Not sure how that discontinuity will play out for kids.
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Luigi Di Maio of the Five Star Movement (M5S) demanded "discontinuity".
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"We don't think that there will be any discontinuity," he said.
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We're at a discontinuity, and we need to jump to the next curve.
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The IDR uplift, the Discontinuity Cap and the breakeven over-collateralisation are not disclosed.
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This sort of visual discontinuity is important to an audience's experience of a filmed story.
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It varies by subspecialty — discontinuity may have graver consequences for neurosurgery, say, than for radiology.
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In 2016, a sharp discontinuity appeared in Chandra's X-ray maps of the Ophiuchus cluster.
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These five sculptures push harder at discontinuity than "Sharp Shooter," making more of their hybridity.
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"The discontinuity on the bike lane maps creates insecurity and discourages people from cycling," he said.
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Eduardo Porter: I guess some enormous discontinuity right around the corner might vastly expand our prosperity.
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Their regression discontinuity analysis finds that, yep, the sleep-deprived are much less likely to vote.
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A lie is a discontinuity in reality, a fabrication isolated from real-world causes and effects.
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Until they do, the Yankees offer only fan-service as a rationale for discontinuity—margarine, not butter.
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Faggioli, though, argued that Douthat's perspective — of "continuity" and "discontinuity" within church tradition — was flawed and ahistoric.
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His questions of "continuity" and "discontinuity" are questions one asks of an institution, rather than a faith.
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The discontinuity between Discovery and old Trek suggests that the canon isn't entirely a concern for the showrunners.
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It was instead a collective effort marked by strict rules, but also by discontinuity, paradox, and cognitive disruption.
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John Cage and Pierre Boulez, masters of the musical avant-garde, studied Mallarmé's explorations of chance and discontinuity.
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All nine justices agreed that discontinuity in a person's coherence does not prevent the state from carrying out punishment.
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It captures the emotional and mental discontinuity of loss — moments of inarticulate feelings or even craziness — like few other films.
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It is "The Fourth Discontinuity: The Co-Evolution of Humans and Machines" — not "The Co-Evolution and Humans and Machines."
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Fitch has also revised the discontinuity-cap (D-Cap) to 3 notches (Moderate High Risk) from 2 notches (High Risk).
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It is Fitch's view that none of the other D-Cap components compromise the overall minimal discontinuity assessment for the programme.
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Effective filmmakers use visual discontinuity, then, to jar your brain out of that complacency, to make you sit up and take notice.
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But this phrasing assumes discontinuity between past and present, as if there weren't antecedents to Donald Trump in the recent Republican past.
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At 410 miles from the surface, a boundary known as the 660-kilometer discontinuity divides the mantle into its upper and lower levels.
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We're used to seeing shock waves in nuclear explosions, but these arise because the explosion sends a shock (pressure discontinuity) through the air.
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Since 22019, the electorate has desired change and almost each election cycle has demonstrated that anger and dissatisfaction produce discontinuity in political power.
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Similarly, the sense of rupture, discontinuity, and private space for grief and contemplation suggested by the phrase "in the wake of" seems inaccurate.
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Each World's Fair, through their discontinuity with contemporary reality, has invited a critique of their futurist visions' false premises, drawing attention to present injustices.
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"I think we'll see a far greater likelihood of profound foreign policy discontinuity in this transition than any other transition in memory," she said.
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But a pundit from Mars dropping in on the "Q" last night without any context would have been hard-pressed to spot the discontinuity.
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The unchanged D-Cap of 8 notches is driven by what Fitch assesses as minimal discontinuity of the liquidity gap and systemic risk component.
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The response by Trump to the Wolff book, which isn't even formally out until next week, has reaffirmed that sense of chaos and discontinuity.
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In those cases, many researchers are exploring new techniques, like the use of regression discontinuity, a technique to create quasi-randomized groups for analysis.
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It refers to a surface that interrupts the chronological order of several strata, creating a missing interval, a discontinuity in time, or a hiatus.
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The curvature scan can estimate the height deviation of the cloth surface, while the discontinuity scan can effectively detect sharp surface features, such as wrinkles.
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Habit discontinuity theory suggests that a good time to make a change that sticks is when there's other life changes going on already, Sussman said.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to downgrade if any of the following occurred: (i) Commonwealth Bank of Australia's Issuer Default Rating was downgraded by four notches to 'BBB+'; (ii) the discontinuity cap fell by four notches to 0 (full discontinuity); or (iii) the asset percentage (AP) Fitch takes into account in its analysis increased above Fitch's 'AAA' breakeven AP of 90.5%.
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KEY RATING DRIVERS The rating is based on BPS's Long-Term IDR of 'BBB', an unchanged IDR uplift of zero notches, an unchanged Discontinuity Cap (D-Cap) of two notches (high discontinuity risk) and the 78.74% asset percentage (AP) that Fitch takes into account in its analysis, which provides more protection than the unchanged 88.5% 'A+' breakeven AP. The Negative Outlook reflects that on BPS's IDR.
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"They nicely controlled for this by looking across years and showing a discontinuity for this particular year only," said Matthew K. Nock, a psychologist at Harvard.
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In the wake of the Charlottesville confrontations, a further sign of discontinuity would therefore be constructive in the current debate over our heritage and moral values.
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"We deliberately pursued a policy of discontinuity, as opposed to, say, Coca-Cola, which is in infinite supply," he told The Los Angeles Times in 2011.
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Scientists began drilling in 1970, determined to beat the US to the Mohorovicic Discontinuity, the theorized boundary between the mostly solid crust and the magma-filled mantle.
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Mr Rasul recalls past paper-piles using the regression-discontinuity technique, which compared similar people either side of a sharp cut-off to gauge a policy's effect.
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The runoff threshold allows Fouirnaies and Hall to use what social scientists call a "regression discontinuity" design, which can be nearly as good as using randomized experimental evidence.
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The team explains in its abstract:We present a novel solution to analyze the cloth surface by fusing two surface scan techniques: a curvature scan and a discontinuity scan.
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My chilled fingers had detected a discontinuity in the bound leaves of one of my acquisitions, an otherwise unremarkable and, to me, unknown book of poetry; Time Was.
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Here, the splintered fragments of vinyl and the errant multicolored lines that break away from the central image suggest fractured histories and temporal discontinuity, wrought by legacies of colonialism.
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"Peaking oil demand is not expected to trigger a significant discontinuity or sharp fall in demand," they wrote ("Peak oil demand and long-run oil prices", OIES, Jan. 2018).
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"This scenario appears vulnerable to the risk of a weak and short-lived government...thus, causing a risk of policy discontinuity," said Charnon Boonnuch, economist at Nomura in Singapore.
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Then they estimate that one needs a condensate of about a thousand particles to measure a discontinuity in the specific heat, which depends on the number of extra-dimensions.
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This data was then viewed through a "regression discontinuity design", an increasingly common analytical technique that looks at a significant, if subtle, change to reveal the meaning of an action.
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His new work, despite its seeming discontinuity of formal vocabulary and its allusions to the built environment, retains that deliberate bluntness and is no less awkward for being distinctly architectural.
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"Nostalgia compensates for uncomfortable states, for example, people with feelings of meaninglessness or a discontinuity between past and present," Dr. Tim Wildschut, a senior researcher at Southampton University, told The Guardian.
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Regression discontinuity analysis can find causal relationships by analyzing how a variable — in this case, likelihood of voting — varies across a boundary where there's a cutoff in how much people sleep.
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You are not sure what elapsed in that strange discontinuity, but the solution to a problem that escaped you on land is perfectly obvious emerging from the water — a rapturous experience.
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" Instead, Gorelick writes, "I have endeavored to communicate, in this translation, the profound discontinuity of the text — the relationship it has to its own obsessive revision and refashioning — its internal disjunction.
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Because Medicare financing does not enable a person to take the plan they like into retirement, persons can experience an absurd discontinuity in their coverage simply because they turn age 65.
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That constant having to reenroll and disenroll from different insurance plans with different provider networks and different primary care physicians means there's a lot of discontinuity in the care that those individuals receive.
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"I would say the rhetoric on Pakistan represents most the significant discontinuity" from the Obama administration's Afghanistan strategy, said Joshua White, director for South Asian affairs in the Obama administration's National Security Council.
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"The new luxury has brought a major aesthetic discontinuity, which is getting some brands and designers out of sync with the zeitgeist," Luca Solca, a luxury analyst at Bernstein, wrote in an email.
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Attentive space-spotters may note a curious discontinuity between Hawking's recent history of aliens-are-going-to-kill-us-all paranoia and his abrupt interest in, well, trying to find aliens via tiny spaceships.
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The two were removed on grounds of "discontinuity", or missing general assembly meetings, bringing the number of seats occupied by the pro-Kurdish Peoples' Democratic Party (HDP) to 55 in the 550-seat assembly.
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KEY RATING DRIVERS The 'AAA' rating on RBC's legislative mortgage covered bonds is based on the issuer's 'AA' Issuer Default Rating (IDR) and the unchanged Discontinuity Cap (D-Cap) of 3 (moderate high risk).
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Fitch's Discontinuity Cap and IDR uplift analysis, which generally determines the maximum rating notch uplift from the IDR of the issuing entities to the covered bond rating on a probability of default basis, remain unpublished.
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"After Brexit there is a big discontinuity in all the trade and services, but we still have a large market and it's supposed to be an interesting opportunity for all the financial institutions," Katainen said.
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In a story propelled by surprise after surprise in deliberate defiance of the expectations of ordinary reality, where logical discontinuity is a vehicle of joy, these leaps furnish rather than obstruct the whimsical world-building.
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With her exposed belly sticking out, Nakadate stands in a field and howls out strange animal noises, taking discontinuity to a new and intense level: it does not add up, but somehow makes complete sense.
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His ultimate object of contemplation was his own contradictory self, and he turned his obsession with fragmentation, discontinuity and the limits of language into a spectacle that enchanted children, disturbed adults and fascinated postmodernist critics.
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"We are being very cautious though we are confident in the commitment of Britain and France to quickly set up effective border control procedures without any operational discontinuity," Getlink CEO Jacques Gounon told a conference call.
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Rob: There's a discontinuity in FPS narrative design around Half-Life that exists because people basically saw a game that never broke, never changed levels like it was seamless, and it had all these [big] moments.
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Peter Drucker, the American management consultant, writing in 1968, 48 years before the 2016 election, anticipated the sense of chaos in the world to come: We face an Age of Discontinuity in world economy and technology.
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But we began to look very strongly -- and, by the way, if you go back, there was a discontinuity about eight years ago where the relationship of what people spent on things and experiences suddenly gapped.
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But there is a marked discontinuity between the smaller and the larger type, which seems to reflect the way that mass and chemical composition interact in the swirling clouds of gas and dust that form planetary nurseries.
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But he continued to probe the nexus of science and the humanities in later works, including "The Fourth Discontinuity: The Co-Evolution of Humans and Machines" (1993), a history of the troubled relations between people and their machines.
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For all these continuities in policy, one vital discontinuity would add a timely exclamation point: the senior team's united recommendation that Mr. Trump lift restrictions on the provision of lethal defensive equipment to Kiev, notably anti-tank weapons.
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This is in accordance with its covered bonds criteria, which also specify that for programmes of issuers with an IDR of 'RD' and a VR of 'f', the agency will continue to factor in the protection against discontinuity risk.
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Modernism, as Kenner and Davenport showed in numerous studies, answered the radical discontinuity created by technology by fusing linguistic play with classical themes; for them, Joyce's fusion of a Dublin everyman with a Homeric hero was an emblematic act.
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"Certainly there must be some discontinuity with respect to the past, both in terms of shareholding and of management," said another source, adding that, if needed, chairman, CEO and controlling shareholder Giuseppe Stefanel was ready to reconsider his position.
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KEY RATING DRIVERS The rating is based on CBK's Long-term Issuer Default Rating (IDR) of 'BBB', an unchanged Discontinuity Cap (D-Cap) of 8 (minimal) and the 16.5% contractual over-collateralisation (OC) that Fitch takes into account in its analysis.
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A different analysis by the National Bureau of Economic Research used a regression discontinuity design — exploiting the fact that Head Start was provided to the poorest counties but was not provided to some nearly identical counties just over the income threshold.
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"If these conditions are taken on board in the coming days based on a necessary discontinuity and on a broad parliamentary base, we are willing to take on the responsibility of creating a government of change for the whole legislature," he said.
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Game of Thrones, the most closely watched and scrutinized show on TV, last night aired a huge moment of lore discontinuity, as a celebratory feast in Winterfell happened to include a distinctly modern takeaway coffee cup among all the metal goblets of wine.
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The paper considers that too, using the regression discontinuity approach to determine that people who sleep less have more leisure time and spend as much time relaxing, reading for fun, or doing home repairs and work than people who get more sleep.
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KEY RATING DRIVERS The rating affirmation is based on KB's Long-Term Issuer Default Rating (IDR) of 'A', an unchanged discontinuity cap of 4 notches, and the highest asset percentage (AP) in the last 12 months of 47.4% that Fitch's relies on in its analysis.
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The covered bonds' rating could be maintained even if the D-Cap was reduced to 173 (full discontinuity), subject to a satisfactory level of AP, given the issuer's current IDR of 'AA' which enables the bonds to reach 'AAA' taking only recoveries into account.
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KEY RATING DRIVERS The rating is based on SML's Long-Term Issuer-Default Rating (IDR) of 'A+', a discontinuity cap of 4 notches and the asset percentage (AP) Fitch relies on in its analysis being the AP used in the asset coverage test (89.29%).
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The covered bonds' rating could be maintained even if the D-Cap was reduced to 0 (full discontinuity), subject to a satisfactory level of AP, given the issuer's current IDR of 'AA', which enables the bonds to reach 'AAA' taking only recoveries into account.
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One source for the finding is a different regression discontinuity analysis, published in 2017, which explains: In counties lying on the eastern (right) side of a time zone boundary, sunset time occurs an hour later than in nearby counties on the opposite side of the boundary.
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KEY RATING DRIVERS The rating is based on: KWB's Long-Term Issuer Default Rating (IDR) of 'AA'; the unchanged Discontinuity Cap (D-Cap) of 3; and the highest nominal asset percentage (AP) in the last 12 months (60.6%), as KWB's Short-Term IDR is above 'F3'.
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Faggioli's response — that "in order to get close to Jesus, there has to be some kind of discontinuity" — may provide "liberal" Catholics a viable alternative to Douthat's reactionary historicism, and a way forward for a church that is both weighed down and grounded by its past.
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The design of Karim's study, called a regression discontinuity design, allows us to tell how much of the difference is really due to the 2007 electoral reform, which forced re-registration in order to end the common practice of paying people who lived elsewhere to vote in a municipality.
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That's the perfect setup for a regression discontinuity design, which works by comparing regions that just barely qualified for the intervention — having a number of registered voters just over the threshold — to a region that just barely failed to qualify by having just slightly too few registered voters.
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KEY RATING DRIVERS The rating is based on NAB's Long-Term Issuer Default Rating (IDR) of 'AA-', an unchanged Discontinuity Cap of 4 notches and the asset percentage (AP) that Fitch relies on in its analysis being the AP used in the programme's asset coverage test at 90%.
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KEY RATING DRIVERS The rating is based on CBA's Long-Term Issuer Default Rating (IDR) of 'AA-', a Discontinuity Cap (D-Cap) of 4 notches (moderate risk), and the asset percentage (AP) relied upon in Fitch's analysis of 89.5%, which is equivalent to Fitch's 'AAA' breakeven AP of 89.5%.
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This level of AP allowed the OBG to achieve a three-notch recovery uplift from the 'BB+' rating floor; nonetheless it was not adequate to sustain timely payments in the rating scenario resulting from BPM's IDR adjusted by the IDR uplift and increased by the Discontinuity Cap (D-Cap).
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"Our conclusion is that a voluntary debt re-profiling, an Italexit scenario, or a combination of the two will inevitably gain traction with investors given the lack of growth and/or significant discontinuity in the eurozone macro-economic politics," the report's authors write in a summary of their findings.
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In the West, which has a political and social history beset with the risk of rupture and discontinuity, there is a permanent anxiety about the foundations that ground knowledge and perception, so that these need to be constantly reinvented and reframed in order to stabilize self-image during periods of turbulence.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to a downgrade should any of the following occur: National Australia Bank's IDR is downgraded by four notches; the Discontinuity Cap falls by four notches; or the AP that Fitch takes into account in its analysis rises above the 'AAA' breakeven AP of 91.5%.
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The Trump era has been understood, reasonably, as a moment of discontinuity for the American right — a moment when the expiration of Reaganism became apparent, when the alienation of movement conservatism from its voters was exposed, when the diagnoses and prescriptions of 1980 were decisively rejected even if no new synthesis was yet apparent.
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RATING SENSITIVITIES The 'AAA' rating of the OFH would be vulnerable to a downgrade if either of the following occurs: (i) Societe Generale's Issuer Default Rating (IDR) is downgraded by three notches to 'BBB' or below; or (ii) the total number of notches represented by the IDR uplift and the Discontinuity-Cap is reduced to two notches or lower.
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AH: Of course, if you have a discontinuity, rates might have to go up, as you mentioned, and it will depend on the intensity, too, I think it's too-, too early to assess, also because I think that the most likely scenario, as I told you, is a sort of agreement, with a transition towards Brexit.
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KEY RATING DRIVERS The rating is based on CBA's Long-Term Issuer-Default Rating (IDR) of 'AA-', a discontinuity cap (D-Cap) of 4 notches and the asset percentage (AP) that Fitch relies on in its analysis being the AP used in the asset coverage test (89.5%), which provides more protection than Fitch's 'AAA' breakeven AP of 90.5%.
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"We need big earthquakes to allow seismic waves to travel through the mantle and core, bounce off the 660-kilometer discontinuity, and travel all the way back through the Earth to be detected at the top of the crust," Jessica Irving, a geophysicist at Princeton University and an author of the study, told Motherboard in an email.
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KEY RATING DRIVERS The rating is based on UBS's Long-term Issuer Default Rating (IDR) of 'A', an unchanged IDR uplift of 2, an unchanged Discontinuity Cap of 3 (moderate high risk) and the 20153% asset percentage (AP) that Fitch takes into account in its analysis, which provides more protection than the 'AAA' breakeven AP of 87%.
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KEY RATING DRIVERS The rating is based on CS's Long-term Issuer Default Rating (IDR) of 'A', an unchanged IDR uplift of 2, an unchanged Discontinuity Cap of 3 (moderate high risk) and the maximum 20153% asset percentage (AP) that Fitch takes into account in its analysis, which provides more protection than the increased 'AAA' breakeven AP of 86%.
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The tendency of able defenders like Patrick Beverley and Corey Brewer to gamble, the thermonuclear brainfarts from less able defenders like Harden and Ty Lawson, the physical incapability of Dwight Howard to cover the ground he used to—it adds up to a general discontinuity that creates fissures in their defense in the worst possible places.
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KEY RATING DRIVERS The rating is based on SML's Long-Term Issuer-Default Rating (IDR) of 'A+', a discontinuity cap (D-Cap) of 4 notches and the asset percentage (AP) that Fitch relies on in its analysis being the AP used in the asset coverage test (89.29%), which provides more protection than Fitch's unchanged 'AAA' breakeven AP of 91%.
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KEY RATING DRIVERS The rating reflects FvL's Long-term Issuer Default Rating (IDR) of 'BBB+', an unchanged IDR uplift of 1 notch, an unchanged D-Cap of 8 notches (minimal discontinuity) and the 90% asset percentage (AP) that Fitch takes into account in its analysis, which provides more protection than the 95% breakeven AP for the 'AAA' rating.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to downgrade if any of the following occurred: (i) WNZL's IDR is downgraded by three notches to 'A-'; or (ii) the D-Cap falls by three notches to 0 (full discontinuity); or (iii) the AP that Fitch takes into account in its analysis increases above Fitch's 'AAA' BE-AP of 88.5%.
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KEY RATING DRIVERS The rating is based on NAB's Long-Term Issuer Default Rating (IDR) of 'AA-', a Discontinuity Cap (D-Cap) of 4 notches (moderate risk) and the asset percentage (AP) relied upon in Fitch's analysis of 89.5%, which is used in the asset coverage test and provides a small buffer to Fitch's breakeven AP of 90%.
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KEY RATING DRIVERS The 'AAA' OFH rating is based on Societe Generale's (SG) Long-term Issuer Default Rating (IDR) of 'A'/Stable, which acts as reference IDR for the programme, an unchanged IDR uplift of two notches, an unchanged Discontinuity-Cap (D-Cap) assessment of three notches (moderate high risk) and the programme's contractual minimum over-collateralisation (OC) of 8.5%.
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Too, tied to the stake of foundational doubt Steam off rocks of this perception… The poem continues toward discontinuity through these de-parsed tokens of abject experience; in the image, the animal stares through bars of steam and light, repeating the law of the zoo's universe: the cage, where one has "no subject but light," and all is a tethering stake.
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Fitch's Discontinuity-Cap (D-Cap) assessment for CAFFIL does not currently drive the rating of the OF. The overall 'moderate high' D-Cap assessment for the programme reflects the agency's unchanged view of CAFFIL's privileged derivatives component and liquidity gap and systemic risk component, which together are the weakest of the D-Cap components in Fitch's analysis of the programme.
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The rating is based on BMPS's Long-Term IDR of 'B-', an unchanged IDR uplift of 1 notch, an unchanged Discontinuity Cap (D-Cap) of 3 notches (moderate high risk) and the 173% asset percentage (AP) that Fitch takes into account in its analysis, which provides more protection than the 90% 'BBB' breakeven AP (corresponding to a breakeven overcollateralisation (OC) of 11.1%).
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The discontinuity between the movie and its source material means that classic Carroll inventions like Tweedledee and Tweedledum (Matt Lucas), the Cheshire Cat (Stephen Fry), the Dormouse (Barbara Windsor) and the White Rabbit (Michael Sheen) are trotted out as members of Alice's posse, but except for some signature visual quirks and well-cast voices, they are less characters than decorative nostalgic touchstones.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to downgrade if any of the following occurred: (i) Suncorp-Metway Limited's Issuer Default Rating was downgraded by three notches to 'BBB+'; (ii) the discontinuity cap fell by 3 notches to 1 (Very High); or (iii) the asset percentage (AP) Fitch takes into account in its analysis increased above Fitch's 'AAA' breakeven AP of 91%.
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KEY RATING DRIVERS The rating is based on ARB's Long-term Issuer Default Rating (IDR) of 'BBB+', an unchanged IDR uplift of 2, an unchanged Discontinuity Cap (D-Cap) of 5 (low risk) as well as the 16% over-collateralisation (OC) that Fitch takes into account, which provides more protection than the 15% 'AAA' breakeven OC. The 'AAA' breakeven OC has increased to 15% from 14% over the last 12 months.
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They look at pregnant women who have had relatives die; not just parents but parents and kids and brothers and sisters, so they can construct a relatedness variable of the dead person, and then they can do a discontinuity design and look at kids whose moms had a relative die shortly after the baby was born versus shortly before, so you're really isolating the effect of the pre-birth environment.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to downgrade if any of the following occurs: (i) the Issuer Default Rating is downgraded by three or more notches to 'BBB' or below; or (ii) the number of notches represented by the IDR uplift and the Discontinuity Cap is reduced to two or lower; or (iii) the overcollateralisation that Fitch considers in its analysis decreases below Fitch's 'AAA' breakeven level of 20163%.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to downgrade if any of the following occurs: (i) UBS's Issuer Default Rating (IDR) is downgraded by three or more notches to 'BBB' or below; or (ii) the sum of notches represented by the IDR uplift and the Discontinuity Cap is reduced by three or more notches; or (iii) the asset percentage (AP) that Fitch considers in its analysis increases above the 'AAA' breakeven level of 87%.
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RATING SENSITIVITIES The 'AAA' rating would be vulnerable to downgrade if any of the following occurs: (i) CS's Issuer Default Rating (IDR) is downgraded by three or more notches to 'BBB' or below; or (ii) the sum of notches represented by the IDR uplift and the Discontinuity Cap is reduced by three or more notches; or (iii) the asset percentage (AP) that Fitch considers in its analysis increases above the 'AAA' breakeven level of 86.0%.
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KEY RATING DRIVERS The rating is based on BNZ's Long-Term Issuer Default Rating (IDR) of 'AA-', a Discontinuity Cap (D-Cap) of 3 (moderate high), and the asset percentage (AP) relied upon in Fitch's analysis of 86.5%, which is used in the asset coverage test and is equal to Fitch's break-even AP. This supports a tested rating of 'AA' on a probability of default (PD) basis, and a 'AAA' rating after giving credit for recoveries.
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The rating is based on AXA Bank Europe's IDR - which acts as reference IDR for the programme - an unchanged one-notch IDR uplift, a Discontinuity-Cap (D-Cap) uplift of four notches (moderate risk) and the 12.3% nominal OC that Fitch takes into account in its analysis, which provides more protection than the 5% 'AAA' breakeven OC. The unchanged one-notch IDR uplift reflects the OF's exemption from bail-in and Fitch's view that France is a covered bond-intensive jurisdiction.
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Danske has EUR12.6bn-equivalent of covered bonds outstanding secured by Cover Pool I KEY RATING DRIVERS The rating is based on Danske's Long-Term Issuer Default Rating (IDR) of 'A', an unchanged IDR uplift of 173 notches, an unchanged Discontinuity Cap (D-Cap) of 3 notches (moderate high risk) and the 14.6% overcollateralisation (OC) that Fitch takes into account in its analysis, which provides more protection than the revised 10% 'AAA' breakeven OC. The Stable Outlook for the covered bonds rating reflects that on the bank's IDR.
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RATING SENSITIVITIES The 'A+' rating of the covered bonds issued by Banca Popolare di Sondrio - Societa Cooperativa per Azioni (BPS) would be vulnerable to downgrade if any of the following occurred: (i) BPS's Issuer Default Rating (IDR) is downgraded by one or more notches to 'BBB-' or below; or (ii) the number of notches represented by the IDR uplift and the Discontinuity Cap is reduced to one or lower; or (iii) the asset percentage (AP) that Fitch considers in its analysis increases above Fitch's 'A+' breakeven level of 88.5%.
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The 'BBB+' rating is based on BPM's Long-term IDR of 'BB+', an unchanged IDR uplift of 0, an unchanged Discontinuity Cap (D-Cap) of 2 (high risk) and the 88% asset percentage (AP) that Fitch takes into account in its analysis, which provides more protection than the unchanged 89% 'BBB+' breakeven AP. The 013% AP that BPM publicly discloses in its latest monthly test performance report (as of March 2016) allows the covered bonds to achieve a three-notch recovery uplift from the 'BB+' tested rating on a probability of default basis, which is also the rating floor for the covered bonds.
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Though they try to recover and knowingly possess their experience of sex, the particulars of various encounters dissolve into discontinuity: that bed that is not your own it only gets that way when I'm alone day dreaming of marches and imagining meeting you in the South, where it'd have been more kinky to be doing how I do now in the North and who it with but this time with the lights on flood lights, I like the way my pupils spread under them and I can feel myself opening up (from "Oxblood") Gibson's poems often communicate a dreamlike indeterminacy.
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