Fitch Ratings has assigned ‘AAA/F1+’ ratings to the senior debt issued by Goldman Sachs Group Inc. (Goldman Sachs) under the revised FDIC Temporary Liquidity Guarantee Program (TLGP).
Goldman Sachs’ long-term IDR is currently rated ‘AA-‘ by Fitch. An estimated $35 billion of Goldman Sachs’ debt is eligible for issuance under the guarantee. Senior debt issued under the TLGP that matures before 30 June 2012 will receive the AAA/F1+ rating. Senior debt not under TLGP or maturing after 30 June 2012 will be assigned ratings consistent with Issuer Default Ratings (IDRs).
The TLGP program is designed by the US government to help restore stability to credit markets and funding for the domestic banking industry. The final rule approved 21 November 2008 reflects key enhancements and revisions made to the program. These debt obligations carry the full faith and credit of the US government. The guarantee is expected to provide an effective mechanism to provide timely and full repayment in the event of non-payment on the part of the original issuing entity.
FDIC’s TLGP debt issued by Goldman Sachs receives following ratings:
-Long-term FDIC guaranteed debt ‘AAA’;
-Short-term FDIC guaranteed debt ‘F1+’.
L.D.