Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (6 lettori)

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Mais78

BAWAG fan club
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[FONT=&quot]Moody's assigns a provisional (P)Aa3 rating to ABN AMRO II N.V.[/FONT][FONT=&quot]
[/FONT][FONT=&quot]MOODPR0020100125e61p000dx[/FONT][FONT=&quot]
2010 Words
25 January 2010
Moody's Investors Service Press Release
moodpr
English
(c) 2010[/FONT]
[FONT=&quot]London, 22 January 2009 - Moody's Investors Service has today assigned a provisional long-term senior unsecured debt rating of (P)Aa3 with a negative outlook to ABN AMRO II N.V. ("ABN AMRO II"). ABN AMRO II is the new legal entity which will assume the businesses of ABN AMRO Bank N.V. acquired by the Dutch State. This entity will be renamed ABN AMRO Bank N.V. after legal demerger.[/FONT]
[FONT=&quot]In Q1 2010, ABN AMRO Bank N.V. ("current ABN AMRO") is expected to undergo a legal demerger and other transfers whereby the bank's commercial and retail banking businesses in the Netherlands, global private client business and International Diamond and Jewelry Group will be transferred to the newly formed bank, ABN AMRO II. The current ABN AMRO will retain its large corporate and wholesale banking business, its global transactions business and a portion of its international banking network. Immediately after the legal demerger, the current ABN AMRO will be renamed the Royal Bank of Scotland N.V. (RBS N.V.), while ABN AMRO II will be renamed ABN AMRO Bank N.V. For a short period of time following the legal demerger both banks will remain subsidiaries of ABN AMRO Holding N.V. but it is expected that before mid-year ABN AMRO II will be spun-off in a legal separation and become indirectly wholly-owned by the Dutch government, through "new" ABN AMRO Group N.V.[/FONT]
[FONT=&quot]The legal demerger represents one of the final steps in the break-up of ABN AMRO following the bank's acquisition in 2007 by a consortium of banks (Royal Bank of Scotland Group plc, Banco Santander SA and Fortis SA), through a special purpose vehicle, RFS Holding B.V. In December 2008, the Dutch government became the direct owner of Fortis's stake in ABN AMRO following the state bailout of Fortis Bank (Nederland) N.V. Although the Dutch government plans to eventually merge ABN AMRO II and Fortis Bank (Nederland) N.V., ABN AMRO II is expected to remain separate for some time since full integration is likely to take several years to complete.[/FONT]
[FONT=&quot]The provisional (P)Aa3 debt rating would assume a bank financial strength rating (BFSR) of C (equivalent to a baseline credit assessment - BCA - of A3), reflecting the expected low risk profile of ABN AMRO II's lending portfolio, the resilience of the bank's market shares and the high level of its anticipated pro forma capital base, in large part due to existing and potential capital injections from the Dutch state. Importantly Moody's understands that the Dutch Finance Minister has received permission from the Dutch parliament to make available EUR2.29 billion of new capital for the Dutch State acquired businesses of ABN AMRO as part of the total capitalisation for ABN AMRO and Fortis Bank (Nederland) N.V. combined, as requested in his letter to parliament of 19 November 2009. As a condition for legal separation, the Dutch Central Bank (DNB) requires a Tier 1 ratio of at least 9%. It is Moody's expectations that the capital levels will be maintained at or above this level.[/FONT]
[FONT=&quot]These strengths are likely to be counterbalanced by the bank's high cost base and weak earnings generation capacity, as well the additional risks and costs expect to stem from the lengthy integration process with Fortis Bank (Nederland) N.V. These issues are further compounded by the fact that its geographic diversification will be much more limited following legal separation.[/FONT]
[FONT=&quot]ABN AMRO II's businesses are focused primarily on commercial and retail lending. There is limited market risk and no "toxic" assets. ABN AMRO has a long history of managing the risks inherent to these businesses and this expertise is being carried over to the new bank. Furthermore, the bulk of its securities portfolio (held for liquidity purposes) is invested in low-risk OECD government bonds. Moody's also notes that, despite the ongoing disruptions suffered by ABN AMRO since 2007, the bank remains a dominant player in commercial and consumer lending in the Netherlands with market shares that have proven resilient.[/FONT]
[FONT=&quot]However, in connection with the bank's planned integration with Fortis Bank (Nederland) N.V., the European Commission has mandated the divestment of parts of ABN AMRO II's commercial banking business, which will negatively impact its position in this market. Moody's therefore believes that a key challenge for the bank going forward will be to successfully maintain and grow its customer base in this segment without unduly increasing its risk profile.[/FONT]
[FONT=&quot]ABN AMRO II will also be encumbered by additional costs from overhead functions, the separation initiatives and from preparations for the integration with Fortis Bank (Nederland) N.V. To address this, the bank has put in place ongoing cost-reduction programmes, which Moody's expects to produce benefits over the medium term.[/FONT]
[FONT=&quot]Moody's notes that the (P)Aa3 senior unsecured debt rating incorporates the expectation of very high probability of systemic support. The support assumption is primarily based on the bank's dominant position in the Dutch banking market. Moody's has not incorporated additional support to reflect the bank's state ownership because the Dutch government has indicated that it does not plan to remain the bank's owner in the long term.[/FONT]
[FONT=&quot]The negative outlook on the provisional rating reflects the potential challenges to the bank's credit profile stemming from the complexities and costs of the pending separation and divestment as well as the planned integration with Fortis Bank (Nederland) N.V.[/FONT]
[FONT=&quot]A final rating will be assigned only upon completion of the legal demerger.[/FONT]
[FONT=&quot]Moody's added that it expects to conclude the review for downgrade on all of the outstanding rated securities issued by ABN AMRO Bank N.V. following the completion of the legal demerger. Subject to review of the final terms of the legal demerger, Moody's expects that the ratings on the senior unsecured debt that is assumed by ABN AMRO II will be confirmed at the same level as the provisional rating assigned today, i.e. Aa3; simultaneously Moody's will assign a BFSR and deposit ratings. At that time Moody's will also conclude its review for downgrade on all outstanding obligations that remain at RBS NV (the current ABN AMRO Bank), together with the BFSR and deposit ratings for RBS NV.[/FONT]
[FONT=&quot]Moody's is issuing theis provisional rating in advance of successful completion of the legal demerger. This rating reflects Moody's preliminary credit opinion on only those businesses of ABN AMRO that have been acquired by the Dutch State. Upon review of the final documentation, Moody's will endeavour to assign a definitive rating to the bank, which may differ from the provisional rating.[/FONT]
[FONT=&quot]The principal methodologies used in assigning these ratings were Moody's "Bank Financial Strength Ratings: Global Methodology", published in February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.[/FONT]
[FONT=&quot]Based in Amsterdam, the Dutch State acquired businesses of ABN AMRO had total assets amounting to EUR203 billion and reported a net profit of EUR45 million at end of September 2009.[/FONT]
[FONT=&quot]Copyright 2010 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.[/FONT]
[FONT=&quot]CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S ("MIS") CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.[/FONT]
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[FONT=&quot]MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy."[/FONT]
[FONT=&quot]Moody's Investors Service Pty Ltd holds a limited AFSL (number 336969) which does not authorize it to provide advice to retail investors. This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.[/FONT]


Qualcuno puo' cercare questa nota per vedere se dice quale sarebbe lo standalone rating di ABN senza Stato dietro?
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reef

...
Mais78 ha scritto:
Reef, sono ammontari completamente diversi che investo nell'una e (forse) nell'altra...

Preferisco non prendere roba a meta' strada e pagarla come roba buona, meglio la munnezza che costa come la munnezza :D, magari una su 5 ci prendi e piu' che compensa le loss sulle altre 4
Clicca per allargare...

Concordo, infatti ci scherzo su...:lol: Anch'io ho comprato di tutto, ma in questo periodo sono un po' diffidente.
 
frankiemachine

frankiemachine

Mr. Tentenna
Noto con piacere che anche BA-CA si muove nella giusta direzione.......però se vendete tutti mi fate venire i dubbi

non parlavate:
A) di vendere se andava a 60-65 nel breve
B) di non vendere perchè c'è comunque la (seppur remota) possibilità della call
????????

quindi??
......e comunque il rendimento non fa mica schifo


PS. inutile che spacci per farina del mio sacco ciò che non lo è: immagino l'abbiate già letto
 

Topgun1976

Guest
frankiemachine ha scritto:
Noto con piacere che anche BA-CA si muove nella giusta direzione.......però se vendete tutti mi fate venire i dubbi

non parlavate:
A) di vendere se andava a 60-65 nel breve
B) di non vendere perchè c'è comunque la (seppur remota) possibilità della call
????????

quindi??
......e comunque il rendimento non fa mica schifo
Clicca per allargare...

Tutti chi?Ho venduto solo io e un cip,:rolleyes:
 
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