Rating Lowered On Curzon Funding#s MTN Program Following The Downgrade Of AIG Financial Products

Stocks and Financial Services Press Releases Thursday February 16, 2017 16:52
LONDON--16 Feb--S&P Global Ratings

LONDON (S&P Global Ratings) Feb. 16, 2017--S&P Global Ratings today lowered its credit rating on Curzon Funding Ltd. and Curzon Funding LLC's euro- and U.S. medium-term note (MTN) program to 'BBB+ (sf)' from 'A- (sf)'.

Today's downgrade follows the lowering of our long-term counterparty credit rating on AIG Financial Products Corp. (AIGFP) to 'BBB+' from 'A-' on Jan. 31, 2017 (see "American International Group Inc. Downgraded To 'BBB+', Outlook Stable; Subsidiary Ratings Unaffected").

Curzon Funding invests in assets such as debt obligations, bond notes, trust certificates, and securities subject to an investment policy.

Under the total return swap, Curzon Funding pays AIGFP all income generated on the assets as well as any capital gains. In return, if the sale of its assets does not generate sufficient income, AIGFP ensures that Curzon Funding is able to fully meet all of its payment obligations. However, there are currently no MTNs or asset-backed commercial paper (ABCP) outstanding under the program.

Under our criteria, this results in the rating on Curzon Fundings' MTN program being weak-linked to the long-term rating on AIGFP. As such, we would generally reflect a change to the long-term rating on AIG Financial Products in our rating on Curzon Funding's MTN program. Therefore, we have lowered to 'BBB+ (sf)' from 'A- (sf)' our rating on Curzon Funding's MTN program.

Curzon Funding is a fully-supported arbitrage ABCP and MTN issuer.

Latest Press Release

Fitch Affirms Standard Chartered Bank (Thai) at #A-#; Outlook Stable

Fitch Ratings has affirmed Standard Chartered Bank (Thai) Public Company Limited's (SCBT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A-' with a Stable Outlook. At the same time, the agency has affirmed SCBT's National...

Photo Release: KBank recognized as having the highest corporate brand value in the banking business category 2nd consecutive year

At Sukree Kaewcharoen Auditorium, the Stock Exchange of Thailand (SET), Ms. Kattiya Indaravijaya, KBank President, recently represented KBank to receive the "Thailand's Top Corporate Brand Values 2018" award in the banking business category from...

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงานในเกาหลี เปิดโอกาสให้แรงงาน 1.5 ล้านคนได้ใช้เงินดิจิทัล

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงาน Korea Association of Care Workers (KACW) เพื่อนำสกุลเงินดิจิทัล MicroBitcoin มาใช้ สัญญานี้ลงนามร่วมกันสามฝ่าย ได้แก่ MicroBitcoin Open Source Community, KACW และ Bluequotient...

MicroBitcoin Open Source Community Signs an Exclusive Contract with the Korea Association of Care Workers (KACW) to Expand its Usability to One and a Half Million Users

The MicroBitcoin Open Source Community has signed a contract with Korea Association of Care Workers (KACW) to adapt the MicroBitcoin blockchain network protocol. The trilateral contract was made between the MicroBitcoin Open Source Community, the Korea...

WICE establishes a joint-venture, EUROASIA TOTAL LOGISTICS, with its holding 40% of shares to provide cross-border transport services between China, Hong Kong

WICE establishes a joint-venture, "EUROASIA TOTAL LOGISTICS", with its holding 40% of shares to provide cross-border transport services between China, Hong Kong, and South East Asia with the expectation to achieve the first year's revenue at 200 million...

Related Topics