Issuer creditworthiness
Legally, structured products are bonds (claims), so that the default risk of these securities (the same as for bond issues) depends on the creditworthiness of the issuer, or provider of security respectively. Which is the reason issuers’ or security providers’ credit ratings should influence structured product choices.
The SSPA is now publishing credit ratings, credit spreads and core capital ratios (tier 1 ratings) of its members, alphabetically and in order of issuer (issue vehicle).

Credit ratings, credit spreads and core capital ratios (tier 1 ratings) refer to the issuer, or provider of security in the case that claims against the issuer are covered by a guarantee or other security such as letter of responsibility or keep-well agreements. In the latter case, the nature of the security is also stated. This information, together with a structured product’s term sheet, allows investors to quickly and simply determine liable parties and the extent of their liability. 
Credit ratings
Credit ratings refer to the respective provider of the guarantee. In principle this is the group's parent company (special cases are described). Individual credit ratings by Moody's, S&P and Fitch are shown separately. The rating agencies have not assessed all issuers.
Credit Spreads
Credit spreads help investors to obtain a better understanding of an issuer’s or security provider’s creditworthiness. The information refers to corporate bonds of one-year’s and five-year's duration respectively. The base points listed represent the investor’s hypothetical insurance premium to cover against the default of the issuer’s structured products. Credit spreads provide more accurate and current creditworthiness information on issuers. A small spread typically indicates high creditworthiness.
Core capital ratio (tier 1 ratings)
The «tier 1» core capital ratio (according to Basel II) is the ratio of core capital and risk-weighted credit amounts. The core capital is made up of the share capital, disclosed reserves and profit carried forward. Equity requirements according to Basel II require a minimum tier 1 rating of 4%.
The following table «Issuer Creditworthiness» gives an overview of issuers´/guarantors´ credit ratings and credit spreads. The table «Core Capital Ratio» shows issuers´/guarantors´ core capital ratios (tier 1 ratings). Credit ratings and credit spreads are updated weekly, core capital ratios (tier 1 ratings) quarterly.
Date Title Download
25.11.2015 Issuer creditworthness of SSPA members PDF
18.11.2015 Core capital ratio (tier 1 ratings) PDF
21.11.2011 Provider of security: Security wordings PDF
09.12.2008 Rating overview PDF
Please note that issuers’ rating, credit spread and core capital ratio are only three of several criteria influencing the choice of a structured product. The information below should not be considered investment advice, nor does it constitute an offer or recommendation to buy or sell a product or take the place of a person-to-person consultation. Rather than investing in a single product, we recommend diversification. This prevents a single product in an investment portfolio from gaining too much weight, and in cases of default having too great an effect on the portfolio’s overall value.

Rating, credit spread and core capital ratio information is provided by the issuers. The SSPA and the issuers listed are in no way responsible for the completeness or accuracy of the information. No special verification procedures were performed.