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Servicer Evaluation: AMAL Asset Management Ltd. - PDF
Servicer Evaluation: AMAL Asset Management Ltd.
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1 October 12, 2011 Servicer Evaluation: AMAL Asset Management Ltd. Primary Credit Analyst: Elizabeth Steenson, Melbourne (61) ; Secondary Contact: Luke Elder, Melbourne (61) ; Table Of Contents Opinion Outlook Profile Business Strategy And Growth Management And Organization Commercial Loan Administration Financial Position Related Criteria And Research 12 Servicer Evaluation: AMAL Asset Management Ltd. Opinion Ranking: Strong The overall commercial loan servicer ranking on AMAL Asset Management Ltd. (AMAL) reflects the company's following key strengths: Its highly qualified and skilled workforce, including an experienced and qualified senior management team; Strengthened risk management and compliance practices, underpinned by a risk management tool that meets industry best practices; Effective processing and servicing policies and procedures; and Work-flow improvements and increased servicing efficiencies through investments in technology. In addition, Standard & Poor's Ratings Services considers that AMAL has proactively improved its organizational infrastructure, internal controls mechanisms, and underlying technology architecture, leading to further alignment of its servicing standards with industry best practices. A competent servicer of commercial loan, residential, and consumer receivable portfolios in Australia and New Zealand, AMAL has more than A$5 billion funds under administration as at October Outlook The outlook for the ranking is 'Stable'. Given AMAL's experienced management team and continued advancement of its servicing operations, Standard & Poor's believes that AMAL would continue to competently manage its servicing business in the medium term. Profile AMAL is an unlisted public company headquartered in Sydney, New South Wales. All servicing functions are run out of Sydney, following the relocation of a handful of staff who were previously based in Auckland, New Zealand. Although originally established to service commercial property loans from lending institutions, AMAL expanded to servicing residential loans in 2004, consumer loan portfolios in 2005, and an equipment lease portfolio in As a result, the servicing operations span a diversified network of asset classes. The company has also secured back-up servicing and special servicing roles for commercial, residential, equipment finance, and auto receivable portfolios. In addition to providing a full suite of loan servicing options, AMAL customizes its services for individual clients. The clients usually retain responsibility for their in-house credit processes. Since its formation in 1994, AMAL has concentrated on being a fee-for-service third-party service provider rather than a direct lender. As such, the economic volatility in has had a less direct impact on the company, and has instead provided additional opportunities for servicing, special servicing, and back-up servicing. Business has grown through new contracts to service problem portfolios from an increasing number of investor clients. Standard & Poors RatingsDirect on the Global Credit Portal October 12,3 Business Strategy And Growth The business strategy encompasses expanding into the Asia-Pacific and broadening AMAL's loan-management product base to attract lenders from all asset classes across the region. The management believes that there will be limited organic growth over the short term from AMAL's existing non-bank commercial customers. This has led to the company pursuing growth opportunities with new clients, by venturing into both primary and back-up servicing roles for residential loan, consumer receivables, and equipment leasing portfolios; and back-up servicing roles for auto lease receivables. The majority of AMAL's revenue comes from recurring income fees with large corporate clients and Australian lending institutions. The company has more than 30 clients and expects to further penetrate the market with additional advertising campaigns to attract new clients and maintain client outreach initiatives. Standard & Poor's recognizes that AMAL has highly proficient servicing abilities, an experienced management and staff, and a sound servicing platform, which provides a solid foundation for sustaining quality servicing standards and practices. Management And Organization Subranking: STRONG The STRONG subranking reflects our opinion that AMAL possesses the following key strengths: A highly experienced management team leading a qualified servicing workforce; Commitment to ongoing investment in technology, including the recent introduction of its E-Learning training system and greater use of ARM.net; Well-designed and thorough operating and servicing policies and procedures that incorporate best practices concerning process and controls; An effective risk management and compliance framework--which is underpinned by risk management software--to identify, manage, and report risk processes and issues, and compliance manuals and controls; Flexibility and ability to tailor its loan servicing platform and business processes to meet the performance standards and servicing requirements of its clients; and Its good corporate governance structure, encompassing increased regulatory compliance in connection with recently obtained licences, including Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL). Management structure In our view, AMAL has maintained a stable operating and servicing environment that has been developed by a well-tenured and experienced senior management team. The company also has an effective communication strategy to promote servicing quality and standards. Since our last review, the company's workforce has remained relatively stable, with around 40 staff. Additional collections specialists have been recruited when required to service specific portfolios. We consider that the organizational structure has evolved soundly, enabling the company to address all key functions and manage business growth effectively (see chart 1). 3 4 The overall staff turnover rate remains low, and in our view, reflects the company's effective staff retention strategies and people-focused culture. Chart 1 Risk management and compliance framework In our opinion, AMAL has enhanced its risk management and compliance framework, which compares favorably with industry standards. Since the last review, the company has complemented its framework, which includes fully documented risk policies, with greater use of risk management software. Additional compliance manuals and controls have been introduced in connection with its AFSL and ACL. We consider AMAL's approach to be proactive in ensuring that effective risk practices are adopted. A governance structure that has documented charters at Board level manages the risk and compliance framework (see chart 2). In particular, the risk and compliance committee, which is an ongoing formal forum, meets quarterly to discuss specific risk and compliance issues. Standard & Poors RatingsDirect on the Global Credit Portal October 12, 5 Chart 2 In our view, AMAL has continued to develop its risk management and compliance program, and has strengthened the company's risk identification, assessment, monitoring, and reporting practices, in line with industry standards. Internal audit and quality assurance We consider that AMAL has maintained sound internal audit practices across its servicing operations, as qualified external specialists perform audits and quality assurance on the company's activities: AMAL has been accredited by SAI Global under the international standard for Quality Management Systems (ISO 9001:2008) in Australia and New Zealand since October SAI Global undertakes full recertification audits every three years and annual surveillance audits in the intervening years. This accreditation determines the capability and effectiveness of the organization's management system in ensuring continual compliance with its stated criteria and customer and statutory requirements, and with the company's specified objectives. SAI Global completed its triennial (recertification) audit in August 2011, and has recommended to continue AMAL's ISO9001:2008 certification for a further three years, until October Specialist external consultants from its auditor, Ernst & Young, conduct AMAL's annual internal controls audit prescribed in accordance with ASAE 3402 (Assurance Reports on Controls at a Service Organisation), which has 56 replaced GS007. Although AMAL undergoes a comprehensive, external, and quality-assurance program audits, the company lacks a dedicated team of internal audit specialists. In larger peer servicers, a dedicated internal audit team usually provides ongoing audit activities across all the processing and servicing areas of the business according to their risk profiles. However, since our previous review, the company has expanded the scope of its external audit to include the internal audit function. Technology In our view, AMAL continues to have well-automated systems and an effective servicing technology, supported by the following systems applications: ARM An externally developed tool used for core processing servicing and administration activities. xinterface An automated data interface (input) that allows an external system to interface with ARM. xtract An interface to lenders for end-of-day processing i.e. accounting, reporting, dual interface files, daily loan movement reporting, and interest accounts; Web Reporting An in-house developed Web reporting tool; and xchange A graphical interface to lenders, originators, and borrowers. Standard & Poors RatingsDirect on the Global Credit Portal October 12,7 Chart 3 78 Training programs AMAL has recently implemented an E-Learning system, which allows staff to complete both in-house-created on-line training (such as policies and procedures) and external training modules. Training logs are included, such that the system maintains a register of training undertaken by each staff, upcoming scheduled training and other training-related activities. System-generated reminders for overdue training are sent both to the staff member and to the Director, Governance, Risk and Compliance. AMAL's induction manual requires managers to schedule specified E-Learning training modules for new employees at various stages within the first three months. Individual training plans are also developed for each new team member, and are formally discussed and reviewed at each six-monthly performance appraisal. On-the-job training with either an experienced servicing staff member or the team leader is provided for a broad range of loan administration functions, including processes, work flows, and other tasks, such as client management. AMAL also supports the personal development of its employees through formal education programs provided by external industry specialists. Policies and procedures We consider that AMAL has demonstrated solid controls in developing, drafting, and disseminating its loan processing and servicing policies and procedures. The team reporting into Risk, Compliance and Quality administers the policies and client-specific procedures, which are represented in the form of process maps for each client. All updates, changes, and establishment of new process are the project manager's responsibility. The company uses a standardized template for its servicing procedures, and continues to have effective methodologies for reviewing and updating them, including the following: Initial documentation and capturing of details within a client's servicing agreement; Development of extensive process maps, servicing checklists, and reports; and The requirement that any changes and updates must have the client's formal approval and sign-off. In our view, AMAL's policies and procedures documented in its comprehensive process maps are well written and concise. Each servicing team member must be fully conversant and up-to-date with changes to the terms and conditions of the service agreements, process maps, and checklists particular to the portfolio that he/she is assigned to. These are stored on-line and are always available to the portfolio team members. Commercial Loan Administration Subranking: ABOVE AVERAGE AMAL services a diversified portfolio of commercial mortgages, residential mortgages, leases, and consumer loans, which are worth more than A$5 billion, and are serviced on behalf around 30 lenders. AMAL currently services over 2,500 commercial mortgage loans with a total balance of more than A$4.5 billion. The size and nature of the commercial portfolios and loans vary from lender to lender, but are generally characterized as small-to-medium loans with interest-only terms of up to five years, secured over commercial properties. The funds under AMAL's management are illustrated in chart 4. Standard & Poors RatingsDirect on the Global Credit Portal October 12, 9 Chart 4 Processing and servicing technology development In our opinion, AMAL has continued to operate in an automated environment, with effective systems architecture and a team of qualified technology specialists to support its technology infrastructure development. Since our previous review, there have been platform enhancements to support processing and servicing efficiencies, including the migration of additional portfolios to ARM.net and the continued expansion of Web Reporting. AMAL's systems change-management process is well documented and comprehensive, supported by a vendor-supported system, Gemini. The process enables the staff to log work requests, and enables team leaders and managers to input systems issues, with an audit trail of any updates made. The systems architecture is flexible and scalable to accommodate new features from client requests. In our opinion, AMAL has been proactive in retaining a well-developed business continuity plan and testing regime. The company's disaster recovery capabilities, in our view, remain sound, with periodic business continuity and disaster recovery testing of the company's main systems. Further, external specialists conduct weekly network penetration testing to identify any gaps in the security of the networks. Data replication of all transaction information is conducted every minute, ensuring minimal data loss if a disaster were to occur. Data processing and integrity A prudent data checking and compliance verification process underpins AMAL's processing and servicing activities. Each servicing activity has been tailored to the customer's needs, with appropriate controls embedded within the process. In addition, the ARM system contains certain protocols that prevent a loan from progressing to completion 910 until certain controls are checked off and verified. Client reporting We believe AMAL has maintained relatively strong and extensive reporting capabilities. Web Reporting is used to generate various client reports including portfolio, finance, and trail management. The reports are distributed to clients via a direct systems interface or data uploads, which clients may integrate with their own reporting platforms or feed directly into their general ledger systems. Document production and custody AMAL continues to effectively use an electronic document imaging, storage, and retrieval system to track and retrieve documents. Imaged loan documents are indexed and filed within the ARM document management system as electronic files for a loan, with the client documents. In addition, xchange enables clients to access all loan documents stored in ARM. Copies of all security documents, system-generated template documents, notices, s, spreadsheets, faxes, and correspondence are imaged and held in the loan-servicing system. Client relationship management In our view, AMAL has maintained an interactive client service model. Clients have the option to either communicate directly to qualified AMAL staff, or use readily available technology to manage their interaction with AMAL. Further, AMAL continues to provide superior third-party servicing to originators, with a fully integrated 'white labeling' program that incorporates: Branded communications; Branded templates that are developed and embedded in the loan management system; Dedicated phone lines; and Dedicated divisional managers and client service staff. For commercial construction portfolios, much more detail and interaction are provided via the BankWeb system interface with ARM. The BankWeb platform significantly increases the efficiency of the commercial construction management process, and ensures that all stakeholders of the construction project are up-to-date through real-time Web-based upload of information and transactions. Arrears management AMAL has aligned its servicing structure to maximize performance and service excellence in each asset class under its management (see chart 5). Arrears management, collections and recovery strategies, workout strategies, and procedures are based on client requirements and the asset class serviced. Standard & Poors RatingsDirect on the Global Credit Portal October 12, 11 Chart 5 AMAL has retained a qualified credit services team to undertake specific servicing activities in the commercial loan portfolios under its management. Each team member has specialist commercial credit experience. The company incorporates client advice to provide proficient third-party servicing through sound collections methodologies, which are aimed at minimizing default rates and accelerating cash collections on the respective portfolios. Arrears management procedures are clearly documented in every loan-servicing agreement, process map, and checklist, with AMAL's systems and processes tailored to each client accordingly. In addition, AMAL maintains its key strength of providing comprehensive reports to clients. The well-automated ARM servicing module aims to minimize errors, and existing checks are conducted to identify arrears in a timely manner as clients are contacted and informed when payments have been missed. In addition, any nonstandard arrangements for payment must be approved by the client. Loan arrears are initially administered by the collections team, and managed by the credit services team when a higher level of servicing activity is required. The ARM core servicing system, in conjunction with Web Reporting, provides accurate and timely reports to clients. 1112 Financial Position Subranking: SUFFICIENT In our opinion, AMAL's financial position is sufficient to sustain its commercial loan servicing operations at the current level for the next months. Related Criteria And Research Revised Criteria For Including RMBS, CMBS, And ABS Servicers On Standard & Poor's Select Servicer List, April 16, 2009 Servicer Evaluation Criteria: Australia and New Zealand, Aug. 2, 2008 Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services licence number under the Corporations Act Standard & Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). 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Research Update: Largest South African Non-Life Insurer, Santam Ltd., Assigned 'A-' Long-Term And 'zaaa' National Scale Ratings Primary Credit Analyst: Neil Gosrani, London (44) 20-7176-7112; neil_gosrani@standardandpoors.com More information Evaluating Insurers Enterprise Risk Management Practice
Evaluating Insurers Enterprise Risk Management Practice Li Cheng, CFA, FRM, FSA Director Financial Services Ratings October 3, 2013 Permission to reprint or distribute any content from this presentation More information Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents
May 17, 2012 Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;arturo_sanchez@standardandpoors.com More information FWD Life Insurance Co. (Bermuda) Ltd. Assigned 'A-' And 'cnaa' Ratings; Outlook Stable
Research Update: FWD Life Insurance Co. (Bermuda) Ltd. Assigned 'A-' And 'cnaa' Ratings; Outlook Stable Primary Credit Analyst: Anna Kong, FSA, FRM, Hong Kong (852) 2533-3571; anna.kong@standardandpoors.com More information Banco Mercantil do Brasil S.A. Global Scale 'BB-/B' And National Scale 'bra-' Ratings Affirmed
Research Update: Banco Mercantil do Brasil S.A. Global Scale 'BB-/B' And National Scale 'bra-' Ratings Affirmed Primary Credit Analyst: Vitor Garcia, Sao Paulo (55) 11-3039-9725; vitor_garcia@standardandpoors.com More information Outlooks On Six Insurance Groups Revised To Stable From Negative After Outlook On U.S. Revised To Stable
Outlooks On Six Insurance Groups Revised To Stable From Negative After Outlook On U.S. Revised To Stable Primary Credit Analyst: Rodney A Clark, FSA, New York (1) 212-438-7245; rodney.clark@standardandpoors.com More information Standard & Poor's Base-Case Scenario. Related Criteria And Research
Summary: Valeo S.A. Primary Credit Analyst: Vincent Gusdorf, CFA, Paris (33) 1-4420-6667; vincent.gusdorf@standardandpoors.com Secondary Contact: Barbara Castellano, Milan (39) 02-72111-253; barbara.castellano@standardandpoors.com More information Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Stable
Research Update: Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Primary Credit Analyst: Alexander Altinisik, Stockholm (46) 8-440-5902; alexander.altinisik@standardandpoors.com More information Lake Oswego, Oregon; Water/Sewer
Summary: Lake Oswego, Oregon; Water/Sewer Primary Credit Analyst: Aaron Lee, San Francisco (1) 415-371-5066; aaron.lee@standardandpoors.com Secondary Contact: Tim Tung, San Francisco (415) 371-5041; tim.tung@standardandpoors.com More information Vienna Insurance Group AG Wiener Versicherung Gruppe
Summary: Vienna Insurance Group AG Wiener Versicherung Gruppe Primary Credit Analyst: Johannes Bender, Frankfurt (49) 69-33-999-196; johannes_bender@standardandpoors.com Secondary Contact: Ralf Bender, More information Guardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative
Research Update: Guardian Life Insurance, Core Operating Subsidiaries 'AA+' Ratings Affirmed On Criteria Review, Outlook Negative Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274; neal.freedman@standardandpoors.com More information Research Update: Grupo Catalana Occidente Entities Outlook To Stable On Strong And Sustainable Operating Earnings; 'A-' Ratings Affirmed
March 22, 2011 Research Update: Grupo Catalana Occidente Entities Outlook To Stable On Strong And Sustainable Operating Earnings; 'A-' Ratings Affirmed Primary Credit Analyst: Marie-Aude Salinas, Paris More information Central Texas Regional Mobility Authority; Toll Roads Bridges
Summary: Central Texas Regional Mobility Authority; Toll Roads Bridges Primary Credit Analyst: Todd R Spence, Dallas (1) 214-871-1424; todd.spence@standardandpoors.com Secondary Contact: Peter V Murphy, More information NorthStar Education Finance Inc. Series 2006-A Ratings Affirmed
NorthStar Education Finance Inc. Series 2006-A Ratings Affirmed Primary Credit Analyst: Ronald G Burt, New York (1) 212-438-4011; ronald.burt@standardandpoors.com Analytical Manager--Term ABS: Frank J More information New York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable
Research Update: New York Life Insurance Co. 'AA+/A-1+' Rating Affirmed On Criteria Review; Outlook Stable Primary Credit Analyst: Michael E Gross, San Francisco (1) 415-371-5003; michael.gross@standardandpoors.com More information Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed And Removed From CreditWatch; Outlook Stable
Research Update: Lloyds Banking Group Life Insurance Operations 'A' Ratings Affirmed And Removed From CreditWatch; Outlook Stable Primary Credit Analyst: Oluwatosin S Adesiyan, London (44) 20-7176-3279; More information Lear Corp.'s Recovery Rating Profile
Recovery Report: Lear Corp.'s Recovery Rating Profile Primary Credit Analyst: Lawrence Orlowski, CFA, New York (1) 212-438-1000; lawrence_orlowski@standardandpoors.com Recovery Analyst: Greg Maddock, New More information Standard & Poor's Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative Implications
December 5, 2011 Standard & Poor's Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative Implications Primary Credit Analysts: Moritz Kraemer, Frankfurt (49) 69-33-99-9249; moritz_kraemer@standardandpoors.com More information Healthcare Support (North Staffs) Finance Outlook Revised To Stable On Operating Risk; 'BBB-' Issue Ratings Affirmed
Research Update: Healthcare Support (North Staffs) Finance Outlook Revised To Stable On Operating Risk; 'BBB-' Issue Ratings Affirmed Primary Credit Analyst: Manuel Dusina, London (44) 20-7176-5530; manuel.dusina@standardandpoors.com More information Mounting Student Debt Is Reshaping The U.S. Student Loan Market
STRUCTURED FINANCE RESEARCH Mounting Student Debt Is Reshaping The U.S. Student Loan Market Primary Credit Analyst: Erkan Erturk, PhD, New York (1) 212-438-2450; erkan_erturk@standardandpoors.com Business More information Danish Bank DLR Kredit Affirmed At 'BBB+/A-2'; Junior Subordinated Debt Downgraded To 'BB'; Outlook Remains Stable
Research Update: Danish Bank DLR Kredit Affirmed At 'BBB+/A-2'; Junior Subordinated Debt Downgraded To 'BB'; Outlook Remains Stable Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean.cotten@standardandpoors.com More information Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer
Research Update: Residential Real Estate Company Deutsche Wohnen 'BBB+' Ratings Placed On CreditWatch Negative On Conwert Takeover Offer Primary Credit Analyst: Marie-Aude Vialle, London (44) 20-7176-3655; More information Turkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed
Research Update: Turkey-Based Appliance Manufacturer Vestel Outlook Revised To Positive; 'B-' Rating Affirmed Primary Credit Analyst: Alexander Griaznov, Moscow (7) 495-783-4109; alexander.griaznov@standardandpoors.com More information Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative
Research Update: Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative Primary Credit Analyst: Anna Glennmar, Stockholm (46) 8-440-5922; More information Rating Actions Taken On Several Eurozone Corporate And Infrastructure Entities Following Eurozone Sovereign Actions
January 17, 2012 Rating Taken On Several Eurozone Corporate And Infrastructure Entities Following Eurozone Sovereign Primary Credit Analyst: Andreas Kindahl, Stockholm (46) 8-440-5907; andreas_kindahl@standardandpoors.com More information Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable
March 1, 2012 Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable Primary Credit Analysts: Alexandre Birry, London 44 (0) More information Tri-Township Consolidated School Building Corp., Indiana Tri-Township Consolidate School Corp.; School State Program
Summary: Tri-Township Consolidated School Building Corp., Indiana Tri-Township Consolidate School Corp.; School State Program Primary Credit Analyst: Ryan Schultz, Chicago (1) 312-233-7066; ryan.schultz@standardandpoors.com More information Workshop B: Credit Spread Trends In The Energy Sector
Workshop B: Credit Spread Trends In The Energy Sector James West Director, FIOTC Product Management 26 November, 2014 Permission to reprint or distribute any content from this presentation requires the More information Summary: West Des Moines Community School District, Iowa; Sales Tax. Table Of Contents. Rationale Outlook Related Criteria And Research
February 14, 2012 Summary: West Des Moines Community School District, Iowa; Sales Tax Primary Credit Analyst: Blake Yocom, Chicago (1) 312-233-7056; blake_yocom@standardandpoors.com Secondary Contact: More information Insurer Mapfre Ratings Raised To 'A' On Spain Upgrade; Outlook Stable
Research Update: Insurer Mapfre Ratings Raised To 'A' On Spain Upgrade; Outlook Stable Primary Credit Analyst: Marco Sindaco, London (44) 20-7176-7095; marco.sindaco@standardandpoors.com Secondary Contact: More information Credit Mutuel Group Long-Term Rating Lowered To 'A' On France's Rising Banking Industry Risks; Outlook Stable
Research Update: Credit Mutuel Group Long-Term Rating Lowered To 'A' On France's Rising Banking Industry Risks; Outlook Stable Primary Credit Analyst: Francois Moneger, Paris (33) 1-4420-6688; francois.moneger@standardandpoors.com More information Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies
Revised Criteria for Rating Nonbank Financial Institutions And Financial Services Companies Financial Institutions Ratings Live Webcast: December 17, 2014 www.spratings.com/nbficriteria Permission to reprint More information Why Projects Fail 20 Years Of Rating Project Finance Debt
Why Projects Fail 20 Years Of Rating Project Finance Debt Robin Burnett Senior Director Infrastructure Finance Ratings Oct 23, 2014 Permission to reprint or distribute any content from this presentation More information Research Update: Transmissora Aliança de Energia Elétrica S.A. Assigned 'BBB-' Corporate Credit Rating Based On Stable Cash Flows.
December 22, 2011 Research Update: Transmissora Aliança de Energia Elétrica S.A. Assigned 'BBB-' Corporate Credit Rating Based On Stable Cash Flows Primary Credit Analyst: Reginaldo Takara, Sao Paulo (55) More information MBIA U.K. Insurance Ltd.
Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108; david.veno@standardandpoors.com Secondary Credit Analyst: Olga Ryabaya, New York (1) 212-438-3843; olga.ryabaya@standardandpoors.com Table More information SNS REAAL Insurance Operations (SRIO) On Watch Developing After Announced Sale News
Research Update: SNS REAAL Insurance Operations (SRIO) On Watch Developing After Announced Sale News Primary Credit Analyst: Mark D Nicholson, London (44) 20-7176-7991; mark.nicholson@standardandpoors.com More information DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable
DLR Kredit's General Capital Centre Covered Bond Issuances Assigned 'AAA/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Casper R Andersen, London (44) 20-7176-6757; casper_andersen@standardandpoors.com More information Polish TV Operator TVN S.A. And Parent Ratings Placed On CreditWatch Positive On Announced Acquisition By Scripps
Research Update: Polish TV Operator TVN S.A. And Parent Ratings Placed On CreditWatch Positive On Announced Acquisition By Scripps Primary Credit Analyst: Florence Devevey, Madrid (34) 91-788-7236; florence.devevey@standardandpoors.com More information Sirius International Group Outlook Revised To Stable On Plans To Retain Its Strategy Post Acquisition; Ratings Affirmed
Research Update: Interconexion Electrica S.A. E.S.P. (ISA) 'BBB' Credit Rating Affirmed, Outlook Remains Stable Primary Credit Analyst: Maria del Sol S Gonzalez, CFA, New York (1) 212-438-4443; maria.gonzalezcosio@standardandpoors.com More information Swedbank Outlook Revised To Stable From Negative On Improved Business Position; Ratings Affirmed At 'A+/A-1'
Research Update: Kuwait Projects Co. (Holding) Affirmed At 'BBB-/A-3'; Outlook Stable Primary Credit Analyst: Per Karlsson, Stockholm (46) 8-440-5927; per.karlsson@standardandpoors.com Secondary Contact: More information Ratings On Three Finnish Banks Affirmed On Subdued Economic Recovery; Outlooks Remain Negative
Research Update: Ratings On Three Finnish Banks Affirmed On Subdued Economic Recovery; Outlooks Remain Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com More information China Life Insurance Co. Ltd.
Primary Credit Analyst: Connie Wong, Singapore (65) 6239-6353; connie_wong@standardandpoors.com Secondary Contact: Philip P Chung, CFA, Singapore (65) 6239-6343; philip_chung@standardandpoors.com Table More information Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Downgrade Of Japan
Ten Japanese Insurers Downgraded; Outlooks On Two Other Insurers Revised Down To Stable Following Primary Credit Analyst: Reina Tanaka, Tokyo (81) 3-4550-8587; reina.tanaka@standardandpoors.com Secondary More information Dogus Holding 'BB/B' Ratings Affirmed On Sustained Investments And Expected Completion Of Garanti Sale; Outlook Negative
Research Update: Dogus Holding 'BB/B' Ratings Affirmed On Sustained Investments And Expected Completion Of Garanti Sale; Outlook Negative Primary Credit Analyst: Renato Panichi, Milan (39) 02-72111-215; More information Volkswagen Bank Ratings Lowered To 'A-/A-2'; Outlook Negative
Research Update: Volkswagen Bank Ratings Lowered To 'A-/A-2'; Outlook Negative Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com Secondary More information Bertelsmann SE & Co. KGaA's Hybrid Equity Content Revised To "Intermediate"; 'BBB+/A-2' Ratings Affirmed
Research Update: Bertelsmann SE & Co. KGaA's Hybrid Equity Content Revised To "Intermediate"; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Florence Devevey, Madrid (34) 91-788-7236; florence.devevey@standardandpoors.com More information Constellium Holdco B.V. Recovery Rating Profile
Recovery Report: Constellium Holdco B.V. Recovery Rating Profile Recovery Analyst: Franck Rizzoli, London (44) 20-7176-3934; Franck_Rizzoli@standardandpoors.com Primary Credit Analyst: Tatjana Lescova, More information RatingsDirect. Friendswood, Texas; General Obligation. Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.
STANDARD & POOR'S RATINGS SERVICES McGRAW HILL FINANCIAL RatingsDirect Summary: Friendswood, Texas; General Obligation Primary Credit Analyst: Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.com More information Four Subsidiaries Of Covea Assigned Ratings On High Integration Within Group; Outlook Stable
Research Update: Four Subsidiaries Of Covea Assigned Ratings On High Integration Within Group; Outlook Stable Primary Credit Analyst: Gwenaelle Gibert, Paris (33) 1-4420-6693; gwenaelle.gibert@standardandpoors.com More information Companhia Energetica de Minas Gerais Upgraded To 'BB+' From 'BB' On Stronger Business Risk Profile, Outlook Stable
Research Update: Companhia Energetica de Minas Gerais Upgraded To 'BB+' From 'BB' On Stronger Business Risk Profile, Outlook Stable Primary Credit Analyst: Alejandro Gomez Abente, Sao Paulo (55) 11-3039-9741; More information Summary: Svenska Cellulosa Aktiebolaget SCA. Table Of Contents. Rationale Outlook Related Criteria And Research. May 28, 2012
May 28, 2012 Summary: Svenska Cellulosa Aktiebolaget SCA Primary Credit Analyst: Gustav Liedgren, Stockholm (46) 8-440-5916; gustav_liedgren@standardandpoors.com Secondary Contact: Dionisio Luiz, London More information Centennial Water and Sanitation District, Colorado; Water/Sewer
Summary: Centennial Water and Sanitation District, Colorado; Water/Sewer Primary Credit Analyst: Scott D Garrigan, Chicago (1) 312-233-7014; scott.garrigan@standardandpoors.com Secondary Contact: Tim Tung, More information French Social Security Agency ACOSS Short-Term 'A-1+' Rating Affirmed On Integral Link, Critical Role To French State
Research Update: French Social Security Agency ACOSS Short-Term 'A-1+' Rating Affirmed On Integral Link, Critical Role To French State Primary Credit Analyst: Mehdi Fadli, Paris (33) 1-4420-6706; mehdi_fadli@standardandpoors.com More information Dutch Private Bank F. van Lanschot Bankiers Outlook Revised To Negative On Weaker Environment; 'A-/A-2' Ratings Affirmed
Research Update: Dutch Private Bank F. van Lanschot Bankiers Outlook Revised To Negative On Weaker Environment; 'A-/A-2' Ratings Affirmed Primary Credit Analyst: Alexandre Birry, London (44) 20-7176-7108; More information Electricity Transmission System Operator TenneT's Hybrid Equity Content Revised To Intermediate; 'A-' Ratings Affirmed
Research Update: Electricity Transmission System Operator TenneT's Hybrid Equity Content Revised To Intermediate; 'A-' Ratings Affirmed Primary Credit Analyst: Beatrice de Taisne, CFA, London (44) 20-7176-3938; More information Cook County Community College District No. 508 (City Colleges of Chicago). Illinois; General Obligation
Summary: Cook County Community College District No. 508 (City Colleges of Chicago). Illinois; General Primary Credit Analyst: John A Kenward, Chicago (1) 312-233-7003; john.kenward@standardandpoors.com More information Espírito Santo Centrais Elétricas S.A. 'BB+' Global Scale And 'braa+' National Scale Ratings Affirmed, Outlook Stable
Research Update: Espírito Santo Centrais Elétricas S.A. 'BB+' Global Scale And 'braa+' National Scale Ratings Affirmed, Outlook Stable Primary Credit Analyst: Alejandro Gomez Abente, Sao Paulo (55) 11-3039-9741; More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback