European ABS Surveillance Snapshot (Q1 2010): Credit Outlook Is Fragile As Europe's Economic Recovery Remains Uncertain Apr 10

Standard & Poors, April 2010

Abstract
In the first quarter of 2010, Standard & Poor's Ratings Services continued to observe negative rating migration in its European asset-backed securities (ABS) transactions, mainly due to deterioration in the performance of the underlying collateral. Most European countries reported small, but positive, GDP increases toward the end of 2009, and we have observed a corresponding slowdown in performance deterioration. However, we believe this has not been sufficiently strong to keep ratings stable in European ABS. In Q1 2010 we downgraded one or more tranches in 15 transactions. The current quarter looks equally negative: 16 transactions currently have one or more tranches on CreditWatch negative. These provide an insight into where we might expect future rating activity in European ABS transactions....

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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