Standard & Poor's Rating Services said it has created a new model, developed in-house, to rate private sector transactions using transfer and convertibility risk (T&C) insurance, in emerging markets.

T&C insurance policies became available to capital market transactions in 1999. Among transactions using T&C insurance that have been completed are Argentina's TGN, which was an unsecured corporate issuance and Brazil-based MSF Funding, which securitized medical equipment leases.

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