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Argentum Netherlands B.V. Series 2020-14 Repack Rating Raised Following Action On Credit Suisse


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Argentum Netherlands B.V. Series 2020-14 Repack Rating Raised Following Action On Credit Suisse


  • 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

Related Research

Primary Credit Analyst:Shubham Verma, London (44) 20-7176-0858;
Secondary Contacts:Rebecca Mun, London + 44 20 7176 3613;
Emanuele Tamburrano, London + 44 20 7176 3825;

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