Jan 15 - Fitch Ratings has affirmed Signum Finance II Plc
Series 2012-03 notes and revised their Outlook to Stable from Negative, as
USD50m Signum Finance II Series 2012-03 Notes (ISIN XS0868105494): Affirmed at
'A-sf'; Outlook revised to Stable from Negative
The notes' rating reflects the credit quality of the two risk presenting
entities - as well as the issuer's legal and financial structure - and follows
the Two-Risk CLN Matrix with Restructuring of Fitch's Global Rating Criteria for
Single- and Multi-Name Credit-Linked Notes. The two risk presenting entities are
Goldman Sachs International (not rated; supported by a guarantee from Goldman
Sachs Group, Inc, ('A'/'F1'/Stable) and France ('AAA'/'F1+'/Negative).
The notes' Outlook will typically be determined by the Outlook of the weakest
link. The agency applies a sensitivity stress for all risk presenting entities
with a Negative Outlook. If the notes' implied rating according to the
sensitivity stressed ratings indicates a downgrade, then a Negative Outlook is
assigned. The weakest link (Goldman Sachs Group Inc) currently has a Stable
Outlook. The strongest link (France) currently has a Negative Outlook, however
any negative rating action of up to three notches will not affect the notes'
The notes are issued by Signum Finance II Plc, a repackaging note programme
arranged by Goldman Sachs International with limited liability and incorporated
under Irish law. Non-petition language included in the master programme warrant
that no party to any series will be able to petition for the winding-up of the
issuer as a consequence of the default of any particular series. In addition,
limited recourse clauses in the programme restrict the noteholder of a given
series to only have recourse to the collateral assigned to this series.