Longstone Finance Class A And B Notes Upgraded Following Lloyds Bank Upgrade

Stocks and Financial Services Press Releases Thursday May 24, 2018 15:20
LONDON--24 May--S&P Global Ratings
LONDON (S&P Global Ratings) May 24, 2018--S&P Global Ratings today raised its credit ratings on Longstone Finance PLC's class A and B notes. We took no action on the Class C notes (see list below).

Today's upgrades follow our May 8, 2018, upgrade to 'A+' from 'A' of our long-term issuer credit rating on Lloyds Bank (see "Lloyds Banking Entities Upgraded on Strengthened Bail-In Buffer And Improving Profitability; Outlook Stable").

Our current counterparty criteria allow us to rate the notes in structured finance transactions above our ratings on related counterparties if a replacement framework exists and other conditions are met (see "Criteria - Structured Finance - General: Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). The maximum ratings uplift depends on the type of counterparty obligation.

The maximum rating achievable for this transaction under our current counterparty criteria is constrained by the issuer credit rating (ICR) on the liquidity facility provider, Lloyds Bank PLC (A+/Stable/A-1). In accordance with our current counterparty criteria, this counterparty can support a maximum potential rating of 'A+ (sf)' (the long-term ICR) in this transaction.

We have therefore raised to 'A+' (sf) from 'A' (sf) our credit rating on Longstone Finance's class A and B notes. Our rating on the class C notes remains unaffected.

Longstone Finance is a European commercial mortgage-backed securities (CMBS) transaction that closed in March 2006 and consists of one loan secured against 48 supermarket properties located throughout the U.K. let to Sainsbury's Supermarkets.

Latest Press Release

Thai 2018 CG Score Hits Record Listed Firms Emphasizes More on Stakeholders

The 2018 Corporate Governance Report of Thai Listed Companies (CGR), conducted by the Thai Institute of Directors (IOD) with support from the Stock Exchange of Thailand (SET), showed a 'very good' result and marked a historical high at 81%. The robust...

Sonic Interfreight Pcl. Advances Its Business Potential with an Eye on Growth To Be Leader in Integrated Logistics and Supply Chain Management in ASEAN

Sonic Interfreight Pcl. (SONIC), a leading regional provider of integrated freight and logistics services, is ready to be traded in the Market of Alternative Investment (MIA) for the first time on October 19 with full confidence of positive investors'...

Bangkok Bank reports nine-month net profit of Baht 27,229 million

The Thai economy continued to grow on the back of strong exports and buoyant domestic demand. In spite of the risks from the US trade policies and retaliatory measures of trading partners, exports continued to expand given diversified export...

Siam Commercial Bank reported Baht 10.5 billion net profit for the third quarter of 2018 and Baht 33.0 billion for the first nine months of 2018

Siam Commercial Bank and its subsidiaries announced total operating income of Baht 104.4 billion, a 2.5% yoy increase, for the first nine months of 2018. This positive income growth was achieved despite the digital transaction fee waiver. Operating...

Mastercard Appoints Aileen Chew as the New Head of Market Development

Today Mastercard announced the appointment of Ms. Aileen Chew as Head of Market Development, Thailand and Myanmar. In her new role, Ms. Chew will be responsible for the expansion of cashless payments in Thailand and Myanmar, overseeing engagement with...

Related Topics