Structured Finance and Securitisation 2010

Szerző: Gárdos István

letöltés

Practical Law Company Cross-Border Handbooks 2010, page 105-111

CASH FLOW IN THE STRUCTURE

Distribution of funds

23. Please explain any variations to the Cash flow index accompanying Diagram 9 of the Model Guide that apply in your jurisdiction.

There is currently no practice to comment on.

Profit extraction

24. What methods of profit extraction are commonly used in your jurisdiction? Are there any variations or specific issues that apply to the profit extraction techniques set out in the Model Guide?

There is currently no practice to comment on.

THE ROLE OF THE RATING AGENCIES

25. What is the sovereign rating of your jurisdiction? What factors impact on this and are there any specific factors in your jurisdiction that affect the rating of the securities issued by the SPV (for example, legal certainty or political issues)? How are such risks usually managed?

The sovereign rating of Hungary is BBB. Rating companies revised Hungary’s outlook from negative to stable in the second half of 2009. This is because both:
- Sustained consolidation efforts will contain the deterioration in the Hungarian government deficit, despite the downside pressures on the economy.
- The gradual normalisation of domestic and international bond markets has lessened Hungary’s dependence on the International Monetary Fund (IMF) and EC funding
package.

Cikkek

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