In Fitch's view the credit profile of a joint bond issue that does not provide mutual support or solidarity mechanisms among the different obligors
, or collateral backing is dependent on the weakest participant for repayment.
The second significant benefit to high-income earning obligors
is the reduction in the percentage of combined net income devoted to child support once it exceeds $60,000.
The downgrade follows confirmation from the Servicer -- HSBC (Malaysia) Trustee Berhad - that 2 of the obligors
(which account for 17.
When you receive notices to payor or income deduction notices requiring that the income of two or more obligors
be deducted and sent to the same depository, the payor may combine the amounts that are to be paid to the depository in a single payment as long as the payments attributable to each obligor
are clearly identified.
The Illinois passport denial program, (4) which is part of the Federal Offset Program, (5) bars obligors
with child-support arrearages from obtaining a new passport or renewing an existing passport.
1) The borrower is unable to service the existing loan according to its terms and is a resident of a foreign country in which there is a generalized inability of public and private sector obligors
to meet their external debt obligations on a timely basis because of a lack of, or restraints on the availability of, needed foreign exchange in the country; and
This test applies to changes in co-obligors
, certain collateral and obligors
in reorganizations to which Sec.
Similar to the analysis detailed above, Fitch applied loss and recovery expectations to the performing obligors
based on collateral type and historical recovery performance.
jointly participate in the issue with no solidarity mechanism.
The "negative" watch on the super senior bonds -- in place since September 2010 -- has been maintained as their AAA ratings are vulnerable to a multi-notch downgrade should more than one of the obligors
go into default, given the significant loan concentration in the portfolio, which only contains 14 loans, the agency explained.
Fitch conservatively assumes 'B' for the unrated obligors
The ASEAN ratings reflect the credit quality of a specific securities issue of an obligor
in comparison with the creditworthiness of other obligors
in the region covering Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei Darussalam, Vietnam, Laos and Myanmar.