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Ratings Roundup: Performance Downturn Shows No Sign Of Abating In Q2 As Downgrades Accelerate For European Structured Finance Jul 09
Standard & Poors, July 2009
Abstract
Standard & Poor's Ratings Services has seen a significant increase in downgrades in European structured finance during Q2, outnumbering upgrades by 28 to 1. In all, we took 1,767 rating actions, comprising 61 upgrades and 1,706 downgrades. Collateralized debt obligations (CDOs) accounted for 83% of all downgrades, mainly due to negative rating migration among corporate issuers globally and, to a lesser extent, U.S. residential mortgage-backed securities (RMBS). In European RMBS, there were 13 upgrades in six transactions, and 133 downgrades in 35 transactions. In our view, collateral quality within the RMBS deals that we rate has continued deteriorating across Europe, and it is this that primarily fueled Q2 European downgrades, mainly focused in Spanish and U.K. nonconforming sectors. In asset-backed...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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