Societe Generale's Series 2014-104 Credit-Linked Notes Placed On CreditWatch Negative Following Counterparty Action

  • On March 18, 2020, we placed on CreditWatch negative our long-term issuer credit rating (ICR) on Avon Products.
  • Consequently, under our criteria for rating repackaged securities, we have placed on CreditWatch negative our 'B+p' rating on Societe Generale's series 2014-104 notes because we weak-link our rating on the notes to our long-term ICR on the reference entity, Avon Products.
  • The series 2014-104 notes comprise $1.55 million callable credit-linked non-principal protected notes issued under Societe Generale's $6.0 billion medium-term note program.
LONDON (S&P Global Ratings) March 25, 2020--S&P Global Ratings today placed on CreditWatch positive its 'B+p' credit rating on Societe Generale's series 2014-104 notes.
Today's CreditWatch negative placement follows our March 18, 2020 rating action on our long-term ICR on Avon Products Inc. (see "Natura 'BB-' And Avon 'B+' Ratings Placed On CreditWatch Negative On Potential Impact Of COVID-19").
Under our criteria for rating repackaged securities, we weak-link our rating on Societe Generale's series 2014-104 notes to the lowest of our long-term ICR on:
  • Societe Generale, as the issuer; and
  • Avon Products as the reference entity (see "Global Methodology For Rating Repackaged Securities," published on Oct. 16, 2012).
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