to see examples of press releases on issuers`s rating
Transcription
to see examples of press releases on issuers`s rating
Paris – 21 November 2007 Press Release Standard & Poor’s has affirmed CNP Assurances’ AA rating and does not expect the subprime crisis to have any impact on the Company’s financial strength Standard & Poor’s has affirmed CNP Assurances’ AA rating, with a stable outlook, after a due diligence review primarily covering the Company’s financial strength and risk exposures. Standard & Poor’s stated that the rating reflects the Company’s strong competitive position, the quality of its assets, its robust asset-liability management practices, its solid shareholder base and the margin growth reported in 2006. The rating agency also stated that it did not expect CNP Assurances to be affected by the subprime crisis. In this regard, CNP Assurances confirms the information already disclosed about its exposure to US mortgages and asset-backed securities, updated as of 31 October 2007: - CNP Assurances has no direct exposure to subprime mortgages. Its indirect exposure represents approximately €10 million, corresponding for the most part to assets held in participating contract portfolios (covered by the shadow accounting mechanism). The Company’s total exposure to asset-backed securities at 31 October is €5.65 billion, representing less than 3% of assets, compared with €5.8 billion at 30 June. The total includes €2.59 billion in CDOs/CLOs, representing less than 2% of assets. The asset-backed securities portfolio breaks down as follows at 31 October: CDOs/CLOs of which investment-grade CDOs/CLOs RMBSs Credit card ABSs Other ABSs Total ABSs €2.59bn (€1.98bn) €1.38bn €1.11bn €0.57bn €5.65bn - 70% of asset-backed securities (and 70% of CDOs) are held in participating contract portfolios. They represent 1 to 3% of the assets in these portfolios. The geographic breakdown is as follows: o The OECD investment-grade CDO portfolio is split between European (roughly 50%) and US (roughly 50%) debt pools. o Other CDOs/CLOs represent around €600 million and consist mainly of CLOs invested in leveraged loans (75% in European loans and 25% in loans originated in the rest of the world). o 64% of the RMBSs are backed by French mortgages and 36% by other European mortgages. None are backed by US mortgages. o All credit card ABSs are rated AAA, with 79% corresponding to US credit card debt, 17% to UK credit card debt and 4% to credit card debt in Germany. Fifty percent of these ABSs have maturities of less than two years. To date, there have been no indications of any impairment of AAA-rated credit card ABSs and no provisions have been booked. o Other ABSs represent €600 million and are backed mainly by consumer loans, student loans and loans to SMEs, including 50% in Europe, 16% in the United States and 34% in other OECD countries. The ratings of the CDOs in the portfolio at 31 October are as follows: AAA 41.6% AA 27.2% A 13% BBB 15.1% Non-investment grade 3.1% The majority of BBB-rated and non-investment grade CDOs (84%) include a capital guarantee from issuers rated A to AAA. These exposures at 31 October are very similar to those at 30 June, which were announced previously. In summary, CNP Assurances continues to hold a relatively small portfolio of high quality asset-backed securities, backed mainly by investment-grade corporate bonds, credit card receivables and prime European mortgages. There have been no defaults or ratings downgrades on the assets in the portfolio. Press Relations Sophie Messager Tel: +33 (0) 1 42 18 86 51 E-mail: [email protected] Investor and Analyst Relations Brigitte Molkhou Tel: +33 (0) 1 42 18 77 27 E-mail: [email protected] Thomson downgrade will have minimal effect on financing plans and interest costs Paris (France), March 11th, 2008 – As expected, following the Group’s annual results announced on 14 February 2008, Thomson's credit rating has today been downgraded from Baa3 to Ba1 by Moody's. The outlook has been changed from negative to stable. The Group expects Standard & Poor's decision very shortly as well. The Group's net interest costs are not expected to be significantly affected by these changes, as none of the Group's outstanding debt has costs linked to these rating changes. The Group's interest charges are expected to decline in 2008 due to lower USD Libor rates. Given the uncertain credit markets prevailing during the latter half of 2007, Thomson took steps during 2007 and early 2008 to raise additional long-term debt totalling €220 million. This additional long-term debt, together with the Group's €1.75 billion syndicated facility, is expected to provide sufficient liquidity to refinance to the Group's short-term and long-term debt falling due in 2008 and 2009. The Group intends to improve its ratios so as to return to investment grade, in line with its financial policies. Contrary to rumours, Thomson confirms that it has no plans for an increase in its equity share capital. The dividend proposed by the Board of Directors at €0.33 per share was announced with Thomson's full year results on 14 February and will be paid beginning of July, subject to approval from the Annual General Meeting on 22 May 2008. ### Certain statements in this press release, including any discussion of management expectations for future periods, constitute “forward-looking statements" within the meaning of the "safe harbor" of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements due to changes in global economic and business conditions, consumer electronics markets, and regulatory factors. More detailed information on the potential factors that could affect the financial results of Thomson is contained in Thomson's filings with the U.S. Securities and Exchange Commission. About Thomson — World leader in digital video technologies Thomson (Euronext Paris: 18453; NYSE: TMS) provides technology, services, and systems to help its Media, Entertainment & Communications clients – content creators, content distributors and users of its technology – realize their business goals and optimize their performance in a rapidly changing technology environment. For more information: http://www.thomson.net. Press Relations Thomson Martine Esquirou Caroline Ponsi Linda Balti Relations investisseurs Thomson Laurent Sfaxi James Johnson Linda Lovichi +33 1 41 86 58 51 +33 1 41 86 61 11 +33 1 41 10 65 24 [email protected] [email protected] [email protected] +33 1 41 86 58 83 +33 1 41 86 61 48 +33 1 41 86 51 00 [email protected] [email protected] [email protected] home - Précisions sur les financements mis en place dans le cadr Page 1 of 1 x fermer la fenêtre L'ESPACE PRESSE Précisions sur les financements mis en place dans le cadre de l'investissement dans Saint-Gobain 21 janvier 2008 Dans un contexte de marchés très détériorés, Wendel souhaite apporter les précisions suivantes sur les financements mis en place dans le cadre de l’investissement dans Saint-Gobain : - ces financements sont sans recours sur les autres actifs de Wendel, - ces financements sont à long terme avec des échéances de 3 à 5 ans, - dès l’acquisition des titres, Wendel s’est organisée pour faire face à toute évolution du cours de Saint-Gobain et ne pas subir de risque de liquidité. Le montant maximum des financements susceptibles de faire l’objet d’appels de marges est de 3 Mds€. Wendel précise que les appels de marges (garanties données aux banques) sont destinés à compenser la baisse actuelle de la valeur des titres Saint-Gobain. Ces appels de marge n’induisent pas un surcoût spécifique pour Wendel qui en conserve la propriété et la rémunération. Wendel rappelle qu’elle disposait en décembre d’un bilan composé notamment de 4,9 Mds€ d’actifs cotés, de 1,7 Md€ de trésorerie et d’un crédit syndiqué de 1,25 Md€ non utilisé. - L’agence S&P, dans un communiqué publié ce soir, souligne que Wendel a une liquidité satisfaisante et justifie la mise sous surveillance du risque de crédit long terme par la détérioration brutale et récente des marchés actions. Ceci n’a pas d’impact sur le coût des financements actuels de Wendel. Wendel en prend acte et évaluera avec S&P dans les prochaines semaines les conditions du maintien de sa notation. Wendel investit à long terme dans des sociétés de grande qualité et très diversifiées tant en en termes géographiques que sectoriels. Dans le cadre de cette stratégie, Wendel a investi dans Saint-Gobain, et est convaincue de l’importance du potentiel de ce groupe. Contacts : Christine Dutreil tel : +33 (0)1 42 85 63 24 E-mail : [email protected] Gérard Lamy tel : + 33 (0)1 42 85 63 75 E-mail : [email protected] Olivier Allot tel : +33(0)1 42 85 63 73 E-mail : [email protected] Imprimer x fermer la fenêtre http://www.wendel-investissement.com/com21012008.html 10/06/2009