Reliance on the Sovereign Contingent Guarantee: Fitch assumes that payment on the notes will rely completely on government contingent support to make timely RPI payments.
In addition, any change in Fitch's view regarding the strength of the sovereign contingent guarantee may affect the rating assigned to this transaction.
Oil & gas company Ecopetrol SA (BVC:ECOPETROL)(NYSE:EC)(BVL:EC)(TSX:ECP) reported on Monday the receipt and closing of a contingent guarantee
for expansion and modernisation of its USD3.5bn Cartagena Refinery project.
''The reported exposure of $463 million reflects the maximum amount of a contingent guarantee
'' by the U.S.
A key part of the proposal for private-sector involvement is the contingent guarantee
against base closures, draw downs, or deployments.
The IRS apparently views a creditor under a contingent guarantee
as having a prohibited interest in the trust.
Reliance on the Sovereign Contingent Guarantee
: Fitch assumes that payment on the notes will completely rely on the government contingent support to make timely payment of the RPIs.
Additionally, any change in Fitch's view regarding the strength of the sovereign contingent guarantee
may affect the rating assigned to this transaction.
(around $500 million of $7 billion had matured toward the end of 2003) and other sovereign contingent guarantees
Mr Truell told The Times the plan would need the backing of the Treasury, as the taxpayer would act as the guarantor, and it would also need contingent guarantees
from Tata Steel to stand behind the scheme and the support of the Pensions Regulator.
Afreximbank creates contingent guarantees
for projects, and once they are completed the bank agrees to refinance the construction financing partners and provides extra capital for furniture, fittings and pre-operating working capital.