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Salomon - BSAL 0912 (Page 4)

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Salomon - BSAL 0912
replacement value of counterparty re-
ceivables with an average `AA' rating.
Capital requirements are calculated
daily using a dynamic approach that
incorporates counterparty credit qual-
ity, portfolio diversification, and sover-
eign risk. The company is required to
maintain $175 million as a minimum
level of capital. Dividend payments
may be made only if they do not result
in a capital shortfall.
Financial Strength
Swapco generated net income of $26.6
million for the six-month period ending
June 30, 1997, compared with $39.1
million for full-year 1996. During the
first half of 1997, total revenues (net of
interest expense) were $54.0 million,
compared with $79.7 million for all of
1996. Net interest income accounted
for 15.1% and 31.6% of revenues during
first-half 1997 and fiscal 1996, respec-
tively, with the balance from interme-
diation, guarantee, and management
fees charged to affiliates. Operating ex-
penses consist of management fees and
affiliate sales commissions, compensa-
tion, professional services, occupancy,
and other. Operating expenses totaled
$8.8 million for the first six months of
1997, compared with $18.0 million for
all of 1996.
Copyright © 1997 by Fitch Investors Service, L.P., One State Street Plaza, NY, NY 10004
Telephone: New York, 1-800-75 FITCH, (212) 908-0500, Fax (212) 480-4435; Chicago, IL, 1-800-48 FITCH, (312) 214-3434, Fax (312) 214-3110;
London, 011 44 171 638 3800, Fax 011 44 171 374 0103; San Francisco, CA, 1-800-95 FITCH, (415) 955-0529, Fax (415) 397-6309
Barbara A. Besen, Publisher; John Forde, Editor-in-Chief; Madeline O'Connell, Director, Subscriber Services; Jason H. Kantor, Manager, Publishing Technology;
Diane Lupi, Nicholas T. Tresniowski, Managing Editors; Jennifer Hickey, Editor; Jay Davis, Martin E. Guzman, Senior Publishing Specialists; Dena Noe,
Linda Trudeau, DarLyn A. Walsh, Publishing Specialists; Eva Sandstrom, Publishing Assistant. Printed by American Direct Mail Co., Inc. NY, NY 10014.
Reproduction in whole or in part prohibited except by permission.
Fitch ratings are based on information obtained from issuers, other obligors, underwriters, their experts, and other sources Fitch believes to be reliable. Fitch does
not audit or verify the truth or accuracy of such information. Ratings may be changed, suspended, or withdrawn as a result of changes in, or the unavailability
of, information or for other reasons. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market
price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees
from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from $1,000 to $750,000 per issue. In certain
cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee.
Such fees are expected to vary from $10,000 to $1,500,000. The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by
Fitch to use its name as an expert in connection with any registration statement filed under the federal securities laws. In the United Kingdom, Fitch is regulated
by the SFA. This report is published for use by Non-Private Customers only (as this expression is defined by the SFA). Due to the relative efficiency of electronic
publishing and distribution, Fitch Research may be available to electronic subscribers up to three days earlier than print subscribers.
Salomon Swapco Inc
Fitch Investors Service, L.P.

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