Minimum Subordination Amounts: The transaction requires minimum dollar amount of subordination to be met for each rated note at each payment date before principal can be distributed.
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KEY RATING DRIVERS Effective Subordination of Milk Payments: Fitch believes the effective subordination of milk payments at Fonterra to its principal and interest obligations (and other costs) is a key rating driver.
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There is some sort of subordination happening at every moment.
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And in that room, subordination and fear have no age.
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Limited Structural Subordination: TBI's bonds are rated at the same level as its Long-Term IDR, despite their structural subordination to debt held at the operating subsidiaries, which generate all of the group's revenue.
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Moses Brown: McCarren Park, by the studio where we did Subordination.
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And that subordination of norms and ethical character alone condemns him.
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KEY RATING DRIVERS Limited Structural Subordination: Fitch rates the proposed bond at the same level as TBI's National Long-Term Rating, despite their structural subordination to debt held at the operating subsidiaries, which generate all group revenue.
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He once said Merkel wants "first of all, a subordination" of Poland.
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The model minority image also obscures the racial subordination of Asian Americans.
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KEY RATING DRIVERS The transaction has initial class A subordination of 8.0%.
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But he has also emphasised the judiciary's subordination to the Communist Party.
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Both environments are all-encompassing, rooted in expectations of compliance and subordination.
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No loss of life, no invasion, no subordination, no thirst for retaliation.
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Increased Structural Subordination: Swire Properties is relying less on its parent for funding.
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|
"Igor is like that, he loves military discipline and subordination," says Mr Konyushkov.
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Equalisation of the IDRs is unlikely in view of MidCo1's structural subordination.
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However, a substantial increase in structural subordination could put pressure on the rating.
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The loss severity is high in view of the securities' deep subordination status.
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Moreover, the subordination of the unrated class B notes provides an additional cushion.
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Still, Tabbador said the courts' most pressing deficiency is their subordination to EOIR.
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KEY RATING DRIVERS FOR THE DEBENTURES Rating Reflects Deep Subordination: The debentures have been notched down by three notches from CP ALL's National Long-Term Rating, given their deep subordination and to reflect that loss-absorption is higher than usual.
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But the court also squarely identified segregation as an insidious form of racial subordination.
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To homogenize and even pit minorities against each other only perpetuates their structural subordination.
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The one-notch difference from Cosan's incorporates the structural subordination of Cosan Limited's debt.
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"The objectification of women was tied to the subordination of women," Mr. Marcus said.
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The score was linked to cash leakage, flexibility on investments, leveraging and structural subordination.
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For them, the definition of porn as female subordination by men mirrored conservative puritanism.
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Dividend Reliance: Multipolar's rating reflects the structural subordination that arises from its group structure.
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But among the gay community, the marginalization and subordination of effeminate gay men continued.
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These ratings reflect the deep subordination and going-concern loss-absorption features of the securities.
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"The European institutions show their lamentable and shameful subordination to the U.S. government," it added.
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The paper said that any common approach should also allow for other forms of subordination.
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The level of subordination is reflected in Fitch's 'poor' baseline recovery assumption for the issue.
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This is driven by the unconstrained ability to defer coupons, subordination and the absence of covenants.
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The commonality is collectivism: the subordination of the individual to some collective — class, nation, race, tribe.
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The level of subordination is reflected in Fitch's baseline recovery assumption of 'poor' for the issue.
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Its practitioners talk about it almost as a form of service, a subordination of the self.
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"As long as there's still masculinity and women subordination, there's going to a problem," he said.
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Structural Subordination Risk: FFO is derived largely from upstream dividends and interest received on shareholder loans.
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|
This crushing conspiracy of silence is itself a condition of Black women's intersectional erasure and subordination.
|
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Reduced Subordination at HoldCco: Osprey's guaranteed bondholders are subordinated to the rights of Anglian Water's bondholders.
|
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Pornography, they said, sexualized subordination, dehumanized women, and tricked them into objectifying themselves to please men.
|
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After banging Daario, Dany sends him and Jorah back to Yunkai to threaten the slavemasters into subordination.
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Any change to these arrangements may affect the structural subordination of the bidco and therefore the rating.
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EU countries are adopting different mechanisms to achieve the subordination of senior debt, as required by BRRD.
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Structural Subordination Risk: As a holding company, DSG's cash flows depend on dividend payments by its subsidiaries.
|
|
What will the subordination of religious to secular if despotic authority mean for the geography of Islam?
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That subordination is the inevitable result of a policy that seeks to avoid conflict at all costs.
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But Mr López Obrador "wants subordination, not union", and is seeking "employees, not allies", a PRD leader complained.
|
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In this world (as in our own), "cooperation" is expected to be enacted as obedience, subordination, and assimilation.
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It also reflects the notes' full coupon flexibility, their permanent nature and the subordination to all senior creditors.
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Subordination would be an enormous mistake imposing substantial adverse effects upon the commonwealth itself over the longer term.
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KEY RATING DRIVERS Improving Leverage: Fonterra's leverage, measured by the ratio of adjusted debt to EBITDA (including subordination), improved to 2.6x at end-FY16 from 5.2x at end-FY15 as earnings rose and effective subordination of milk payments returned to around 12% of the total cost of New Zealand-sourced milk.
|
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UK and Swiss banks, however, will continue to issue at the holding company level to achieve the requisite subordination.
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As a result, majority of the debt will be centralised at the parent company, thus reducing structural subordination risk.
|
|
As such, there is nothing that a black person could do to graduate out of subordination and into equality.
|
|
We calculate Fonterra's leverage as total adjusted debt/EBITDA (including subordination) to assess the strength of its financial profile.
|
|
However, management does not plan to raise debt at these subsidiaries, and therefore our rating assumes no such subordination.
|
|
Notwithstanding structural subordination issues, the diversification of CKI's investments and its strong management team support CKI's 'BBB+' standalone rating.
|
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Societies that subordinate women also find themselves saddled with chronic destabilization caused by the practices that produce that subordination.
|
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Gloria Steinem reminds us that we must resist the normalization of films that portray women enjoying their own subordination.
|
|
Rather than railing against Russia or trying to woo it back, the West should point out its subordination and wait.
|
|
Chief among them is whether this tragedy will turn a vulnerable minority community against another to perpetuate their mutual subordination?
|
|
The exposure is to large rated corporates and is mitigated by the dollar subordination available to the class A2 note.
|
|
The notching reflects the structural subordination of bonds issued by Ciputra Development to the debt held by the company's subsidiaries.
|
|
In the end, it's hard to argue that this election over all was a vote for the subordination of women.
|
|
This, combined with a rise in the effective subordination of milk payments at year-end to around 14% of the total cost of New Zealand-sourced milk (FYE16: 12%), led to Fonterra's leverage - defined as total adjusted debt/EBITDA, including subordination - returning within the guidelines for its rating at 2.4x at FYE17 (FYE16: 0003x).
|
|
This trend increases Swire Pacific's structural subordination to external parties in access to the stable operating cash flows of Swire Properties.
|
|
Most of the loans are due by mid-2017, and the structural subordination is, therefore, temporary and likely to be limited.
|
|
"We prefer the unsecured tranches as we believe that the subordination spread is attractive," said Spread Research credit analyst Djivan Torossian.
|
|
RATING SENSITIVITIES Fitch considers the prospect of a downgrade as remote, given our expected pool performance, adequate excess spread and subordination.
|
|
"What creates situations that are traumatizing and unbearable is always the power, the subordination or some sort of overpowering," she wrote.
|
|
The prospect of downgrade is remote, given the level of subordination to all rated notes, pool performance and adequate excess spread.
|
|
In its contemporary usage the term "colony" implies the illegitimate political subordination, exploitation and oppression of a people by foreign power.
|
|
The securities are notched twice for loss severity to reflect the notes' deep subordination - only ordinary equity ranks below the notes.
|
|
Once loosed, the negative energies of de-subordination can be diverted into the ugliest channels: racism, anti-Semitism, conspiracism and misogyny.
|
|
Resolution authorities set the level and the subordination of MREL on a case-by-case basis depending on the resolution strategy.
|
|
This reflects the notes' higher loss-severity risks compared with senior unsecured instruments due to the notes' subordination to the latter.
|
|
Yet I began to notice that just wasn&apost about being polite: It was a subtle message of subordination, of deference.
|
|
The notching approach reflects subordination relative to senior unsecured debt, and is in line with Fitch's approach to rating such instruments.
|
|
Rich soon turned against this kind of facile literary transformation, which seemed to exempt her from the violent subordination she expressed.
|
|
" Here, even Steele's soft intimations of subordination are edged with threat: " the beast inside of me's gonna get you, get you.
|
|
The two notches for loss severity reflect the notes' deep subordination - only ordinary equity ranks below the notes in a winding-up.
|
|
This would reflect both deep subordination and the potential for investors to suffer a loss while the insurer avoids a general default.
|
|
Fitch does not consider structural subordination a significant risk for the time being, as the JVs do not generate significant cash flows.
|
|
However, most of the loans are due by mid-2017, and the structural subordination is, therefore, temporary and likely to be limited.
|
|
If there is an edge, it goes to Mr. McKellen, whose scurrying, effeminate Norman is a study in subordination and repressed emotion.
|
|
Wife-ness as an ideological construct has cheapened me, resulting in the subordination of myself — and all the world — to cishet men.
|
|
We approached Subordination in a new studio with the intention of trying to make it dirtier but bigger at the same time.
|
|
It highlighted in particular structural subordination, where banks including those in the UK and Switzerland issue securities through a holding company structure.
|
|
The securities are rated three notches below FWD Limited's Issuer Default Rating (IDR) due to their subordination status and non-performance risk.
|
|
The proposed subordinated debentures are rated one notch below its National Long-Term Rating to reflect the subordination to its senior unsecured obligations.
|
|
Dissent and even subordination are expected on some scale, but for the most part, the guerrillas seem ready to lay down their weapons.
|
|
Features supporting the equity categorisation include junior subordination priority, a deemed effective maturity in excess of five years, and deferrable interest coupon payments.
|
|
The notching for these debt instruments reflects their subordination in the capital structure, and is consistent with Fitch's rating approach for such instruments.
|
|
KEY RATING DRIVERS The issue is rated one notch below CB's National Long-Term Rating, to reflect the subordination to senior unsecured creditors.
|
|
RATING SENSITIVITIES The prospect for a downgrade is considered remote due to the level of subordination and excess spread available on all transactions.
|
|
They analyze relationships of domination and subordination at the personal, interpersonal, institutional and cultural level to further understand the basis of the movement.
|
|
" She could just as faithfully invoke the subordination of women, as she did elegiacally in the poem "The Thought That Was Called Helen.
|
|
Prioritization will constitute the intentional subordination, not just of one claim to another, but of all claims to the pettiness of congressional politics.
|
|
"Wiping out the Tier 2 definitely makes you understand what subordination means," said Matthew Rees, a portfolio manager at Legal & General Investment Management.
|
|
The immediate boost to balance sheet trumped fears of subordination for existing unsecured bondholders, and helped reinforce the turnaround in sentiment towards the credit.
|
|
Limited Subordination of Noteholders: TBLA, on a standalone basis, contributed around 50% of consolidated EBITDA in 9M17 and held around 75% of total debt.
|
|
Any change in Fitch's view on the structural subordination of TLAC with respect to MSBNA could also result in a change in MSBNA's IDR.
|
|
What makes Sessions's comments so interesting, however, is that we don't normally think of mainstream Christians as the targets of that kind of subordination.
|
|
This reflects the subordination in the capital structure relative to senior unsecured debt, and is in line with Fitch's approach to rating such instruments.
|
|
KEY RATING DRIVERS The issue is rated one notch below Seylan Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
|
|
He sees the burqa as a symbol of failed integration and the subordination of women, he says, but "you can't prohibit everything you reject".
|
|
Appropriately, that seizure of power—the sudden refusal of African-Americans to continue living under conditions of subordination—flummoxes the white citizens of Sutton.
|
|
Fitch concluded that the transactions' reserve funds, combined with the subordination provided by the notes rated below 'AAAsf', was sufficient to withstand the stresses.
|
|
Some countries have already started to adopt their own approaches to achieve the mandatory subordination of senior debt required to meet TLAC/MREL standards.
|
|
In gay and straight bars alike, it's apparent that such subordination falls upon the shoulders of women, effeminate men, and gender non-conforming individuals.
|
|
The transactions have satisfied their respective documented step-down conditions, with subordination available to the rated notes at least double that provided at issuance.
|
|
In its perfect circularity, its pure subordination of lived experience to mediated experience, Nusr-Et may be New York's first true 21st-century restaurant.
|
|
The planned Eurobond is rated in line with X5's IDR, as structural subordination to debt raised by operating companies is eliminated by guarantees.
|
|
Subordination of existing debts would shunt these procedural safeguards aside, with future effects in terms of market expectations and incentives that cannot be salutary.
|
|
All the movies that portray female human beings as the only animals on earth that seek out and enjoy their own subordination and pain.
|
|
That's because reliance on tips pressures workers to put up with anything from customers, fueling harassment and a sense of subordination in the workplace.
|
|
Donald Trump is seeking "the total subordination of the whole world" with his new national security strategy, North Korea warned Friday, according to Reuters.
|
|
This notching reflects the incremental non-performance risk relative to that captured by the VR and the loss severity (two notches) given its deeper subordination.
|
|
RATING SENSITIVITIES Fitch considers the prospect of downgrade as remote due to the pool's expected performance and the existence of adequate excess spread and subordination.
|
|
Pyongyang wishes to emphasize its independence from, rather than subordination, to Beijing while Singapore's path may be unsuitable due to its smaller size, Fitch continued.
|
|
KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below HNB's National Long-Term Rating to reflect the subordination to senior unsecured debt.
|
|
Fitch's baseline recovery assumption for the senior notes is 'below average' for the issue given deeper effective subordination due to issuance by the holding company.
|
|
"Powerstation" the closing track on Austin punks Institute's latest album Subordination, could be the only glam rock song written about police violence and hegemonic masculinity.
|
|
Again working with producer Ben Greenberg (Uniform), songs like "All This Pride" and "Good Ol' Boys" make Subordination one of the standout albums of 2017.
|
|
The institution had millions of champions among conservative Christians who drew on Scripture and Curse of Ham theology to defend white supremacy and black subordination.
|
|
The party at times paid lip service to the equal sharing of domestic labor, but in practice it condoned women's continuing subordination in the home.
|
|
Harmonised statutory subordination would be desirable for many banks but is treated with caution by others due to fears over increased funding costs, he said.
|
|
As Anglian Water's leverage declines during AMP6, the subordination of Osprey's bondholders also declines as the OpCo is further away from lock-up covenant levels.
|
|
The prospect of downgrade is remote in light of the subordination level to all rated notes, pool performance, Fitch's economic outlook and adequate excess spread.
|
|
An installation comprised of vintage lingerie, hand-embroidered with lyrics from celebrated rappers, tackles the position of subordination women have long held in hip-hop culture.
|
|
The one-notch difference between Yango's senior unsecured rating and its Long-Term Issuer Default Rating reflects the subordination of its unsecured debt to secured debt.
|
|
KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below Seylan Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
|
|
One junior note of an Australian prime RMBS transaction was downgraded, as it did not have protection through subordination and excess spread was lower than projected.
|
|
MIDCO0003 - IDR AND SENIOR PIK TOGGLE NOTES MidCo1's Long-Term IDR is notched down once from Together's Long-Term IDR, reflecting the former's structural subordination.
|
|
Structural Subordination: Fitch may notch down debt issued by Ciputra Development, which is not guaranteed by the subsidiaries and is subordinated to debt at its subsidiaries.
|
|
SBS Deposits from customers are rated one notch above the bank's IDRs, at 'BBB+', to reflect the substantial subordination provided by other instruments to the deposits.
|
|
Such a downgrade would align the rating with SBS's IDRs, although we do not believe a downgrade is probable due to the high level of subordination.
|
|
KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below Sampath Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
|
|
Framing the need for such guidance as a moral imperative should make it easier for the FBI to accept the temporary subordination of its primary mission.
|
|
According to the court, there was a relationship of subordination between the company and the driver — in other words, the driver was following orders from Uber.
|
|
We apply one notch for loss severity to reflect the below-average recovery prospects for the notes in case of non-viability event given their subordination status.
|
|
If women continue to struggle through the lived experience of constant subordination to the needs and desires of men, it is irrational for me to blame poetry.
|
|
Conversely, Fitch will exclude the junior PIK notes when calculating JHL's leverage, in the light of their deeper structural and contractual subordination, and non-cash payment features.
|
|
There are no cross-guarantees of debt between LFL and LeasePlan, and the ratings reflect the structural subordination of LFHPL and LFL creditors to those of LeasePlan.
|
|
SUBORDINATED DEBT The outstanding subordinated debentures are rated one notch below AFC's National Long-Term Rating to reflect their subordination to the claims of senior unsecured creditors.
|
|
" In response, Venezuela's foreign ministry said in a statement: "The European Union and its member states show their regrettable subordination to the opinions of the U.S. government.
|
|
The notes are rated three notches below VIVAT's 'BBB' Issuer Default Rating (IDR) to reflect their subordination and loss absorption features, in line with Fitch's notching criteria.
|
|
There will be no cross-guarantees of debt between LHC3 and AFB, and the ratings reflect the structural subordination of LHC3's creditors to those of AFB.
|
|
"When connecting to the Uber digital platform, a relationship of subordination is established between the driver and the company," France's Cour de Cassation said in a statement.
|
|
In this case, the employees — in agreeing to the subordination provision — had agreed to be paid after all other general unsecured creditors had been paid in full.
|
|
TCAP's National Ratings are notched down from its core operating subsidiary, TBANK, reflecting the structural subordination of the holding company and the presence of large minority interests.
|
|
This broader context is critical to understand as the Congress now begins in earnest to investigate the subordination of US foreign policy to the Trump reelection campaign.
|
|
Prior-ranking debt was below 2x of the group's 2016 EBITDA, which is Fitch's threshold for a material possibility of subordination and lower recoveries for unsecured creditors.
|
|
There are no structural subordination issues, as the Eurobond is covered by suretyships from operating companies, altogether accounting for around 90% of the group's EBITDA in 2016.
|
|
The securities are rated one notch below Kyobo Life's IDR to reflect our assumption of below-average recovery prospects in the event of default, given subordination levels.
|
|
Temporary Structural Subordination: WHA's senior unsecured debt could be structurally subordinated to the acquisition loans, which were taken by the subsidiary that directly holds the shares in Hemaraj.
|
|
The senior unsecured rating reflects provisions in the indenture for the proposed bond, which limits prior-ranking debt to levels commensurate with Fitch's guidelines for low structural subordination.
|
|
VARIATIONS FROM CRITERIA The class B notes have 11% subordination in the form of the Seller notes; the breakeven net-loss for a AAAsf rated note is 0003%.
|
|
But, RCom's overseas traded bonds fell marginally on Monday, with some analysts saying bond holders are now in a better position than before as subordination risk has diminished.
|
|
The UK's approach to resolution planning means that Barclays is required to use structural subordination, involving the issuance of external MREL through the holding company, to meet requirements.
|
|
As far as subordination/recovery is concerned, since RT10s are deeply subordinated and are intended to be loss-absorbing, we would expect recoveries to be close to zero.
|
|
The notching differential between the IDR and subordinated debt ratings reflects the structural and contractual subordination of these obligations, which is likely to result in poor recovery rates.
|
|
The permanent interest-bearing securities (PIBS) are rated four notches below Nationwide's VR, reflecting two notches for their deep subordination and two notches for incremental non-performance risk.
|
|
SUBORDINATION RISK The Fund has entered into a credit agreement with several conduit lenders and Citibank, N.A. as a lender, liquidity provider and as agent for the lenders.
|
|
The one-notch difference compared to Cosan's ratings continues to incorporate the holding company nature and inherent structural subordination of Cosan Limited's debt to dividends received from Cosan.
|
|
Fitch includes Fonterra's effective subordination of milk payments to its principal and interest obligations (and other costs), as specified in its constitution, in measuring the co-operative's leverage.
|
|
The mood of de-subordination has fueled left-wing insurgencies: Syriza in Greece, Podemos in Spain, Corbynism in Britain and, of course, Bernie Sanders's "political revolution" in America.
|
|
We view the aggregated portfolio of CKI dividend receipts in the high 'BBB' category, taking account factors such as structural subordination issues and a strong CKI management team.
|
|
The employees had several novel arguments for why they should, at least, get out from under the subordination provision in the agreement, but the court rejected them all.
|
|
An important approach to depression in the psychological and evolutionary literature has been to view it as an evolved response to "involuntary subordination," to being displaced from dominance.
|
|
SUBORDINATED DEBT Subordinated debentures of CF, LB, Senka, and Siyapatha are rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
|
|
Analyzing Relationships of Domination and Subordination They present their maps via Padlet, an online bulletin board application that allows them to view and comment on each other's work.
|
|
They are guaranteed on an unsecured basis by Tereos, and are therefore subject to structural subordination not only to debt at TF but also at the TI level.
|
|
VARIATIONS FROM CRITERIA The class B notes have 0003% subordination in the form of the Seller notes; the breakeven net-loss for a AAAsf rated note is 10.9%.
|
|
Swire Pacific is rated at one-notch below Swire Properties, due to its structural subordination to external parties in access to the stable operating cash flows of Swire Properties.
|
|
Any change in Fitch's view on the structural subordination of TLAC with respect to GSBUSA and GSCO could also result in a change to each entity's long-term IDR.
|
|
The one-notch differential reflects their subordination status, the presence of partial rather than full write-down feature, as well as the lack of going-concern loss-absorption features.
|
|
Any change in Fitch's view on the structural subordination of TLAC with respect to GSBUSA and GSCO could also result in a change to each entity's Long-Term IDR.
|
|
The level of subordination is reflected in Fitch's baseline recovery assumption of 'below average' for the issue, which results in the notes being notched down once from the IDR.
|
|
Others reckon the proposed unpreferred senior asset class would be optional, allowing countries like Germany to stick to their original plans while ensuring others do not opt for structural subordination.
|
|
We do not yet differentiate IDRs between UK opcos and holding companies because the Bank of England has not finalised rules on internal MREL (for opcos within groups) and subordination.
|
|
The EBA also recommends introducing mandatory subordination for MREL-eligible liabilities for at least some banks on the basis that it will "improve resolvability and contribute to clarity for investors".
|
|
The European Commission said in November that non-preferred debt would be the most cost-effective way for banks to comply with the subordination requirements of global loss-absorbing standards.
|
|
Structural Subordination Mitigated: Its subsidiary, Future Holdings, which is listed in Shanghai, remains a crucial platform for Future Land's offshore financing, especially as the onshore financing environment tightens in 2H103.
|
|
"Women's bodies—including their menstruation—have long been used as a justification for their subordination in our society," Rosewarne told me, as we discussed pop culture's negative portrayal of periods.
|
|
This reflects their full coupon flexibility, the ability to be converted into ordinary shares before the bank becomes non-viable, their permanent nature and their subordination to all senior creditors.
|
|
A U.S. official said Netanyahu had wanted Gantz to escort him to the White House, telegraphing to many Israelis the challenger's subordination to the four-term conservative Likud party incumbent.
|
|
Structural subordination to operating companies' debt is eliminated by the presence of suretyships from major operating companies accounting for not less than 80% of the group's EBITDA and net assets.
|
|
Incentives to correct such practices will not be strengthened if debt service becomes easier, rather than harder to avoid, and an implementation of a subordination provision would do precisely that.
|
|
The notes are rated two notches below SCOR's Long-term Issuer Default Rating (IDR) of 'A+'/Stable, to reflect their subordination and loss absorption features, in line with Fitch's notching criteria.
|
|
The proposed subordinated securities are rated one notch below HKL's IDR to reflect Fitch's assumption of "below-average" recovery prospects in the event of a default, given the level of subordination.
|
|
We expect Sweden's domestic systemically important banks to issue non-preferred senior notes to meet this, as they have expressed little appetite for the holding company structures needed for structural subordination.
|
|
We also believe Sunshine's structural subordination risk is heightened, as the holding company borrowed LKR1.4 billion for the share purchase, while its cash flow is dependent on dividend payments from subsidiaries.
|
|
Well, this Republican Congress largely wasn't elected on Trump's platform either, yet today engages in subordination to a President who appears to have no understanding of policy nor traditional Republican orthodoxy.
|
|
WAC caps should therefore be carefully reviewed by investors, who may be exposed to more risks than in a traditional structure through potential subordination of interest amounts above a WAC cap.
|
|
SENIOR UNSECURED, SECURED AND SUBORDINATED DEBT BICE's senior unsecured bonds are rated at the same level as its National long-term rating, considering the absence of credit enhancement or subordination feature.
|
|
The subordinated notes have been rated three notches below NN's 'A' Issuer Default Rating (IDR), reflecting two notches for the level of subordination and one notch for 'moderate' non-performance risk.
|
|
SENIOR UNSECURED, SECURED AND SUBORDINATED DEBT BCI's senior unsecured bonds are rated at the same level as its National long-term rating, considering the absence of credit enhancement or subordination feature.
|
|
This feature is particularly important during the pro-rata period and after pool transfers to ensure there is sufficient subordination in the tail end to cover for losses of large loans.
|
|
That's why Kimberlé Crenshaw, a feminist legal theorist and civil-rights activist, introduced the notion of intersectionality, which stresses the complexity with which different forms of subordination relate to one another.
|
|
It is essentially part of blaming the victim and pretending that the feeling of subjugation and subordination is simply a problem in the mind of the person on the receiving end.
|
|
Prior-ranking debt was slightly below 2x of the group's LTM to September 2016 EBITDA, which is Fitch's threshold for a material possibility of subordination and lower recoveries for unsecured creditors.
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Mr. López Obrador, a two-time candidate who nearly won the election in 2006, has promised to end a relationship of "subordination" to the United States, while focusing on domestic issues.
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Rather than shaming these girls, the governments in African countries such as Tanzania should address the root causes of teenage pregnancy — patriarchy and the subordination of women in many African societies.
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Nestle and Unilever also have better profitability and credit metrics, even after the companies announced shareholder-friendly actions in 2017 and taking into account the effective subordination of milk payments at Fonterra.
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"Food justice" will require attention to class stratification, gender subordination, and racialized work, if activists are to build a consensus around the harmful effects of beef-eating and their distribution through society.
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For centuries, one of the key differences between the great Eastern and Western churches has been the subordination of Orthodox churches to temporal powers, and the relative independence of the Catholic one.
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Maduro's government denounced the new sanctions, which it said infringed international law by violating Venezuela´s sovereignty, and accused the EU of "flagrant subordination" to the administration of U.S. President Donald Trump.
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It was almost as if the characters were created to prepare me for a life of subordination to the narratives and life stories and yearnings and desires and humanities of white women.
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" What happened in this world was "[t]he complete subordination of the monastic scribe to the text — the erasure, in the interest of crushing the monk's spirit, of his intellect and sensibility.
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Hirshman derides the ordinance's feminist critics with glib sarcasm — "Male aggression, subordination, it's all good" — as if these opponents were motivated by nothing more complicated than a blithe indifference to female suffering.
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The subordinated notes' rating reflects interest deferral features, at the issuer's option, as well as below-average recovery prospects due to the subordination of the principal to unsubordinated and dated subordinated obligations.
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Whatever the realities on the ground, subordination of existing Puerto Rico debts would reduce the willingness of the capital market to invest in modernization, for PREPA and for the commonwealth more generally.
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Hence, they are rated only one notch below the bank's VR. Interbank's junior subordinated bonds, rated four notches below the bank's VR, have non-cumulative deferral of the coupons and a deeper subordination.
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There are no structural subordination issues, as the Eurobond is covered by suretyships (which we consider akin to guarantees) from operating companies, altogether accounting for around 90% of the group's EBITDA in 2016.
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Banorte's global junior subordinated debt is rated four notches (-4) below the bank's VR. The ratings are driven by Fitch's approach to factoring non-performance risk (-2 notches) and degrees of subordination (-103).
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The rating assigned to BCI's new debt issuance corresponds to the bank's long-term IDR and ranks equal to its other senior unsecured debt, considering the absence of credit enhancement or subordination feature.
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Still, several specialists cautioned that Mr. Mueller's subordination could revert to a weakness if Mr. Trump were to fire Mr. Sessions or Mr. Rosenstein, putting someone else in charge of the special counsel.
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We have applied to the Tier 2 notes a baseline recovery assumption of 'poor', reflecting the level of subordination, and a non-performance risk assessment of 'moderate', reflecting the mandatory interest deferral feature.
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KEY RATING DRIVERS The subordinated notes are rated one notch below Sumitomo Life's IDR to reflect Fitch's assumption of below-average recovery prospects in the event of default, given the level of subordination.
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We have applied a baseline recovery assumption of 'poor' to the notes, reflecting the level of subordination, and our assessment of 'moderate' non-performance risk due to the notes' mandatory interest deferral features.
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Investors cited the flexibility around taking cash out at the expense of senior creditors, restricted payments and lien subordination as key concerns in Refinitiv's documentation that should translate into a deeper price drop.
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The transaction structure supports a lenders mortgage insurance (LMI) independent rating for the Class A1 and A2 notes after the third payment date, when the minimum subordination steps up from AUD10018513m to AUD10m.
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Meanwhile, players who are still employed are now compelled to satisfy the Tammy Lorens of the world when the reality is nothing short of total subordination will ever make people like her happy.
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Yet I was also troubled by what I believed was the subordination of Christianity to partisan ideology — the ease with which people took something sacred and turned it into a blunt political weapon.
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Structural Subordination at MIDI: Alfamart owns 86.72% of PT Midi Utama Indonesia Tbk (MIDI, not rated), which generates more than IDR800bn of EBITDA and accounts for more than 20% of Alfamart's consolidated EBITDA.
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The Commission said in a November 2016 legislative proposal that non-preferred debt would be the most cost-effective way for banks to comply with the subordination requirements of global loss-absorbing standards.
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As Americans, we'd like to think we've risen above the discriminatory attitudes of the past, but 40 years of women in the workplace isn't going to undo centuries of ingrained attitudes of subordination.
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The 'AA' rating assigned to the surplus note reflects Fitch's standard notching from the company's 'AAA' Insurer Financial Strength (IFS) rating and considers the subordination of the surplus notes relative to policyholder obligations.
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In her book The Artificial Kingdom: A Treasury of the Kitsch Experience, Celeste Olalquiaga positions the unprecedented subordination of nature in the 1800s as critical to the birth of kitsch and souvenir culture.
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Unfortunately, men have been reared by a dumb and damaging form of masculinity that is defined by pseudo-dominance, an (imagined) ideal of superiority that can only be maintained through the subordination of women.
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Captain America and Iron Man argued over a superhero registry in Civil War, which Iron Man saw as a worthwhile restraint on power and Captain America saw as the opening move in superhero subordination.
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Fitch believes the unencumbered assets/unsecured debt ratio of 2.0x is the minimum level for investment grade real estate investment trusts to support strong financing flexibility and limit the subordination of unsecured creditors' interests.
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The notes are rated two notches below the Society of Lloyd's IDR of 'A+' to reflect their subordination (one notch) and 'moderate' risk of non-performance (one notch), in line with Fitch's notching criteria.
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It grants the President draconian powers including the suspension of all elections, the complete subordination of federal and local government departments to the executive branch, and the extension of military command into civilian life.
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Alfamart's creditors are structurally subordinated to those of MIDI as Alfamart can only access cash flows at MIDI after the latter services its debt, although the current level of structural subordination is not significant.
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We expect this to fall over time driven by capital amortisation of lease payments staying well below the threshold of 2.0- 2.5x that Fitch considers material to trigger structural subordination for holding-company creditors.
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They demand subordination to a program of Persian expansionism and radical Khomeinist theology that precludes the freedoms that Iraqis and Lebanese had come to enjoy and others in the region have come to demand.
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We do not think holders of the proposed notes will face significant structural subordination as all of TBLA's key subsidiaries are almost fully owned and there are no restrictions on cash movement within the group.
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The notes are rated three notches below Prudential's Long-Term Issuer Default Rating (IDR) of 'A+', which has a Stable Outlook, to reflect their subordination and loss absorption features, in line with Fitch's notching criteria.
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The notes are rated three notches below Prudential's Long-Term Issuer Default Rating (IDR) of 'A+', which has a Stable Outlook, to reflect their subordination and loss-absorption features, in line with Fitch's notching criteria.
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The white entertainment industry that casts black people in historical roles still perpetuates images of racial subordination, which normalizes and makes digestible images of angered, black, and enslaved women within contemporary versions of such stereotypes.
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The preferred stock ratings include two notches for loss severity given these securities' deep subordination in the capital structure, and three notches for non-performance given that the dividends are non-cumulative and fully discretionary.
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But beyond chance and circumstance, the situations we faced demanded from us the subordination of personal and professional risk to a higher purpose, a responsibility we willingly accepted on behalf of the public we served.
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Others pointed out that Pougetoux, as a student and union representative who appeared on national television, evidently does not adhere to the literalist interpretations of Islam that might confine her to a role of subordination.
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KEY RATING DRIVERS The securities are rated one notch below Kyobo Life's IDR (A/Stable) to reflect Fitch's assumption of "below-average" recovery prospects in the event of a default, given the level of subordination.
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We have assigned Play Topco an IDR of 'B+' based on our parent subsidiary linkage, reflecting the subordination of the cash flow streams used to service its debt to those of the P4 restricted group.
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In our base case, we assume that any changes to the group structure will have a neutral effect on instrument ratings and that any structural or contractual subordination mirrors that of the current dual structure.
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The notes are rated two notches below Beazley Re's Issuer Default Rating (IDR) of 'A', to reflect their subordination (one notch) and moderate risk of non-performance (one notch), in line with Fitch's notching criteria.
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Confronted with this economic situation, many people argued that free markets would promote equality and workers' interests by enabling them to go into business for themselves and thereby escape subordination to the owners of capital.
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A tiny, uncut gem of a movie, "We the Animals" is the first narrative feature from the nonfiction filmmaker Jeremiah Zagar and, as such, its subordination of plot to character and observation makes perfect sense.
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We assign Play Topco an expected IDR of 'B+(EXP)' based on our parent subsidiary linkage, reflecting the subordination of the cash flow streams used to service its debt to those of the P4 restricted group.
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The permanent interest-bearing shares (PIBS) are rated four notches below the VR: two notches for their deep subordination and two notches for incremental non-performance risk in the form of potential non-payment of coupon.
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Member States may wish to consider criteria such as the relation of subordination to the platform, the nature of the work and remuneration when deciding whether someone can be considered as an employee of a platform.
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Fitch considers prior ranking debt constituting 2.0x to 2.5x EBITDA an indication of the material possibility of subordination and lower recoveries for debt at Ciputra Development and therefore notch down its unsecured debt from the IDR.
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Legacy Tier 1 notes are notched down four times from the VR, two notches for loss severity for deep subordination and another two for non-performance risk as coupon deferral is constrained by look-back clauses.
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In addition, a downgrade could result from a substantial increase in the proportion of senior unsecured debt (customer deposits and wholesale funding) in the funding structure, as this would lower the subordination provided by other instruments.
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Effective Subordination of Milk Payments: Retention of milk payments to farmer-shareholders, at around 7503% of the total annual cost of New Zealand-sourced milk at end-FY16, has returned to historical levels of above 10%.
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This reflects two notches for loss severity in light of the notes' deep subordination and three notches for additional non-performance risk relative to the VR given a high write-down trigger and fully discretionary coupons.
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SE: I do think that you know there are banks like, if I can say UBS, under the Swiss regime it's very clear the subordination and it's also very clear who you sell those instruments to.
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Usually, for issuers rated in the 'BB' category (a transitional territory between investment-grade and highly speculative), prior-ranking debt constituting 2x-2.5x EBITDA indicates a high likelihood of subordination and lower recoveries for unsecured debt.
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The permanent interest- bearing shares (PIBS) are rated four notches below the VR, reflecting two notches for their deep subordination and two notches for incremental non-performance risk in the form of potential non-payment of coupon.
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Additionally, MSBNA's IDR is rated one-notch higher than the parent holding company's IDR because the bank subsidiary benefits from the structural subordination of holding company TLAC, which effectively supports senior operating liabilities of the bank subsidiary.
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Actual Japanese viewers have also found issue with Tracy as a white savior who single-handedly leads an uprising against Megasaki's corrupt politicians, whilst emotionless Japanese citizens watch from the sidelines like perfect portraits of Asian subordination.
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MIDCO1 - IDR AND SENIOR PIK TOGGLE NOTES MidCo1's Long-Term IDR is notched off once from JHL's Long-Term IDR, reflecting the former's structural subordination and double leverage, which is expected to be close to 250%.
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"The subordination of these functions to agriculture, in addition to demonstrating a lack of knowledge of the subject, would generate insurmountable conflicts of interest and jeopardize four decades of progress in protecting the environment," the letter said.
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The notching reflects two notches for loss severity in light of the notes' deep subordination and three notches for additional non-performance risk relative to the VR given a high write-down trigger and fully discretionary coupons.
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The preferred stock rating includes a combined four notches for loss severity given the securities' deep subordination in the capital structure and non-performance given that the coupon of the securities is non-cumulative and fully discretionary.
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KEY RATING DRIVERS The subordinated securities are rated one notch below HKL's Issuer Default Rating of 'BBB' to reflect Fitch's assumption of "below-average" recovery prospects in the event of a default, given the level of subordination.
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Embattled by a family decision that would most likely sentence her to a life of subordination and ruin her artistic ambitions, Alizadeh wrote the rap song "Daughters for Sale," denouncing the archaic traditions that underpin forced marriage.
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Their disagreement over racial strategy—whether to protest open racial subordination or accommodate and find ways to operate within it—had not yet taken shape in 1895, and wouldn't become a public breach until several years later.
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As the politics around climate change inevitably become more pressing, the case for a large-scale subordination of private capital to public priorities — a demand that is at the heart of the political left — will only strengthen.
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"The impact assessment concludes that the creation of a specific 'unpreferred' senior class for unsecured debt is the most cost effective way to comply with the subordination requirement of the TLAC standard for G-SIIs," the EC said.
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Although bondholders have an option to put the bonds to TK Miratorg LLC, this, in our view, is insufficient to eliminate subordination issues as TK Miratorg LLC makes only a marginal contribution to the group's EBITDA and assets.
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As such prior-ranking debt is estimated at 2x of group EBITDA there is a material possibility of subordination and lower recoveries for unsecured creditors under Fitch's criteria 'Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers'.
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But whatever the offenses may be, the real-world policy effects that Trump's critics have feared from l'Affaire Russe — an alliance of strongmen, the subordination of American interests to Moscow, the unraveling of NATO — haven't materialized at all.
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Scholarly discussion and political argument about Bookerism have accordingly divided up prominent black political figures between those who advocated protest against or accommodation to racial subordination during what is often called the Age of Washington—roughly 1895–1915.
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Additionally, GSBUSA and GSCO's long-term IDRs are rated one-notch higher than the parent holding company's IDR because each subsidiary benefits from the structural subordination of holding company TLAC, which effectively supports senior operating liabilities of each subsidiary.
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The issuance of long-term unsecured funding would negatively impact debt level ratings because it would introduce effective subordination in PEFCO's capital structure and would deviate from PEFCO's historical funding strategy of accessing commercial paper and senior secured debt.
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Given the regulatory ring-fence around AFB, the structural subordination of LHC3 creditors to AFB creditors and LHC3's reliance on dividend being up-streamed from AFB to service the notes, rating upside is limited in the medium term.
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And what makes the regime the rabbits are founding good — and successful, but first and foremost good — is the integration of the different virtues, the cooperation of their different embodiments, their willing subordination to one another as circumstances require.
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SEOUL (Reuters) - U.S. President Donald Trump's new national security strategy unveiled this week is a "criminal document" that seeks the "total subordination of the whole world to the interests of the U.S.," North Korea's foreign ministry said on Friday.
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Treuer's suggestion, for example, that Indian peoples have been infected by colonialism with a disease "of powerlessness … more potent than most people imagine" could be extended to include the subordination experienced by other gendered, racialized and historically disempowered communities.
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We expect the European Commission's (EC) proposal to amend Directive 2014/59/EU by introducing a new class of non-preferred senior debt, if and when implemented in German law, to leave the subordination of outstanding non-preferred senior debt intact.
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Their relationship allows Coates to reveal the gendered violence and subordination present in even the most enlightened nation—the couple flee the palace to escape royal censure—but also frees him to address problems the patriarchal royal family has overlooked.
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SUBORDINATED DEBT The old-style Basel II Sri Lanka rupee-denominated subordinated debt of BOC, CB, HNB, DFCC, Sampath, NDB and Seylan is rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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Maybank's Basel II-compliant hybrid securities are rated four notches below the VR, to reflect the deep subordination status of the securities and the presence of going-concern loss-absorption mechanisms, but also look-back provisions in the optional dividend deferral.
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The legacy Upper Tier 2 debt rating reflects its higher loss severity given its subordination to senior unsecured and subordinated Tier 2 obligations (two notches) and incremental non-performance risk (one notch) for its cumulative coupon deferral subject to constraints.
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The notes are rated three notches below PFI's long-term Issuer Default Rating (IDR), which reflects Fitch's assumption of "poor" recovery prospects in the event of default given the level of subordination and one additional notch for "minimal" non-performance risk.
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KEY RATING DRIVERS Proposed Bond Not Notched: Fitch rates the proposed bond at the same level as TBI's National Long-Term Rating despite its structural subordination to debt held at the operating subsidiaries, which generate all of the group's revenue.
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Average Recovery Prospects for Second Lien Notes: Based on our recovery assumptions, the second lien notes carry moderate recovery prospects in a default scenario given their subordination to the super senior RCF and senior secured notes in the debt waterfall.
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The tendency is perhaps most apparent in tension over the status of women who, for all their traditional subordination and the trend towards covering their heads in public, now make up the majority of university graduates in the Arab world.
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There is also an element of structural subordination of cash flows, especially in the utilities and infrastructure assets, as the debt at the asset-owning level and the operating cash flows of these businesses can only be accessed via dividends.
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The notching reflects (i) incremental non-performance risk relative to the bank's VR due to the option to cancel coupon payments at CBM's discretion; and (ii) likely high loss severity in case of non-performance due to the instrument's deep subordination.
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Initially, we anticipate that only certain banks in Germany, where the IDRs are driven by their Viability Ratings, will have the capacity to be assigned DCRs above their IDRs because of senior debt subordination laws that will be implemented from 29100.
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LHC3 IDR AND DEBT RATING The Long-Term IDR of LHC3 is primarily driven by the structural subordination of LHC3's creditors, its reliance on dividend upstream from AFB to service its debt and high but improving gross cash flow leverage.
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A study that was conducted by the University of Virginia's Institute for Advanced Studies in Culture and released in August, "The Vanishing Center of American Democracy," provides the strongest evidence of the presence of feelings of involuntary subordination among Trump supporters.
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The EC thinks that so-called "unpreferred" senior unsecured debt, which would sit beneath existing senior debt, is the most cost-effective way for banks to comply with the subordination requirement of the total loss-absorbing capacity standard for global systemically important institutions.
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There is also an element of structural subordination of cash flows, especially in the utilities infrastructure assets, given the level of debt at the asset owning level and that the operating cash flows of these businesses can only be accessed via dividends.
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There is also an element of structural subordination of cash flows, especially in the utilities-infrastructure assets, given the level of debt at the asset-owning level and that the operating cash flows of these businesses can only be accessed via dividends.
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KEB Hana Indonesia's subordinated debt is rated two notches below its National Long-Term Rating - one notch for loss severity to reflect their subordination and write-down features, and one notch for non-performance risk to reflect coupon and principal deferral risk.
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There is also an element of structural subordination of cash flows, especially in the utilities/infrastructure assets, given the level of debt at the asset-owning level and that the operating cash flows of these businesses can only be accessed via dividends.
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RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: - Leverage, as measured by adjusted debt to EBITDA (including subordination), falling to below 1.5x; and - EBITDA margin remaining above 10% (FY13: 11.3%), both on a sustained basis.
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This is one of the assumptions underpinning Fitch's equalisation of FS's IDRs with Italy's and the non-subordination to operating subsidiaries as nearly 60% of the group's debt is on the balance sheet of the holding, which has a small, unconsolidated income stream.
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The subordinated note rating includes one notch for loss severity given the subordination of these securities in the capital structure, and zero notches of non-performance given contractual limitations on interest payment deferrals and no mandatory trigger events which could adversely impact performance.
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Confronted with civil disobedience against the Vietnam War and racial subordination, Rawls and his cohort developed the canonical modern image of civil disobedience: as an appeal to the country's higher principles, a fragment of lawbreaking in support of a larger fidelity to law.
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This year, as we approach the conference's 25th anniversary and the resolution's 20th anniversary, research has only emphasized that what was said then still holds true today: Violence against women and women's subordination are not simply problems of the home and family.
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Farmers could rent their land only on short-term leases, which forced them to bow and scrape before their landlords, in a condition of subordination not much different from servants, who lived in their masters' households and had to obey their rules.
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He also exhorted black and white Southerners to "cast down your buckets where you are" in the region—an appeal that offered white employers tractable, low-wage black labor and consigned blacks to the most humble opportunities that racial subordination relegated to them.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES NDB's, DFCC's, Sampath's, Bank of Ceylon's, Seylan's, CB's and HNB's old-style Basel II Sri Lanka rupee-denominated subordinated debt is rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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However, in Fitch's view, the effective subordination of milk payments to Fonterra's principal and interest obligations (and other costs) remains a key rating driver that is underpinned by its inclusion in Fonterra's constitution and the company's return to historical levels following one year's deviation.
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RATING SENSITIVITIES Positive: Developments that may, individually or collectively, lead to positive rating action: - leverage - as measured by adjusted debt/EBITDA, including subordination - falling below 1.5x on a sustained basis (FYE17: 0003x); and - EBITDA margin to remain above 10% on a sustained basis (FY17: 8.4%).
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While there is certainly a need for new training regimes, the elimination of militarized tactics on civilians, greater oversight of the police, and enhanced accountability, we are mistaken if we think these are adequate solutions to reducing abusive policing and subordination of black people.
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White House officials told Reuters Trump's decision had been building for months, but a turning point came when Comey refused to preview for top Trump officials his planned testimony to a Senate panel, a decision considered an act of subordination by Trump and his aides.
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Written last year in the the days leading up to the band's first European tour, Subordination involves contributions from all members—Brown, guitarist Arak Avakian, drummer Barry Elkanick, and bassist Adam Cahoon—and sees some subtle stylistic shifts without losing any of the intensity.
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On Sunday Negan filled in the blanks, explaining to Daryl, at great length, that the couple eventually returned to the Sanctuary and were punished for their crimes: Negan took Dwight's wife for himself and fried his face for good measure, cowing him into productive subordination.
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Washington declared before this regional business gathering his acquiescence in the name of the black Southern population to the new regime of almost total black disfranchisement and the abrogation of civil rights within a social, political, and economic order based on explicit racial subordination.
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The Recovery Rating considers the structural subordination to the local operating subsidiaries debt and a going concern approach to determine cash flow multiples and post-default cash flow for each opco to determine the estimated residual value available for the senior secured holdco notes.
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In "The Elephant Man," a film that also starred Anthony Hopkins and Anne Bancroft (it had no connection with Bernard Pomerance's stage play of the same name), Mr. Hurt found the apotheosis of this quality, the subordination of his own physical being to the character's.
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When rating insurance hybrid instruments, we look at two key aspects: the level of subordination and what that means for expected recoveries in a liquidation; and non-performance risk, which reflects the risk of investors facing a loss before a general default event for the issuer.
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"The Confederacy, by contrast, is founded upon exactly the opposite idea; its foundations are laid, its cornerstone rests, upon the great truth that the negro is not equal to the white man; that slavery, subordination to the superior race is his natural and moral condition," Stephens said.
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If we enhanced the social supports for parents and children -- family leave, child care, health care, education and jobs with a living wage -- that would help realize the unfulfilled promise of individual self-determination that we've been moving toward since the days of women's complete subordination.
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In a carefully worded statement that garnered support outside the university for Weinstein's position, the biology professor characterized the event, in effect, as a show of arbitrary power by a coalition of groups that have struggled over time to overcome their own subordination to arbitrary power.
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Catharine A. MacKinnon, whose legal theories laid the basis for sexual harassment being defined as a form of sex discrimination, has championed the revival of the amendment as a weapon against what she sees as the continuing subordination of women through sexual violence and economic inequality.
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The reason we naturally think of African Americans when we think of identity in the US, for example, is because we know this group has a long history of oppression and subordination in this country, and so their identity is quite strong — it has to be, really.
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This month the Council of the EU agreed its stance on a package of proposals aimed at reducing risk in the banking industry, including a draft directive requiring member states to create a new class of non-preferred senior debt, eligible to meet the subordination requirement in an insolvency.
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The 'BBB' rating on ART's senior unsecured debt is driven by Fitch's view that the trust's senior unsecured creditors have only a limited risk of legal subordination from its secured creditors, so long as the ratio of unpledged assets to unsecured debt remains higher than 21750x (end-21000: 2110x).
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As a lover of textual ingenuity, I'm most struck, in Mr. Trump's speeches, by the mind-numbing syntactic simplicity of his utterances, by the lack of logical coordination and subordination, and by the repetition of basic subject-verb-object sentences with little in the way of coherent connection.
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Fonterra's operations, on the other hand, are concentrated in the global dairy market, although its business profile benefits from its position as the world's largest dairy exporter, the calculation of the Farmgate Milk Price incorporating a regulated return and the effective subordination of milk payments under its constitution.
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It is structured, in fact, by the dominance of the male and the subordination of the female within the form of the bourgeois, not to say pre-bourgeois family, a formation that is, after all, backed by the threat of force and secured in an economy dominated by men.
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If the price of this revolution is the subordination of ordinary fairness to abstract justice, the elevation of rumor over fact, the further debasement of journalism, the devaluation of the rights of the accused, and the complete toxification of public service, it will be a price too high.
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Not only are women expected to weather sexual violence, intimate partner violence, workplace discrimination, institutional subordination, the expectation of free domestic labor, the blame for our own victimization, and all the subtler, invisible cuts that undermine us daily, we are not even allowed to be angry about it.
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Quality Assets and Subordination Incorporated in Debt Recovery: As of LTM March 2016, GSB's total assets were valued at an estimated BRL2.9 billion (approximately USD803 million using the FX rate of 3.59x), with encumbered and unencumbered assets representing approximately 84% and 16%, respectively, of the total assets value.
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His ideas are informed by and emboldening to a growing collective of men who view the subordination of women as both part of a functional society and a stepping stone to a larger movement: one steeped in fascist ideology and willing to openly champion hate as a political cause.
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When women could not manage their reproductive capacity —even contraception was not legal in all states until 1965 — women's special subordination to government and specifically to men on whom women were dependent for economic support, for employment, and other resources shaped every aspect of women's intimate familial and socio-political lives.
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The proposed securities qualify for 50% equity credit as they meet Fitch's criteria with regard to subordination, effective maturity of at least five years, full discretion to defer coupons for at least five years and limited events of default, as well as the absence of material covenants and look-back provisions.
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Senior bonds eligible as total loss-absorbing capacity (TLAC) are also rated the same level as holding companies' Long-Term IDRs based upon Fitch's view that the holding company's failure and senior level default risk are similar to that of wholly owned operating banks despite structural subordination features of notes.
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Faithful execution had a distinctive meaning in Anglo-American law at the time of the founding: It limited executive officers to acting only in the public interest and never for their own personal interest; it required subordination to law (which was most often legislation); and it mandated honest and diligent performance.
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The affirmation and Stable Outlook reflect the adequate dividend capacity of Anglian Water Services Limited (Anglian Water or the operating company (OpCo); A/BBB+/Stable) in comparison with the debt service requirements of Osprey, adequate credit metrics, and an expected reduction of the subordination of investors at the Osprey level.
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GL: Coates's narrative, as I understand it, is that the subordination of the black body and the devaluing of African-American humanity is so deeply entrenched in the fiber of American culture and politics that the defining narrative about immigrants and the American dream is, for black people, a lie.
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Fitch rates the hybrid notes issued in 2015 two notches below Bayer's IDR (and hence assigning 50% equity credit) given their long-dated maturity, contractual subordination to senior debt and senior ranking only to common equity, reflecting their consequently lower recovery prospects in a bankruptcy or liquidation scenario relative to senior obligations.
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Guevara said his father must own up to his mistakes, but placed the bulk of the responsibility on a society that taught a 13-year-old boy — his father — about "subordination and courage" in military school and then wondered why he did not question the brutal orders of his superiors decades later.
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While Fitch has not notched down for structural subordination, which we rarely do under our criteria due to the inherent difficulty of accurately assessing recoveries in a liquidation scenario for highly rated banks, the notes' rating is sensitive to a wider notching if Fitch changes its assessment of the loss severity risk.
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As much as opponents of abortion claim to care about the killing of the unborn, the argument goes, in reality abortion restriction is a means to a different end: The restraint of women's choices, the restriction of their sexual freedom, their subordination to the rule of fathers and husbands and patriarchy writ large.
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KEY RATING DRIVERS The Additional Tier 1 notes are rated three notches below the holding company's Issuer Default Rating of 'A-': two notches for Fitch's assumption of 'poor' recovery prospects in the event of default, given the level of subordination, and one notch for non-performance risk, which Fitch views as 'moderate' under its criteria.
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The rating of CBM's perpetual additional Tier 1 notes is three notches below the bank's VR. The notching reflects: incremental non-performance risk relative to the bank's VR due to the option to cancel coupon payments at CBM's discretion; and likely high loss severity in case of non-performance due to the instrument's deep subordination.
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Poor Recovery Prospects for Senior Notes: Based on our recovery assumptions, the senior notes issued by Synlab Unsecured Bondco PLC carry poor recovery prospects in a default scenario given their subordination to the super senior RCF and certain other obligations of non-guarantor subsidiaries, as well as the senior secured notes in the debt waterfall.
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Pollsters and analysts say that while Scotland and Northern Ireland are expected to vote overwhelmingly to stay in the bloc, England, far more populous, is likely to go the other way, reflecting a broad and often bluntly expressed view that English identity and values are being washed away by subordination to the bureaucrats of Brussels.
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"The issue of transposition is one of the issues being discussed, in a situation where a number of member states have amended or are in the process of amending the insolvency ranking of unsecured senior debt under their national insolvency laws to allow their banking institutions to comply with the subordination requirement," he said.
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However, Fitch believes the low secured debt threshold defined as a precondition for the release of security in comparison with SMRP BV's EBITDA (more than EUR212001 million in the financial year ended March 2017 (FY17)) will limit the secured debt/consolidated operating EBITDA ratio to below 2.0x-2.5x, which is commensurate with Fitch's guidelines for low structural subordination.
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SUBORDINATED DEBT The old-style Basel II Sri Lanka rupee-denominated subordinated debt of BOC, CB, HNB, DFCC, NDB, Sampath and Seylan and the Basel III compliant Tier II Sri Lanka rupee-denominated subordinated debt of BOC, Sampath and Seylan are rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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Future developments that may, individually or collectively, lead to negative rating action include: - a significant increase in debt at the JWD level without corresponding cash flow generation at its own level, leading to structural subordination at the parent level - aggressive debt-funding investment - an increase in FFO- net-adjusted-leverage to above 303x on a sustained basis.
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Equalisation of the IDRs is unlikely in view of MidCo1's structural subordination, but a weakening of implied interest coverage within MidCo1, for instance as a result of diminishing net income at JHL or any other restrictions on JHL's dividend upstream capacity, could widen their notching and so be negative for MidCo13's Long-Term IDR.
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The two-notch differential between the bank's VR of 'ccc' and the subordinated debt rating of 'C' reflects one notch for incremental non-performance risk (resulting from the flexibility to defer coupons in certain circumstances, for example if the bank reports negative net income for a quarter) and one notch for potentially weaker recoveries due to the instrument's subordination.
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While "Gone With the Wind" and "The Birth of a Nation" evoke a romanticized version of racial privilege and black subordination, Lee's film reminds us that we must continue to wrestle with the ugly reality this lie is built on if we are to defeat the myths of racial superiority that offer ballast to white supremacists of all stripes.
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" Connell went on: "Pocock so emphasized the subordination of private wealth to the good of the commonwealth that for many American historians today the rhetoric of 'civic humanism' has come to stand for a kind of communitarianism, if not socialism, offering a response even to that hoary question, 'Why is there no socialism in the United States?
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We believe that this will be achieved soon after the bank receives clarification from the UK's resolution authority, the Bank of England, on how to structure the subordination of this debt so that it protects the bank's external creditors in case of failure and qualifies for internal minimum requirement for own funds and eligible liabilities (MREL).
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The notching reflects two notches for loss severity in light of the notes' deep subordination and three notches for additional non-performance risk relative to the VR given a high write-down trigger and fully discretionary coupons SUBSIDIARY AND AFFILIATED COMPANY ABN AMRO Funding LLC is a US-based funding vehicle fully owned by ABN AMRO.
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As my colleague Libby Nelson wrote in 2015: The Confederacy itself was founded to preserve slavery and promote white supremacy (see, for example ... the speech from the Confederacy's vice president that declared the Confederacy's cornerstone "rests upon the great truth that the Negro is not equal to the white man; that slavery — subordination to the superior race — is his natural and normal condition").
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RELATED: US owes black people reparations for a history of 'racial terrorism,' says UN panel: "In particular, the legacy of colonial history, enslavement, racial subordination and segregation, racial terrorism and racial inequality in the United States remains a serious challenge, as there has been no real commitment to reparations and to truth and reconciliation for people of African descent," the report stated.
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KEY RATING DRIVERS The rating affirmations reflect Apollo's strong competitive position as a global alternative IM; its experienced management team; solid investment track record; large investor base; predictable management fee streams given significant FAUM and limited exposure to assets that earn fees based on net asset value; incentive income-generating capability; solid liquidity; and the subordination of general partner interests to outstanding indebtedness.
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KEY RATING DRIVERS Availability of Excess Spread: The transaction yields significant levels of excess spread, which is used to support the ratings of the class B, C, D and E notes; while sufficient credit enhancement, provided by the subordination of junior notes, exists for the class A20163, A2 and A2-G notes to be rated independent of any soft credit support (excess spread).
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Name Withheld Within feminism, there is what one scholar has called a "maddeningly deadlocked debate" concerning sexual imagery and sexual subordination; you see this in the arguments over "Fifty Shades of Grey," which some find to be liberatory and empowering of women and others find to be oppressive and glamorizing of abuse (and still others find to be just plain dull).
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In the book "Subordination and Defeat," Paul Gilbert, a professor of clinical psychology at the University of Derby, describes this process: Because in any conflict situation there will often be a winner and a loser, a central question arises: Which strategies have evolved to enable the one who is losing to decide when to try harder and when to accept the inevitably of defeat.
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Even assuming the Framers believed it important to constitutionalize a limited right to self-defense, as Scalia essentially concluded, more than 200 years later, the utility of such a right has been supplanted by the development of modern and effective public police forces responsible for keeping the peace, as well as a professional military with a long and deep history of subordination to civilian leadership.
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Were you yourself female, you would be able to penetrate, as it were, the suffering of a woman who lacks any independent means of support, reduced to dependency on a man, bouncing helplessly from her superannuated stiff of a husband to her swashbuckling, military-industrial lover, and forced to renounce her child when she attempts to fulfill her deepest desires, desires which have been inscribed in her by her lifelong subordination.
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" They further warned that white children who ingest the steady diet of segregation and racial subordination suffer from "confusion, conflict [and] moral cynicism.... as a consequence of being taught the moral, religious and democratic principles of the brotherhood of man and the importance of justice and fair play by the same persons and institutions, who in their support of racial segregation and related practices... seem to be acting in a prejudiced and discriminatory manner.
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Contact: Primary Analyst Hasira De Silva, CFA Director +65 6796 7240 Fitch Ratings Singapore Pte Ltd South Tower, #5003-11 One Raffles Quay Singapore 048583 Secondary Analyst Bernard Kie Associate Director +65 6796 7216 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Fitch excludes the profits attributable to minority interest from its EBITDA calculation, rather than dividends distributed to minorities, in order to account for structural subordination of cash flows of Vingroup.
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SUBORDINATED AND SENIOR DEBT The bank's global junior subordinated debt is rated four notches below the anchor rating, its VR, while the foreign subordinated debt is rated three notches below its VR. The ratings are driven by Fitch's approach of factoring in the loss severity in view of the respective degrees of subordination (-1 for the plain subordinated notes and -2 for the junior subordinated notes), plus the effect of non-performance risk (-2 notches for both types of securities).
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