S&P rates BCS Structured Products B

S&P said it assigned B long-term and B short-term foreign- and local-currency counterparty credit ratings to BrokerCreditService Structured Products plc (BCS Structured Products).

The outlook is positive.

The agency said it considers the company to be a core subsidiary of FG BCS Ltd., the holding company of the FG BCS group, a large Russia-related securities company with primary operating entities in Russia, Cyprus and the United Kingdom.

S&P said it consequently equalized the ratings on BCS Structured Products with the group credit profile for the FG BCS group.

The company deals predominantly in leveraged first-to-default notes and equity-linked notes, mirroring underlying assets on the balance sheet and hedging with derivatives, the agency said.

S&P also said it understands that BCS Structured Products is a booking entity rather than a full-scale subsidiary.

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