Business Services Industry
FRANCE: MOODY'S SAYS SIV CONSOLIDATION DOES NOT AFFECT THE AA1/P-1/B RATINGS OF SOCIETE GENERALE.
IPR Strategic Business Information Database, December, 2007
Moody's Investors Service today said that the ratings of Societe Generale (SG, Aa1/P-1/B, stable outlook on all ratings) are not affected by the company's announcement that it would support and bring on balance sheet its only sponsored Structured Investment Vehicle (SIV), Premier Asset Collateralized Entity Ltd (PACE).
PACE had a total asset size of approximately $4.3 billion as of November 30, 2007. Moody's understands that SG will extend a liquidity facility to PACE in order to fully support the SIV's liquidity requirements. This will lead to a full consolidation of PACE's assets on the bank's balance sheet. In Moody's opinion, the impact of this measure taken by SG on its ratings is not material given the minimal expected negative effect on the bank's...
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