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S&PCORRECT: 55 Classes In 22 European Securitizations On Watch Neg After Ambac Action Jan 08
Standard & Poors, Jan 2008
Abstract
LONDON (Standard & Poor's) Jan. 21, 2008-Standard & Poor's Ratings Services said today that it has placed on CreditWatch with negative implications its ratings on 55 classes in 22 European securitizations where Ambac Assurance Corp. entities provide financial guarantees for payments of underlying debt obligations. At the same time, it has affirmed its ratings on 16 classes in seven transactions (see list below). This follows the placement on CreditWatch negative of Ambac Assurance Corp.'s financial strength, financial enhancement, and issuer credit ratings and Ambac Financial Group Inc.'s senior unsecured, issuer credit, and hybrid security ratings. The CreditWatch placements on Ambac followed the announcement on Jan. 18, 2008 that Ambac Financial Group is not proceeding with a planned $1 billion equity...
Companies mentioned in this report are: Ambac Assurance Corp.,Punch Taverns Finance PLC,Lunar Funding I Ltd.,Telereal Securitisation PLC,RMAC 2003-NS1 PLC,RMAC 2003-NS2 PLC,RMAC 2003-NS3 PLC,Mitchells & Butlers Finance PLC,RMAC 2003-NS4 PLC,RMAC 2004-NS1 PLC,RMAC 2004-NSP 2 PLC,Spirit Issuer PLC,Freshwater Finance PLC,Imser Securitisation 2 S.r.l.,Arsenal Securities PLC,Bishopsgate Asset Finance Ltd.,Posillipo Finance II S.r.l.,Channel Link Enterprises Finance PLC,Avondale Securities S.A.
Action: Affirmed
Action: On CreditWatch:Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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