LONDON (Standard & Poor's) Dec. 19, 2003--Standard & Poor's Ratings
Services said today that it lowered its corporate credit ratings on
Parmalat Finanziaria SpA and Parmalat SpA to 'D', reflecting a default,
from 'CC', following a missed payment on a put option due on Dec. 17,
2003.
In addition, Standard & Poor's withdrew its ratings on Parmalat
Finanziaria, Parmalat, and related entities.
"The reliability of all key information supporting a credit opinion is
now questioned," said Standard & Poor's credit analyst Hugues De La
Presle, following today's press release by Parmalat indicating that Bank
of America has denied the authenticity of a document used to certify the
existence of about ?3.95 billion of securities and bank deposits, which
represented almost all of the firm's liquidity.
On Dec. 18, 2003, Parmalat announced that negotiations were still in
progress over delaying the execution of an approximately $400 million put
option to buy out the minority shareholders of its Brazilian subsidiary
Parmalat Emprendimentos e Administracao Ltda. A portion of the total
obligation fell due on Dec. 17, 2003, with the remainder coming due on
Dec. 22, 2003.
The missed payment on the due date--which was immediately followed by
the
confirmation that the company had hugely misrepresented its liquidity
position, at least over the past year--constitutes a default under
Standard & Poor's criteria.
Parmalat today announced that Bank of America denied the authenticity
of
a document certifying the existence of about ?3.95 billion of bank
deposits and securities as of Dec. 31, 2002. The purported bank
confirmation was used by Parmalat's local auditors, Grant Thornton, for
the certification of the 2002 accounts of Bonlat Financing Corporation, a
100% owned and consolidated Cayman-based subsidiary of the Parmalat group.
This information leaves Standard & Poor's with no way of substantiating an
opinion that Parmalat could service any of its other financial obligations.
This disclosure also clearly confirms Standard & Poor's previous
opinion
that the information provided by Parmalat's top management and its
advisors up to Dec. 5, 2003, dramatically misrepresented the group's
liquidity position.
"This situation, compounded by a continued lack of access to reliable
information on the group's exact financial position, has left Standard &
Poor's with no other option than to withdraw all of its ratings on
Parmalat and related entities," Mr. De La Presle said.
> LONDON (Standard & Poor's) Dec. 19, 2003--Standard & Poor's Ratings
> "This situation, compounded by a continued lack of access to reliable
> information on the group's exact financial position, has left Standard &
> Poor's with no other option than to withdraw all of its ratings on
> Parmalat and related entities," Mr. De La Presle said.
Chiare fresche e dolci acque...
Quà a prendere per il C__O... non è solo Tanzi.
--
Saluti. Trilussa
"l'acqua e la morte aspettala che arriva, la Consob non si sa"
>Trilussa ha scritto:
> Chiare fresche e dolci acque...
> Quà a prendere per il C__O... non è solo Tanzi.
E' una "compounded-situation". http://it.biz.yahoo.com/031219/58/2ku0m.html
(Reuters) - L'agenzia Fitch comunica di aver identificato 29 tranche di
titoli - nell'ambito di 11 operazioni pubbliche di cdo (collateralised
debt obligation) - i cui rating sarebbero posti in rating watch negativo
se si verificasse un 'credit event' legato a Parmalat (Milano: PRFI.MI -
notizie - bacheca).
Cosa succede in caso di default di una SIM?
RockerGab: Salve a tutti. Leggendo le notizie su Refco mi sono domandato cosa
succederebbe se una SIM italiana dovesse malauguratamente fare la stessa
fine. I fondi dei clienti potrebbero scomparire oppure...
Trading Online
3
23-10-2005 17.55.05
caso PARMALAT
Lod Kiu: E' ovvio che quando il formaggio comincia a maturare il topo se lo
mangi.
E intanto chi ha fatto industria e ha prodotto è lì che guarda il
formaggio che si consuma da solo.
La famiglia Tanzi,...
Comunicato S&P Default Parmalat Finanziaria 
19-12-2003, 16.57.48
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