Tell us about your Great Communion service, and we”ll share the details. Here”s another: Cincinnati Christian University will host a Great Communion celebration on its campus that evening at 7:00 p.m. In this space January 18, I shared the exciting news about the Great Communion observance planned for Pittsburgh October 4. David Bycroft, one of the most popular speakers in our lineup of ESCN keynoters, spoke, and we”re sorry we left out his name.īy the way, check out the new ESCN Web site at for complete information and improved registration procedures for the remaining spring conferences. In my column December 7, we listed the wrong keynote speaker for the January 30 Evangelizing Smaller Churches Network Conference sponsored by Iowa/Nebraska Christian Convention. Nothing could be further from the truth, and we appreciate the readers who pointed out the faulty implication. Stone over the shoulders of Dan Kimball, Brian McLaren, and Spencer Burke, we seemed (at least to some readers) to say we endorsed everything the latter have written or stand for. But by positioning images of Alexander Campbell and Barton W. Baker”s comparison of emerging churches with Restoration Movement thought (November 23 and 30) is valuable to consider. The first is an apology, not for two articles we published, but for the way we illustrated them. So, please forgive the somewhat random nature of this, but keep reading. We already deemed the $1.725 billion tier 1 BCNs converted from hybrid instruments to have “intermediate” equity content, and we originally assigned the $2 billion nondeferrable tier 2 issues “intermediate” equity content in November 2011.This week”s items have little relationship to each other except that (1) they”re important, and (2) they don”t fit anywhere else in the magazine. Our “intermediate” classification of the BCNs does not affect Credit Suisse’s total adjusted capital. In our view, these issues and other announced capital measures by Credit Suisse reduce the downside risk for our assessment of Credit Suisse’s capital and earnings, but they do not directly affect our ratings on Credit Suisse. Our assessment of the MACCs as having “high” equity content is the result of their mandatory conversion to equity on March 29, 2013, although we note that the issues also contain contingent capital features until maturity. In our view, each of these instruments will provide going-concern equity capital by converting at a 7% common equity tier 1 capital ratio, despite the differences in the maturity and ability to defer interest of the tier 1 and tier 2 BCNs. We believe that “high trigger” contingent capital instruments are an influential component of Switzerland’s “too big to fail” capital regime. Standard & Poor’s does not rate these issues. Sept 20 - Standard & Poor’s Ratings Services said today that it had designated “intermediate” equity content to the $1.725 billion tier 1 and $2 billion nondeferrable tier 2 Buffer Capital Notes (BCNs) issued by Credit Suisse AG (A+/Negative/A-1) and “high” equity content to the mandatory and contingent convertible securities (MACCs) of Swiss franc 3.8 billion issued July 31, 2012, converting to equity on March 29, 2013.
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