Zorba
Bos 4 Mod
[FONT=Verdana, Arial, Helvetica, sans-serif] Moody's Investors Service has todaydowngraded the ratings of the USD1.285 billion, the USD200 million andthe USD1.8 billion non-cumulative trust preferred securities issued byABN AMRO Capital Funding Trust V, VI and VII to B3 from A2. Moody's alsodowngraded the ratings of the EUR1 billion 4.31% capital securities toBa2 from A2 and the GBP750million cumulative perpetual subordinated notesissued by ABN AMRO Bank N.V. (ABN AMRO) to Ba2 from A1. All these ratingshave been placed on review for possible further downgrade. ABN AMRO's C+ bank financial strength rating mapping with a A2 BaselineCredit Assessment and Aa3 senior debt and deposit ratings remain onreview for possible further downgrade while the Prime-1 short-term debtand deposit ratings remain unchanged.[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]The rating action reflects Moody's assumption that the downgraded securities face a high probability of coupon deferral, as a result of the ongoing discussion between the Dutch Ministry of Finance and theEuropean Commission (EC) on state aid packages granted to Dutch banks.Today's rating action also reflects the concerns cited in Moody's pressrelease entitled "Moody's sees broader impact on hybrid ratingstriggered by EC's state aid reviews", published on 19 August 2009. The review for possible further downgrade reflects the prospect of potential further downgrades in the event of a downgrade of ABN AMRO's BFSR or in the event of a longer-term suspension of coupons. On 3 October 2008, the Dutch State took over Fortis Bank Nederland (C-/A1/positive outlook/Prime-1), which itself indirectly owned a 34%stake in ABN AMRO ("N Share"), representing an economic interest in theDutch retail and commercial banking and international private bankingbusinesses of ABN AMRO. On 24 December 2008, the Dutch government becamethe direct owner of the "N Share", purchased from Fortis Bank Nederlandfor EUR6.5 billion. On 31 July 2009, in anticipation of the de-merger ofthe N-share from the rest of ABN AMRO, ABN AMRO received State supportthrough an EUR800 million Mandatory Convertible Tier-1 Security (MCS)that was acquired by the Dutch Ministry of Finance and through thecreation of a capital relief instrument that provides credit protectionfrom the Dutch State on EUR 34.5 billion of ABN AMRO residentialmortgages, thereby reducing the bank's risk-weighted assets by EUR19billion. Given the state support received and the EC's scrutiny oncoupons of hybrid securities and dividends being paid out of profits,Moody's believes that there is an increased risk that ABN AMRO may beadvised to skip optional coupons on its hybrids. ABN AMRO indeed reporteda loss of EUR2.647 billion after tax at end-June 2009. After the de-merger, the businesses of ABN AMRO that remain will operatewithin a Dutch-chartered bank that will be renamed Royal Bank of ScotlandNV (RBS NV) which should in due course become a wholly-owned subsidiaryof Royal Bank of Scotland Group plc (RBS). Moody's noted that the trustpreferred securities issued by ABN AMRO Capital Funding Trust V, VI andVII are "economically allocated" on a preliminary basis to the businessesslated to remain with RBS NV. However, even if, after the de-merger,these securities are no longer associated with a bank that has receivedDutch state support, Moody's believes that these securities are stillvulnerable to EC scrutiny that could lead to missed coupons. RBS itselfhas already benefited from substantial UK government support, and in 2009ABN AMRO received a sizeable capital infusion from RBS. Furthermore,after the de-merger, RBS is planning to include certain assets of RBS NVin the UK government's asset protection scheme. In light of this, Moody'sbelieves that the risk of missed coupons is high at all of ABN AMRO'shybrid instruments, even if it is not entirely certain at this pointwhether they will become obligations of ABN AMRO Bank or of RBS NV afterthe de-merger. Moody's notes that the coupon payments on the trust preferred securities issued by ABN AMRO Capital Funding Trust V, VI and VII arenon-cumulative. Therefore, if the deferral of the coupon payments were tomaterialise, the loss severity of a coupon deferral on these securitieswould be high. This is the reason for the steeper downgrade on thosesecurities. The perpetual cumulative subordinated notes and the capital securitiesissued by ABN AMRO Bank, which allow for a cumulative coupon deferralwith ACSM settlement, would have a much lower loss severity in the eventof coupon deferral. ABN AMRO Bank N.V., headquartered in Amsterdam, the Netherlands, had total assets of EUR666.8 billion and reported shareholders' equity(including minority interest) of EUR20.4 billion as of 31 December 2008.[/FONT]
Grazie Mais
. Mi sembra cmq che non ci sia nulla di nuovo. E poi il P EUR1 billion 4.31% è cumulativo, per cui alla peggio si cumulano le cedole... Chiamato in banca: oggi ABN den/lett 55/58
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