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

  • ID: 1711831
  • October 2010
  • Region: Europe
  • Standard & Poors
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FEATURED COMPANIES

  • ALBA 2005 - 1 PLC
  • E-MAC DE 2005-I B.V.
  • EuroProp (EMC VI) S.A.
  • Eurosail-UK 2007-4BL PLC
  • Premiertel PLC
  • ResLoC U.K. 2007-1 PLC
  • MORE

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 READ MORE >

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- Themeleion IV Mortgage Finance PLC
- EuroProp (EMC VI) S.A.
- BBVA-6 FTPYME Fondo de Titulizacion de Activos
- Eurosail-UK 2007-3BL PLC
- TDA CAM 9, Fondo de Titulizacion de Activos
- Estia Mortgage Finance II PLC
- Windermere XI CMBS PLC
- Eurosail-UK 2007-4BL PLC
- Vulcan (European Loan Conduit No. 28) Ltd.
- E-MAC DE 2007-I B.V.
- Foncaixa FTGENCAT 5, Fondo de Titulización de Activos
- BBVA Consumo 3 Fondo de Titulizacion de Activos
- Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos
- Punch Taverns Finance PLC
- Unique Pub Finance Co. PLC (The)
- Punch Taverns Finance B Ltd.
- Premiertel PLC
- PROVIDE-VR 2003-1 PLC
- Southern Pacific Securities 04-1 PLC
- Southern Pacific Securities 04-2 PLC
- Morpheus (European Loan Conduit No. 19) PLC
- Broadgate Financing PLC
- Estia Mortgage Finance PLC
- E-MAC DE 2005-I B.V.
- Themeleion II Mortgage Finance PLC
- CM Bancaja 1, Fondo de Titulizacion de Activos
- Locat SV S.r.l.
- Fondo de Titulizacion de Activos UCI 14
- ALBA 2005 - 1 PLC
- DECO 7 - Pan Europe 2 PLC
- Titan Europe 2006-1 PLC
- RMAC Securities No. 1 PLC
- Eurosail 2006-1 PLC
- AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos
- Titan Europe 2006-2 PLC
- E-MAC DE 2006-I B.V.
- Themeleion III Mortgage Finance PLC
- EQUINOX (ECLIPSE 2006-1) PLC
- Titan Europe 2006-3 PLC
- Hipocat 10, Fondo de Titulizacion de Activos
- Eurosail 2006-2BL PLC
- TDA Ibercaja 4 Fondo de Titulizacion de Activos
- TDA CAM 7, Fondo de Titulizacion de Activos
- GATE SME CLO 2006-1 Ltd.
- GEMINI (ECLIPSE 2006-3) PLC
- Taurus CMBS (U.K.) 2006-2 PLC
- AyT Deuda Subordinada I Fondo de Titulizacion de Activos
- Kion Mortgage Finance PLC
- E-MAC DE 2006-II B.V.
- AyT Kutxa Hipotecario II
- Landmark Mortgage Securities No. 2 PLC
- Silenus (European Loan Conduit No. 25) Ltd.
- Hipocat 11, Fondo de Titulizacion de Activos
- TDA CAM 8, Fondo de Titulizacion de Activos
- DECO 14 - Pan Europe 5 B.V.
- PULS CDO 2007-1 Ltd.
- ResLoC U.K. 2007-1 PLC
- JUNO (ECLIPSE 2007-2) Ltd.

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