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49 European Securitization Ratings Affirmed After Monoline Actions; Three Lowered Mar 08
Standard & Poors, March 2008
Abstract
LONDON (Standard & Poor's) March 13, 2008-Standard & Poor's Ratings Services said today that it has affirmed the ratings on 49 tranches in European securitizations where Ambac Assurance Corp. (Ambac) entities provide financial guarantees for payments of underlying debt obligations. The ratings were also removed from CreditWatch with negative implications where they were placed on Jan. 21, 2008 (see list below). At the same time, Standard & Poor's lowered its ratings on three classes in two insurance-linked securitizations where CIFG Europe (CIFG) provides similar guarantees. These actions follow the removal from CreditWatch negative of the issuer credit, financial strength, and financial enhancement ratings on Ambac and related entities, and the lowering of the issuer credit, financial strength, and financial enhancement...
Companies mentioned in this report are: Arsenal Securities PLC,Ambac Assurance Corp.,Punch Taverns Finance PLC,Lunar Funding I Ltd.,Telereal Securitisation 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.,OSIRIS Capital PLC,Bishopsgate Asset Finance Ltd.,Vita Capital III Ltd.,Posillipo Finance II S.r.l.,Channel Link Enterprises Finance PLC,Avondale Securities S.A.
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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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