The rating affirmation reflects the strength of the sovereign's contingent guarantee of RPICAO payments if water utility bill payments to SEDAPAL do not sufficiently cover debt service.
Repayment is also supported by a contingent guarantee of the government of Peru (GOP) through the Ministry of Housing, Construction and Sanitation (MVCS) to provide for any debt service shortfalls.
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.
The IRS apparently views a creditor under a contingent guarantee
as having a prohibited interest in the trust.
The rating affirmation reflects Fitch's view of additional reliance on the sovereign's contingent guarantee
rather than on the incoming water utility flows.
5 million in cash from SigmaTel for a contingent guarantee
made in November 2000 that became payable upon SigmaTel's IPO.
The Belize government provides additional credit enhancement to both tranches with a contingent guarantee
of timely payment of principal and interest.
Under the original contingent guarantee
provided by the sponsors, SCP's weak financial condition potentially exposed investors to the declaration of a technical event of default and an acceleration by the IFC; the unstructured unsecured bonds rank pari passu with the certificates and contain cross-default provisions.
Under a contingent guarantee
provided by the sponsors, SCP's weak financial condition potentially exposes investors to the declaration of a technical event of default and an acceleration by the IFC; the unstructured unsecured bonds rank pari passu with the certificates and contain cross-default provisions.
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.
5 million and cancellation of all contingent guarantees
provided by Peerless.