Hybrid Capital Instruments Rated 'C' By Standard & Poor's Under Criteria Observation Following Changes To Methodology
PARIS (Standard & Poor's) Oct. 25, 2013--Standard & Poor's Ratings Services
has published its final criteria regarding its use of 'C' and 'D' ratings for
hybrid capital instruments (see "Use Of 'C' And 'D' Issue Credit Ratings For
Hybrid Capital And Payment-In-Kind Instruments" and the related criteria
article, "Principles For Rating Debt Issues Based On Imputed Promises,"
published Oct. 24, 2013, on RatingsDirect).
Following changes in rating methodology, Standard & Poor's assigns the UCO
("under criteria observation") identifier as an early indication of the
potential effect of such methodology or other change on specified ratings (see
"Standard & Poor's Announces "Under Criteria Observation" Identifier For
Ratings Potentially Affected By Criteria Changes," published May 7, 2013).
The hybrid capital ratings listed at the end of this article now bear the UCO
identifier. Any rating changes prompted by the new methodology will be
published in compliance with Standard & Poor's policies and procedures. The
'C' rated instruments under review are issued, either directly or through
dedicated subsidiaries, from groups headquartered in Europe and the U.S., of
which 70 are banks and financial institutions, 13 are insurance companies, and
two are corporate entities.
The UCO identifier is not intended to change or modify the relevant rating
definition, and it is not equivalent to a CreditWatch. In contrast to a
CreditWatch, the UCO identifier offers neither an estimate of the likelihood
of a rating change, nor the time period over which such change might occur.
The UCO identifier will remain in place until we've concluded our review under
the changed criteria, at which time we could affirm or change the ratings or
outlooks, or place the ratings on CreditWatch.
Doral Financial Corp.
US$74 mil 7.00% noncum pfd stk ser A
ISIN: PR25811P2094
US$90 mil 7.25% non-cum monthly income ser C
ISIN: PR25811P4074
US$361.56 mil 4.75% Perpetual Cum Conv Pfd Stk cum
ISIN: PR25811P7044/PR25811P5063
AI
