Adam & Co. Assigned Preliminary 'BBB+/A-2' Ratings; Outlook Stable; RBS Outlook Revised To Negative, Ratings Affirmed
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1 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) ; Secondary Contact: Alexandre Birry, London (44) ; Table Of Contents Overview Rating Action Rationale Outlook Related Criteria Ratings List OCTOBER 5,
2 Research Update: Adam & Co. Assigned Preliminary 'BBB+/A-2' Ratings; Outlook Stable; RBS Outlook Revised To Negative, Ratings Affirmed Overview The Royal Bank of Scotland Group PLC (RBSG) plans to complete the formal separation of its banking operations under the U.K's ring-fencing regime by mid As part of this separation, we understand that RBSG plans to transfer the majority of existing personal, private, business, and commercial banking activities of the Royal Bank of Scotland PLC (RBS PLC) to Adam & Co. PLC (Adam & Co.). Subsequently, Adam & Co. will be renamed RBS PLC, and the current RBS PLC will be renamed NatWest Markets PLC (NatWest Markets), housing the group's corporate and investment banking activities. In anticipation of the completion of this transfer, we have assigned preliminary ratings of 'BBB+/A-2' to Adam & Co. as we consider this entity will be a core operating subsidiary of RBSG. The outlook is stable, mirroring the outlook on RBSG. At the same time, we have affirmed the 'BBB+/A-2' ratings on the current RBS PLC and revised the outlook to negative from stable. The negative outlook reflects that--post U.K. court approval of the asset transfer to Adam & Co.--we are likely to assess this entity as being of highly strategic importance to RBSG instead of core. It further reflects our view of its higher risk profile and the weaker performance track record of its investment banking activities relative to those of ring-fenced entities. Rating Action On Oct. 5, 2017, S&P Global Ratings assigned its 'BBB+/A-2' preliminary longand short-term issuer credit ratings (ICRs) to U.K.-based private bank Adam & Co. with a stable outlook. At the same time, we affirmed the 'BBB+/A-2' ratings and revised the outlook to negative from stable on three entities that we expect will continue to provide investment banking services situated outside the ring-fence. These are RBS PLC, the Royal Bank of Scotland N.V. (RBS N.V.), and U.S.-based RBS Securities Inc. (RBS Securities). At the issuer's request, we have discontinued the 'BBB+/A-2' ratings on the Royal Bank of Scotland N.V. (Milan Branch) and the Royal Bank of Scotland PLC (Connecticut Branch), as these have been closed. The preliminary ratings on Adam & Co. will likely be converted into final OCTOBER 5,
3 ratings once RBSG receives U.K. court approval under Part VII of the Financial Services and Markets Act 2000 (FSMA) for the associated transfer of business. We currently expect this to occur during the first-half of Therefore, the preliminary ratings are subject to these key steps being completed. If the scheme of transfer does not complete or the terms materially diverge from the plan presented to us, we reserve the right to withdraw or revise our preliminary ratings. If the scheme of transfer is completed as management expects, we will likely lower the ratings by one notch on RBS PLC and the associated entities mentioned above at the time of converting the preliminary ratings on Adam & Co. into final ratings. This would result in a lowering by one notch of our issue ratings on existing senior unsecured and hybrid instruments issued by the current RBS PLC. Rationale We have assigned preliminary ratings to Adam & Co. based on our expectation that the formal separation of RBSG's banking operations to comply with the U.K.'s ring-fencing requirements will be completed as management expects during the first-half of The U.K.'s ring-fencing requirements seek to remove operational and financial dependencies and linkages between the systemically important activities of major U.K. banks and their less-systemically important, and often risker, activities. Each bank has therefore had to decide whether, and how, to split those activities between different subsidiaries or to exit from offering some of them. Since these ring-fencing arrangements must be delivered by Jan. 1, 2019, we anticipate that all of the affected banks--lloyds, Barclays, HSBC, and RBS--will complete the associated business transfers before the third quarter of RBS has stated that its target organizational structure is broadly similar to its current division structure and that it expects to commit about 80% of current core risk-weighted assets to the ring-fenced bank. Following its initial announcement in February 2015, RBS announced on Sept. 30, 2016, additional details regarding its expectations for the group's legal entity structure under ring-fencing regulations. Most of the group's U.K. and Western European banking business will be placed in ring-fenced entities under an intermediate holding company, while investment banking activities will be in a non-ring-fenced bank. RBS International will also sit outside the ring-fence. Both the latter divisions will be subsidiaries of RBSG. RBS introduced in January 2017 an intermediate holding company for the ring-fenced banks--natwest Holdings Ltd.--with direct ownership of National Westminster Bank PLC (NatWest Bank, 'BBB+/Stable/A-2'), Adam & Co., and Ulster Bank Ireland DAC (UBI DAC, 'BBB/Stable/A-2'). While currently a subsidiary of RBS PLC, this intermediate holding company will, by the end of 2018, be a OCTOBER 5,
4 direct subsidiary of RBSG. RBSG will also have direct ownership of NatWest Markets and RBS International, which will sit outside the ring-fence. The group intends to complete by mid-2018 the transfer of the majority of RBS PLC's personal, private, business, and commercial customers to Adam and Co.--the Scottish private bank--and subsequently rename it RBS PLC. This entity will sit within the ring-fence. At the same time, the group intends to rename the current RBS PLC to NatWest Markets following the transfer to Adam & Co. This entity, which will be a direct subsidiary of RBSG, will principally conduct the group's corporate and investment banking activities and be a non-ring-fenced bank. We regard Adam & Co. to be a core operating subsidiary of RBSG and align its preliminary ratings with the 'bbb+' group credit profile (GCP) and 'BBB+' long-term rating on other core operating subsidiaries, such as NatWest Bank. The outlook is stable. As a midsize retail and commercial bank, Adam & Co. is expected to become a material legal entity. It will share the same name and brand as that of RBSG, and we consider that it is highly unlikely to be sold given that this entity will operate in a core market (the U.K.) and in core business lines that are integral to the group's strategy (retail and commercial banking). It will be one of three ring-fenced banks alongside NatWest Bank (which we also regard a core subsidiary) and UBI DAC (which we consider to be a highly strategic subsidiary). Moreover, we expect Adam & Co. to be one of the more profitable divisions alongside NatWest Bank, which in our view increases its strategic importance to the group and the likelihood of receiving financial support in case of need. We do not assign a stand-alone credit profile to this entity. While the 'bbb+' GCP is unlikely to change under the ring-fencing regime, we expect that in, a stress scenario, ring-fencing could potentially result in diverging assessments of creditworthiness depending on the specific legal entity and structure in question. Consequently, we have revised the outlook to negative from stable on currently core operating subsidiary RBS PLC, as well as associated entities RBS N.V. and U.S.-based broker-dealer RBS Securities. This is because we are likely to regard these entities as highly strategic rather than core once RBS PLC transfers its retail and commercial assets to Adam & Co. and its primary activities are corporate and investment banking under the NatWest Markets brand. This would reflect our view of its higher risk profile and the weaker performance track record of its investment banking activities relative to the ring-fenced entities. The ring-fenced banks will likely remain core to the group, because we believe there would be incrementally higher likelihood for extraordinary group support to these entities. A revision of RBS PLC's group status assessment to highly strategic would result in a lowering by one notch of our issue ratings on existing senior unsecured and hybrid instruments issued by the current RBS PLC. OCTOBER 5,
5 Outlook ADAM & CO. PLC The stable outlook on Adam & Co. mirrors that on RBSG. A revision of the outlook would most likely be the result of a change in the outlook on RBSG. The stable outlook on RBSG and its main subsidiaries balances a potential increase in economic risks for U.K. banks--following the U.K.'s decision to leave the EU--against the group's improved capitalization and continued progress with its restructuring. We could lower the ratings on nonoperating holding company RBSG in the next months if a material increase in economic risks led us to revise down the anchor (our starting point) for rating U.K. banks, and if this was not offset by our improved assessment of the group's risk position. This could occur if, for instance, a sharp economic slowdown led to a notable deterioration in asset quality and material uncertainty remained around the group's exposure to residual conduct and litigation risk. A downgrade could also follow an increase in economic risks or additional restructuring further delaying a return to statutory profitability. We could raise the ratings if the Brexit process does not lead to a material increase in systemwide risks and if RBS' overall risk exposure, including to litigation risk, is in line with its main U.K. peers. We could also raise the ratings if residual litigation costs were smaller than we expected and supported a risk-adjusted capital ratio likely to remain sustainably above 10%, according to our risk-adjusted capital framework. The outlook on RBSG incorporates our expectation that the bank will maintain an additional loss-absorbing capacity (ALAC) buffer of more than 8.5%. At this time, we do not expect to remove the one-notch negative adjustment we incorporate into the ICR. This adjustment reflects our expectation that the group will remain a relative underperformer in terms of statutory profits in 2017, and possibly 2018, compared with similarly rated peers. RBS PLC AND ASSOCIATED ENTITIES The negative outlook on RBS PLC, RBS N.V., and RBS Securities reflects that the future reorganization of the group to comply with U.K. ring-fencing regulations could change the creditworthiness of these group entities. It is likely that we will rate these entities, which will sit outside the ring-fence, one notch below the main ring-fenced operating banks. This also applies to our issue ratings on existing senior unsecured and hybrid instruments issued by the current RBS PLC. OCTOBER 5,
6 Related Criteria General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 General Criteria: Guarantee Criteria, Oct. 21, 2016 General Criteria: Group Rating Methodology, Nov. 19, 2013 General Criteria: Group Rating Methodology, Nov. 19, 2013 Criteria - Financial Institutions - Banks: Assessing Bank Branch Creditworthiness, Oct. 14, 2013 Criteria - Financial Institutions - Banks: Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013 Criteria - Financial Institutions - Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Criteria - Financial Institutions - Banks: Banks: Rating Methodology And Assumptions, Nov. 9, 2011 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings List New Rating Adam & Co. PLC Counterparty Credit Rating BBB+/Stable/A-2 Ratings Affirmed; Outlook Action To From The Royal Bank of Scotland PLC RBS Securities Inc. The Royal Bank of Scotland N.V. Counterparty Credit Rating BBB+/Negative/A-2 BBB+/Stable/A-2 Not Rated Action To From Royal Bank of Scotland N.V. (Milan Branch) Royal Bank of Scotland PLC (Connecticut Branch) (The) Counterparty Credit Rating NR/NR BBB+/Stable/A-2 Ratings Affirmed The Royal Bank of Scotland PLC Certificate Of Deposit BBB+/A-2 Senior Unsecured BBB+ Senior Unsecured BBB+p Subordinated BB+ Junior Subordinated BB Certificate Of Deposit A-2 Commercial Paper A-2 OCTOBER 5,
7 The Royal Bank of Scotland N.V. Certificate Of Deposit Foreign Currency A-1 Subordinated BB+ 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 and at spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) OCTOBER 5,
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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 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 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 informationInteractive Brokers LLC
Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@spglobal.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385; robert.hoban@spglobal.com
More informationAXA Insurance Group 'AA-' Ratings Affirmed After Announcement Of IPO Of U.S. Subsidiaries; Outlook Stable
Research Update: AXA Insurance Group 'AA-' Ratings Affirmed After Announcement Of IPO Of U.S. Subsidiaries; Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary
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 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 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 informationComision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria
Research Update: Comision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria Primary Credit Analyst: Marcela Duenas, Mexico City (52) 55-5081-4437;
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 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 informationFive Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign
Research Update: Five Colombian Corporate And Infrastructure Companies Downgraded To 'BBB-' From 'BBB' On Same Action On The Sovereign Primary Credit Analyst: Dulce M Cortes Elias, Mexico City; Dulce.Cortes-Elias@spglobal.com
More 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 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 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 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 informationSpain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Stable
Research Update: Spain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@spglobal.com Secondary Contact:
More 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 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 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 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 informationRatings On Portugal-Based Paper And Pulp Producer The Navigator Company Affirmed At 'BB/B'; Outlook Stable
Research Update: Ratings On Portugal-Based Paper And Pulp Producer The Navigator Company Affirmed At 'BB/B'; Outlook Stable Primary Credit Analyst: Gustav Liedgren, Stockholm (46) 8-440-5916; gustav.liedgren@spglobal.com
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 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 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 informationSwedish Truck Maker Scania Outlook Revised To Stable After Same Action On VW; 'BBB+/A-2' Ratings Affirmed
Research Update: Swedish Truck Maker Scania Outlook Revised To Stable After Same Action On VW; 'BBB+/A-2' Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207; vittoria.ferraris@spglobal.com
More informationBank of Cyprus Assigned 'B/B' Ratings; Outlook Positive
Research Update: Bank of Cyprus Assigned 'B/B' Ratings; Outlook Positive Primary Credit Analyst: Regina Argenio, Milan (39) 02-72111-208; regina.argenio@spglobal.com Secondary Contact: Miriam Fernandez,
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 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 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 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 informationItalian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed
Research Update: Italian Multi-Utility Hera Outlook Revised To Positive On Stronger Credit Metrics; 'BBB/A-2' Ratings Affirmed Primary Credit Analyst: Marta Bevilacqua, Milan (39) 02-72-111-298; marta.bevilacqua@spglobal.com
More 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 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 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 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 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 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 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 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 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 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 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 informationFrench Auto Supplier Valeo Outlook Revised To Stable From Positive; Ratings Affirmed At 'BBB/A-2'
Research Update: French Auto Supplier Valeo Outlook Revised To Stable From Positive; Ratings Affirmed At Primary Credit Analyst: Margaux Pery, Paris +33 1 44 20 73 35; margaux.pery@spglobal.com Secondary
More informationTurkish 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
More informationResearch 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)
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 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 informationFrance-Based Insurer CNP Assurances 'A' Ratings Affirmed; Outlook Stable
Research Update: France-Based Insurer CNP Assurances 'A' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Charlotte Chausserie-Lapree, Paris (33) 1-4420-7205; charlotte.chausserie@spglobal.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 informationGerman 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,
More informationSouth Africa-Based Capitec Bank Ltd. Assigned 'BB+/B' And 'zaa/zaa-1' Ratings; Outlook Stable
Research Update: South Africa-Based Capitec Bank Ltd. Assigned 'BB+/B' And 'zaa/zaa-1' Ratings; Outlook Stable Primary Credit Analyst: Jones Gondo, Johannesburg (27) 11-214-4866; jones.gondo@standardandpoors.com
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 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
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