04.07.2016, 17:24
Fitch Affirms MARC Finance M496 & 522 Notes at 'Asf'
OREANDA-NEWS. Fitch Ratings has affirmed two of MARC Finance Ltd.'s repackaged notes as listed below. Both notes are backed by single-name collateral securities with a currency swap.
JPY600m Series M496 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable
JPY2bn Series M522 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable
The rating of each series reflects the first-to-default risk of the two risk-presenting entities - the collateral issuer and the swap counterparty, BNP Paribas (A+/Stable), London Branch.
The notes have been affirmed as there have been no changes to the Long-Term Issuer Default Ratings of the two entities since the previous rating actions in July 2015. The Outlook remains Stable, reflecting the same status of the two entities.
The ratings of the notes are sensitive to rating migration of the two risk-presenting entities. Based on the applicable criteria, a one-notch downgrade of the swap counterparty or the collateral issuer would result in a one-notch downgrade of the notes. A one-notch upgrade of either party would lead to a one-notch upgrade of the notes. This sensitivity only describes the matrix-implied rating impact and it should not be used as an indicator of possible future performance.
JPY600m Series M496 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable
JPY2bn Series M522 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable
The rating of each series reflects the first-to-default risk of the two risk-presenting entities - the collateral issuer and the swap counterparty, BNP Paribas (A+/Stable), London Branch.
The notes have been affirmed as there have been no changes to the Long-Term Issuer Default Ratings of the two entities since the previous rating actions in July 2015. The Outlook remains Stable, reflecting the same status of the two entities.
The ratings of the notes are sensitive to rating migration of the two risk-presenting entities. Based on the applicable criteria, a one-notch downgrade of the swap counterparty or the collateral issuer would result in a one-notch downgrade of the notes. A one-notch upgrade of either party would lead to a one-notch upgrade of the notes. This sensitivity only describes the matrix-implied rating impact and it should not be used as an indicator of possible future performance.
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