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Ratings Roundup: Downgrades Continue To Dominate The European Structured Finance Landscape In Q3 Nov 09
Standard & Poors, Nov 2009
Abstract
Standard & Poor's Ratings Services saw a decline in European structured finance downgrades during Q3, but they still outnumbered upgrades by 36 to 1. In all, we took 1,273 rating actions, comprising 1,239 downgrades and only 34 upgrades. Collateralized debt obligations (CDOs) accounted for 79% 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 18 upgrades in 12 transactions, and 106 downgrades in 39 transactions. Current low interest rates mean that RMBS collateral performance in some countries is showing signs of stabilizing, but downgrades still continued in Q3, mainly focused in the Spanish and U.K. nonconforming sectors. In asset-backed securities (ABS),...
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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