Max Capital Ltd Series 2008-01 is a repackaging of USD denominated bonds issued by United Parcel Service, Inc.. Citibank, N.A. (rated Aa3(cr)) acts as the swap counterparty for the cross currency swap where JPY notes proceeds are swapped into USD to purchase underlying bonds. The rating is the result of a rating action on United Parcel Service, Inc., which was downgraded to A2 from A1 on 09 Aug 2019.
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