(Australia) – Ratings agency Standard & Poors has assigned its preliminary ratings to credit linked notes (CLN) to be issued by the series Bond i Trust 2003-1 to BNP Paribas’ Australian Vantage repackaging vehicle.S&P associate director, Structured Finance Ratings, Paul Lalor, said the agreement was the first issue of CLNs out of BNP Paribas’ Australian Vantage program.
“It will bring the total number of repackaging programs issuing publicly rated credit notes into Australia to five,” he said.
“Of these, three will have had inaugural issues this year,” Lalor said.
S&P also announced that it had assigned its ‘AAA’, ‘AA’, ‘A’, and ‘BBB’ ratings to the A$4 million series 6, A$9 million Series 7, and A8.2 million Series 8 CLNs respectively, to the Commonwealth Bank’s repackaging vehicle SHIELD.