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Fitch Publishes SPICES Finance Limited Series 2005-2 Rating
NEW YORK-(Business Wire)-July 3, 2008 - Fitch publishes the rating of SPICES Finance Limited Series 2005-2 (SPICES) as follows:
—JPY6.695B Series 2005-2 Verizon Global Funding Corp. fixed notes due 2030, rated 'A+'; Rating Watch Negative.
SPICES is a credit linked structure whereby the note holders obtain credit exposure to the collateral assets, 7.75% Verizon Global Funding Corp. fixed rate notes (rated 'A+', Rating Watch Negative) via a cross currency swap transaction. Note proceeds are used to purchase the Verizon bond, which serves as the collateral for the swap between SPICES and Australia and New Zealand Banking Group (ANZ Bank, rated 'F1+/AA-', Outlook Stable), as the swap counterparty. ANZ Bank will make semi-annual interest payments in JPY to the note holders and SPICES will pass through the interest received on the collateral assets to ANZ Bank. At maturity, SPICES will pass through the par amount received on the collateral assets to ANZ Bank and in return ANZ Bank will pay SPICES the JPY equivalent using a fixed exchange rate.
Fitch has maintained a private rating on the notes since they were initially rated on July 15, 2005. The rating addresses the timely payment of interest and the ultimate repayment of principal on the maturity date. The rating does not address the repayment of principal in respect of an early redemption of the collateral assets.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site
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