Ratings Roundup: European Structured Finance Downgrades In Q3 2010 Fall To Lowest Level Since 2007 Oct 10

Standard & Poors, October 2010

Abstract
Compared with recent quarters, credit performance in European structured finance improved in Q3 2010, indicated by a substantial decline in the number of downgrades. Standard & Poor's Ratings Services took 509 rating actions in the quarter, comprising 352 downgrades and 157 upgrades. This compares with 976 downgrades and 297 upgrades in Q2. Structured credit transactions, such as collateralized debt obligations (CDOs), accounted for 62% of all downgrades, given further credit deterioration among underlying corporate obligors. Among European residential mortgage-backed securities (RMBS), there were 41 downgrades in 16 transactions, resulting from some further deterioration in U.K. nonconforming and Spanish markets. However, there were also 24 upgrades, mostly in seasoned transactions. For asset-backed securities (ABS), we lowered 17 ratings in seven 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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