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31 European Securitizations On Watch Neg, 1 Australian Deal Cut Due To 'A-2' Counterparty Risk Nov 08
Standard & Poors, Nov 2008
Abstract
LONDON (Standard & Poor's) Nov. 27, 2008-Standard & Poor's Ratings Services said today that ratings in 32 securitizations and covered bonds globally were affected by its review of exposure to 'A-2' rated derivatives counterparties. In total, ratings in 22 further transactions were identified as being unlikely to be affected by the review, of which 12 are European, seven are Australian, and three are U.S. (see list below). Specifically, of the 32 securitizations affected, ratings in: -- 28 European deals were placed on CreditWatch negative; -- 3 European covered bond programs remain on CreditWatch negative; and -- 1 Australian RMBS deal was lowered. On Oct. 22, we revised our methodology for 'A-2' rated derivatives counterparties (see 'Methodology: Updated Counterparty Criteria For...
Action: CreditWatch Update
Action: Downgraded
Action: On CreditWatch:Negative
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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