection of 37% of operating revenues in This is mainly due to on-lending to social housing credit companies that Flanders has started implementing this year to improve funding costs because the community now consolidates these companies under ESA. Nevertheless, Flanders' debt burden remains low by international standards. It will be underpinned by Flanders' very strong budgetary performance, but also by automatic growth of the community's budget as a result of the sixth state reform, as new revenues compensate for new responsibilities. We consider that to maintain its very strong budgetary performance, Flanders could tap its average budgetary flexibility if needed. The community's modifiable tax revenues--the supplementary tax on personal income and regional taxes--will account for a moderate 34% of operating revenues from 2015 under our base-case scenario, and we expect capital expenditures will remain structurally close to 9% of total expenditures, which is not high by international standards. Still, we believe that Flanders would be less willing to tap its tax leeway, which we see as limited in practice, and more likely postpone capital expenditures because it already has excellent infrastructure in an international context. In addition to Flanders' budgetary flexibility, we consider that contingent liability risks are also moderate. Flanders' contingent liabilities mainly comprise its large spectrum of government-related entities and stakes in companies. These relate to the housing social credit companies Vlaamse Maatschappij voor Sociaal Wonen and Vlaams Woningfonds, but also to the community's PPPs in the construction phase, and its historical propensity to support the financial sector if needed. Under our downside scenario, Flanders' SACP could weaken to 'aa' if we observed a structural deterioration of its budgetary performance with increasing deficits after capital accounts, if Flanders was unable to contain growth in its expenses. Such deterioration might negatively affect our assessment of the community's financial management. We currently do not see any realistic upside scenario in which we could assess Flanders' SACP at 'aaa'. OCTOBER 16,
5 Liquidity We now view Flanders' liquidity as strong under our criteria, versus exceptional previously. We consider that the community has an adequate debt-coverage ratio, versus strong previously, and strong access to external liquidity. Since 2012, Flanders has had a multiyear 3 billion account facility that it will raise to 3.25 billion from February Despite this increase, we expect Flanders' debt service coverage ratio will decrease as it uses its liquidity line more extensively. We expect the amounts available on the account facility, and the community's cash holdings, will cover between 80% and 120% of the community's debt service in the next 12 months, including a long-term debt capital repayment peak of 1.25 billion in July 2016, the average outstanding amount of Belgian CP, and the capital part of the PPP cash outflows. We also think that Flanders has strong access to external funding via the financial markets, especially through its 10 billion EMTN program and its 1.5 billion Belgian CP program. In our opinion, at any time, the amount available under Flanders' account facility will cover 100% of its CP outstanding. Outlook The stable outlook on Flanders mirrors that on Belgium. All other things remaining equal, we would upgrade Flanders if we upgraded Belgium to 'AA+' and if the community continued to perform in line with our current base case. Given our stable outlook on Belgium, we currently see less than a one-in-three probability of an upgrade over our forecast horizon to year-end If we downgraded Belgium we would downgrade Flanders. Given Flanders' currently strong 'aa+' SACP, we do not see any realistic scenario that would lead us to downgrade Flanders to 'AA-' based on its stand-alone credit quality. Key Statistics Table 1 Community of Flanders Financial Statistics --Fiscal year ending Dec (Mil. ) 2013a 2014a 2015bc* 2016bc* 2017bc* Operating revenues 26,598 27,151 37,033 37,684 38,961 Operating expenditures 24,370 25,021 35,175 36,507 36,643 Operating balance 2,228 2,130 1,858 1,178 2,317 Operating balance (% of operating revenues) Capital revenues 2,280 1,339 1,087 1,925 1,534 Capital expenditures (capex) 2,589 3,341 3,382 3,540 3,640 Balance after capital accounts 1, (437) (437) OCTOBER 16,
6 Table 1 Community of Flanders Financial Statistics (cont.) --Fiscal year ending Dec (Mil. ) 2013a 2014a 2015bc* 2016bc* 2017bc* Balance after capital accounts (% of total revenues) (1.1) (1.1) 0.5 Net onlending (1,000) (1,400) (1,000) Debt repaid (long- and short-term) 2,312 1, , Gross borrowings (long- and short-term) 0 1,472 1,756 2,700 1,000 Balance after borrowings (394) (37) (115) (491) 58 Direct debt (outstanding at year-end) 5,912 6,077 7,875 9,221 10,067 Direct debt (% of operating revenues) Interest (% of operating revenues) Tax-supported debt (% of consolidated operating revenues) Capital expenditures (% of total expenditures) The data and ratios above result in part from Standard & Poor's own calculations, drawing on national as well as international sources, reflecting Standard & Poor's independent view on the timeliness, coverage, accuracy, credibility, and usability of available information. The main sources are the financial statements and budgets, as provided by the issuer. *From 2015, the significant budget increase follows the implementation of the sixth reform. a--actual. bc--base case reflects Standard & Poor's expectations of the most likely scenario. Table 2 Community of Flanders Economic Statistics --Fiscal year ending Dec bc 2015bc 2016bc 2017bc Population ('000s as of Jan. 1) 6,307 6,351 6,382 6,411 6,438 6,464 6,489 Population growth (%) Unemployment rate (%) N.A. N.A. N.A. GDP (nominal) per capita ( ) 32,412 33,554 33,973 34,327 34,796 35,766 36,769 Real GDP growth (%) The data and ratios above result in part from Standard & Poor's own calculations, drawing on national as well as international sources, reflecting Standard & Poor's independent view on the timeliness, coverage, accuracy, credibility, and usability of available information. Sources typically include national statistical offices, Eurostat, and Experian Limited. bc--base-case forecast; reflecting Standard & Poor's expectations of the most likely scenario. N.A. -- Not available. Ratings Score Snapshot OCTOBER 16,
7 Table 3 Community of Flanders Ratings Score Snapshot Key rating factors Institutional framework Economy Financial management Budgetary flexibility Budgetary performance Liquidity Debt burden Contingent Llabilities Very predictable and well-balanced Very strong Very strong Average Very strong Strong Low Moderate *Standard & Poor's ratings on local and regional governments are based on eight main rating factors listed in the table above. Section A of Standard & Poor's "Methodology For Rating Non-U.S. Local And Regional Governments" summarizes how the eight factors are combined to derive the rating. Key Sovereign Statistics Sovereign Risk Indicators, October 12, An interactive version is also available at Related Criteria And Research Related Criteria Criteria - Governments - International Public Finance: Methodology: Rating Non- U.S. Local And Regional Governments Higher Than The Sovereign - December 15, 2014 Criteria - Governments - International Public Finance: Methodology For Rating Non- U.S. Local And Regional Governments - June 30, 2014 General Criteria: Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions - November 19, 2013 Criteria - Governments - International Public Finance: Methodology And Assumptions For Analyzing The Liquidity Of Non-U.S. Local And Regional Governments And Related Entities And For Rating Their Commercial Paper Programs - October 15, 2009 Criteria - Governments - International Public Finance: Methodology And Assumptions: The Impact Of PPP Projects On International Local And Regional Governments: Refined Accounting Treatment - December 15, 2008 In accordance with our relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable (see 'Related Criteria And Research'). At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. OCTOBER 16,
8 After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action (see 'Related Criteria and Research'). Ratings List Ratings To From Flanders (Community of) Issuer credit rating Foreign and Local Currency AA/Stable/A-1+ AA/Stable/A-1+ Senior Unsecured Local Currency AA AA Commercial Paper Local Currency A-1+ A-1+ Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. 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. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) Additional Contact: International Public Finance Ratings Europe; PublicFinanceEurope@standardandpoors.com OCTOBER 16,
9 Copyright 2015 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at OCTOBER 16,
Belgian Region of Brussels-Capital 'AA' Ratings Affirmed; Outlook Remains Stable
Research Update: Belgian Region of Brussels-Capital 'AA' Ratings Affirmed; Outlook Remains Stable Primary Credit Analyst: Christophe Dore, Paris (33) 1-4420-6665; christophe.dore@spglobal.com Secondary
More informationSwedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Carina Johansson, Stockholm (46) 8-440-5918; carina.johansson@spglobal.com Secondary
More informationAustrian 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
More informationTerritory of Yukon 'AA' Rating Affirmed On Exceptional Liquidity And Very Low Debt Burden
Research Update: Territory of Yukon 'AA' Rating Affirmed On Exceptional Liquidity And Very Low Debt Burden Primary Credit Analyst: Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@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 informationTerritory 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,
More informationAustrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative
Research Update: Austrian State of Upper Austria 'AA+/A-1+' Ratings Affirmed; Outlook Negative Primary Credit Analyst, Sovereigns And International Public Finance: Thomas F Fischinger, Frankfurt (49) 69-33-999-243;
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 informationCity 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,
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 informationCity of Guelph Ratings Affirmed At 'AA+'; Outlook Remains Stable
Research Update: City of Guelph Ratings Affirmed At 'AA+'; Outlook Remains Stable Primary Credit Analyst: Siddharth R Maniyar, Toronto (1) 416-507-2567; siddharth.maniyar@spglobal.com Secondary Contact:
More informationSwiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable
Research Update: Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com
More informationU.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative
Research Update: U.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary
More informationSwiss 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
More informationDutch Bank LeasePlan 'BBB+/A-2' Ratings Placed On Watch Negative On Potential Ownership Change
Research Update: Dutch Bank LeasePlan 'BBB+/A-2' Ratings Placed On Watch Negative On Potential Ownership Primary Credit Analyst: Rayane Abbas, CFA, Paris +33 1 44 20 73 02; rayane.abbas@standardandpoors.com
More informationGermany-Based Santander Consumer Bank Outlook Revised To Stable From Positive; 'BBB+/A-2' Ratings Affirmed
Research Update: Germany-Based Santander Consumer Bank Outlook Revised To Stable From Positive; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Heiko Verhaag, Frankfurt (49) 69-33-999-215; heiko.verhaag@spglobal.com
More informationSwiss Canton of Zurich 'AAA' Ratings Affirmed; Outlook Stable
Research Update: Swiss Canton of Zurich 'AAA' Ratings Affirmed; Outlook Stable Primary Credit Analyst, Sovereigns And International Public Finance: Thomas F Fischinger, Frankfurt (49) 69-33-999-243; thomas.fischinger@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 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 informationSwiss Republic and Canton of Geneva Rating Affirmed At 'AA-'; Outlook Still Negative
Research Update: Swiss Republic and Canton of Geneva Rating Affirmed At 'AA-'; Outlook Still Negative Primary Credit Analyst: Romuald Goujon, Paris (33) 1-4475-2547; Romuald.Goujon@spglobal.com Secondary
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 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 informationDutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Rating
Research Update: Dutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Primary Credit Analyst: Beatrice de Taisne, CFA, London (44) 20-7176-3938; beatrice.de.taisne@spglobal.com
More informationApril 10,
www.spglobal.com/ratingsdirect April 10, 2018 1 www.spglobal.com/ratingsdirect April 10, 2018 2 www.spglobal.com/ratingsdirect April 10, 2018 3 www.spglobal.com/ratingsdirect April 10, 2018 4 www.spglobal.com/ratingsdirect
More informationBelgian 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
More informationQatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative
Research Update: Qatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Michael Dunckley, Dubai 0097143727182; Michael.Dunckley@spglobal.com Secondary
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 informationSwedish 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
More informationIrish Life Assurance Rating Raised To 'A-' Based On Criteria For Rating Above The Sovereign; Outlook Stable
Research Update: Irish Life Assurance Rating Raised To 'A-' Based On Criteria For Rating Above The Sovereign; Primary Credit Analyst: Sanjay Joshi, London (44) 20-7176-7087; sanjay.joshi@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 information28 ИЮНЯ 2012 Г. 1
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 2 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 3 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
More informationSwedish 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
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 informationU.K.-Based The Guinness Partnership Outlook Revised To Negative; Rating Affirmed At 'A+'
Research Update: U.K.-Based The Guinness Partnership Outlook Revised To Negative; Rating Affirmed At 'A+' Primary Credit Analyst: Ratul Sood, CFA, London +44 (0) 20 7176 6536; ratul.sood@spglobal.com Secondary
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 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 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 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 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
More informationRussia-Based B&N Bank Affirmed At 'B/B'; Outlook Stable
Research Update: Russia-Based B&N Bank Affirmed At 'B/B'; Outlook Stable Primary Credit Analyst: Anastasia Turdyeva, Moscow (7) 495-783-40-91; anastasia.turdyeva@spglobal.com Secondary Contact: Roman Rybalkin,
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 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 informationBelgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable
Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@spglobal.com Secondary Contact: Nicolas
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 informationNavigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable
Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108; david.veno@spglobal.com Secondary Contact:
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 informationSouth African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Affirmed
Research Update: South African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary
More informationEuropean Investment Fund Ratings Affirmed At 'AAA/A-1+'; Outlook Stable
Research Update: European Investment Fund Ratings Affirmed At 'AAA/A-1+'; Outlook Stable Primary Credit Analyst: Alexander Ekbom, Stockholm (46) 8-440-5911; alexander.ekbom@spglobal.com Secondary Contact:
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 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 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 informationFriendswood, Texas; General Obligation
Summary: Friendswood, Texas; General Obligation Primary Credit Analyst: Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.com Secondary Contact: Lauren H Spalten, Dallas (1)
More informationRoyal Bank of Scotland Ratings Lowered To 'A-/A-2' On Extended Restructuring; Outlook Negative
Research Update: Royal Bank of Scotland Ratings Lowered To 'A-/A-2' On Extended Restructuring; Outlook Primary Credit Analyst: Dhruv Roy, London (44) 20-7176-6709; dhruv.roy@standardandpoors.com Secondary
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 informationEmpresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable
Research Update: Empresa Generadora de Electricidad Itabo S. A. 'BB-' Ratings Affirmed, Outlook Remains Stable Primary Credit Analyst: Stephanie Alles, Mexico City (52) 55-5081-4416; stephanie.alles@spglobal.com
More informationSwedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Affirmed At 'BBB+/A-2'; Outlook Stable
Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Affirmed At 'BBB+/A-2'; Outlook Stable Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925;
More informationAfrican 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
More informationBanco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable
Research Update: Banco de Credito del Peru And Subsidiary Upgraded To 'BBB+' From 'BBB' On Stronger Capitalization, Outlook Stable Table Of Contents Overview Rating Action Rationale Outlook Ratings Score
More informationStatoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed
Research Update: Statoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed Primary Credit Analyst: Alexander Griaznov, Moscow (7) 495-783-4109; alexander.griaznov@spglobal.com Secondary Contact: Edouard
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 informationRatings On U.K.-Based MS Amlin's Core Entities Affirmed At 'A'; Outlook Stable
Research Update: Ratings On U.K.-Based MS Amlin's Core Entities Affirmed At 'A'; Outlook Stable Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary Contact:
More informationU.K.-Based High Speed Rail Finance 1 'A' Issue Rating Affirmed; Outlook Stable
Research Update: U.K.-Based High Speed Rail Finance 1 'A' Issue Rating Affirmed; Outlook Stable Primary Credit Analyst: Rachel C Goult, Paris 0033 (0) 966 965933; rachel.goult@standardandpoors.com Secondary
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 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 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 informationPPPs, Contingent Liabilities And Sovereign s Credit Quality
PPPs, Contingent Liabilities And Sovereign s Credit Quality 5 th Annual Meeting of OECD PPP Officials Paris, March 2012 Marko Mršnik Director Sovereign Ratings, Europe Copyright 2011 Standard & Poor s
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 informationVier Gas Transport GmbH (Open Grid Europe Group)
Summary: Vier Gas Transport GmbH (Open Grid Europe Group) Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@standardandpoors.com Secondary Contact: Vittoria
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 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 informationSpringfield, Michigan; General Obligation
Summary: Springfield, Michigan; General Obligation Primary Credit Analyst: Elizabeth Bachelder, Chicago (1) 312-233-7006; elizabeth.bachelder@standardandpoors.com Secondary Contact: Errol R Arne, New York
More informationRussian Gas Extraction Group OAO NOVATEK 'BBB-' Ratings Affirmed Following Sanctions On Key Shareholder; Outlook Stable
Research Update: Russian Gas Extraction Group OAO NOVATEK 'BBB-' Ratings Affirmed Following Sanctions On Key Shareholder; Outlook Stable Primary Credit Analyst: Rachel J Lion, CA, London (44) 20-7176-6680;
More informationShenandoah, Texas; General Obligation
Summary: Shenandoah, Texas; General Obligation Primary Credit Analyst: Alexander L Laufer, Dallas 214-765-5876; alexander.laufer@standardandpoors.com Secondary Contact: Sarah L Smaardyk, Dallas (1) 214-871-1428;
More informationGerman Strategic Oil Reserves Manager Erdoelbevorratungsverband 'AAA/A-1+' Ratings Affirmed; Outlook Stable
Research Update: German Strategic Oil Reserves Manager Erdoelbevorratungsverband 'AAA/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Felix Winnekens, Frankfurt (49) 69-33-999-245; felix.winnekens@spglobal.com
More informationNational Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable
Research Update: National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108;
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 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 informationLong-Term Ratings On The Netherlands Lowered To 'AA+' On Weak Growth Prospects; Outlook Stable
Research Update: Long-Term Ratings On The Netherlands Lowered To 'AA+' On Weak Growth Prospects; Outlook Stable Primary Credit Analyst: Benjamin J Young, London (44) 20-7176-3574; benjamin.young@standardandpoors.com
More informationTemasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable
Research Update: Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Primary Credit Analyst: Bertrand P Jabouley, CFA, Singapore (65) 6239-6303; bertrand.jabouley@spglobal.com
More informationElenia Finance Oyj. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) ;
Summary: Elenia Finance Oyj Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: Mikaela Hillman, Stockholm (46) 8-440-5917; mikaela.hillman@standardandpoors.com
More informationDell 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
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 informationPEMEX Stand-Alone Credit Profile Revised To 'bb' From 'bb+' On Revised Oil Price Assumptions; Ratings Affirmed
Research Update: PEMEX Stand-Alone Credit Profile Revised To 'bb' From 'bb+' On Revised Oil Price Assumptions; Ratings Affirmed Primary Credit Analyst: Marcela Duenas, Mexico City (52) 55-5081-4437; marcela.duenas@standardandpoors.com
More informationResearch 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
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 informationDanske Bank's Proposed Senior Nonpreferred Notes Rated 'A-'
Danske Bank's Proposed Senior Nonpreferred Notes Rated 'A-' Primary Credit Analyst: Victor Nikolskiy, Moscow (7) 495-783-40-10; victor.nikolskiy@spglobal.com Secondary Contact: Pierre-Brice Hellsing, Stockholm
More informationResearch Update: Kingdom of Belgium Outlook Revised To Negative On Political Deadlock; 'AA+/A-1+' Rating Affirmed.
December 14, 2010 Research Update: Kingdom of Belgium Outlook Revised To Negative On Political Deadlock; 'AA+/A-1+' Rating Primary Credit Analyst: Marko Mrsnik, Madrid +34 913 896 953;marko_mrsnik@standardandpoors.com
More informationGreek Gaming Company Intralot S.A. Outlook Revised To Stable On Improved Operating Performance; 'B' Rating Affirmed
Research Update: Greek Gaming Company Intralot S.A. Outlook Revised To Stable On Improved Operating Performance; 'B' Rating Affirmed Primary Credit Analyst: Mark J Davidson, London (44) 20-7176-6306; mark.davidson@standardandpoors.com
More informationNetherlands-Based ING Bank 'A/A-1' Ratings Affirmed On Government Support And ALAC Review; Outlook Stable
Research Update: Netherlands-Based ING Bank 'A/A-1' Ratings Affirmed On Government Support And ALAC Review; Outlook Stable Primary Credit Analyst: Nicolas Hardy, Paris (33) 1-4420-7318; nicolas.hardy@standardandpoors.com
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 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 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 informationPetroleos 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
More informationCore 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
More informationTurkey-Based Investment Company Dogus Holding Downgraded To 'B+'; Ratings Placed On CreditWatch Negative
Research Update: Turkey-Based Investment Company Dogus Holding Downgraded To 'B+'; Ratings Placed On CreditWatch Negative Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@spglobal.com
More informationAustrian 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
More informationBNP Paribas 'A+/A-1' Ratings Affirmed, Off Watch; Outlook Negative; Subordinated Debt Rating Lowered
Research Update: BNP Paribas 'A+/A-1' Ratings Affirmed, Off Watch; Outlook Negative; Subordinated Debt Rating Lowered Primary Credit Analyst: Sylvie Dalmaz, PhD, Paris (33) 1-4420-6682; sylvie.dalmaz@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 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 informationResearch 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
More information