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Bulletin: S&P Comments On European Securitizations Exposed To 'A-2' Rated Counterparties Nov 08
Standard & Poors, Nov 2008
Abstract
LONDON (Standard & Poor's) Nov. 19, 2008-Standard & Poor's Ratings Services said today that 33 European securitization and covered bond programs remained under close scrutiny following the publication of its revised 'A-2' rated derivatives counterparties methodology (see list below). On Oct. 22, we revised our methodology for 'A-2' rated derivatives counterparties. This stated that, absent any other structural mitigants, we would no longer maintain 'AAA' ratings on securitization and other structured finance-related debt instruments (including covered bonds) that depend on the performance of derivatives counterparties that are rated 'A-2' or equivalent. In our view, support provided by 'A-2' rated derivatives counterparties is more commensurate with issue ratings no higher than 'AA'. The criteria revision relates to all derivatives contracts but...
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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