Overview
- On Sept. 7, 2023, we raised to 'A+' from 'A' our long-term issuer credit rating on Credit Suisse International and our long-term senior unsecured issue rating on Credit Suisse AG (London Branch).
- Consequently, under our criteria for rating repackaged securities, we raised to 'A+' from 'A' our rating on Argentum Netherlands B.V.'s series 2020-14 repack notes, because we weak-link our rating on the notes to the underlying collateral, swap provider, and fee payer.
LONDON (S&P Global Ratings) Sept. 22, 2023--S&P Global Ratings today raised to 'A+' from 'A' our credit rating on Argentum Netherlands B.V.'s series 2020-14 repack notes.
Today's upgrade follows our Sept. 7, 2023, rating action on Credit Suisse International and Credit Suisse AG (London Branch) (see "Related Research").
Under our "Global Methodology For Rating Repackaged Securities" criteria, we weak-link our rating on the series 2020-14 repack notes to the lowest of:
- Our issue senior unsecured rating on Credit Suisse AG (London Branch) US$664.05 million floating-rate notes (ISIN: CH0452875716);
- Our issuer credit rating (ICR) on Credit Suisse International as swap counterparty and fee payer; and
- Our ICR on The Bank of New York Mellon (London Branch) as custodian, which we derive from our ICR on The Bank of New York Mellon as branch parent.
Related Criteria
- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- Criteria | Structured Finance | General: Global Framework For Payment Structure And Cash Flow Analysis Of Structured Finance Securities, Dec. 22, 2020
- Criteria | Structured Finance | General: Counterparty Risk Framework: Methodology And Assumptions, March 8, 2019
- Legal Criteria: Structured Finance: Asset Isolation And Special-Purpose Entity Methodology, March 29, 2017
- Criteria | Structured Finance | General: Global Framework For Assessing Operational Risk In Structured Finance Transactions, Oct. 9, 2014
- Criteria | Structured Finance | CDOs: Counterparty Risk In Terminating Transactions, Aug. 15, 2014
- General Criteria: Methodology Applied To Bank Branch-Supported Transactions, Oct. 14, 2013
- Criteria | Structured Finance | General: Global Derivative Agreement Criteria, June 24, 2013
- Criteria | Structured Finance | General: Global Methodology For Rating Repackaged Securities, Oct. 16, 2012
- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
Related Research
- Credit Suisse Entities Upgraded To 'A+' On Improved Support Prospects; Ratings On UBS Entities Affirmed, Sept. 7, 2023
- Argentum Netherlands B.V. Series 2020-14 Repack Rating Raised Following Action On Credit Suisse, June 14, 2023
- 2017 EMEA Structured Credit Scenario And Sensitivity Analysis, July 6, 2017
- Global Structured Finance Scenario And Sensitivity Analysis 2016: The Effects Of The Top Five Macroeconomic Factors, Dec. 16, 2016
- European Structured Finance Scenario And Sensitivity Analysis 2016: The Effects Of The Top Five Macroeconomic Factors, Dec. 16, 2016
- Assessing Credit Quality By The Weakest Link, Feb. 13, 2012
Primary Credit Analyst: | Shubham Verma, London (44) 20-7176-0858; Shubham.Verma@spglobal.com |
Secondary Contacts: | Rebecca Mun, London + 44 20 7176 3613; rebecca.mun@spglobal.com |
Emanuele Tamburrano, London + 44 20 7176 3825; emanuele.tamburrano@spglobal.com |
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