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S&PCORRECT: Various Rating Actions On 83 European Securitizations After MBIA/Ambac Downgrades Jun 08

  • ID: 1723225
  • June 2008
  • Region: Europe
  • Standard & Poors
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  • Ambac Assurance Corp.
  • Avondale Securities S.A.
  • FCT Eurotruck Lease II
  • MBIA Insurance Corp.
  • RMAC 2003-NS2 PLC
  • RMAC 2004-NS1 PLC
  • MORE

LONDON (Standard & Poor's) June 6, 2008Standard & Poor's Ratings Services said today that it has taken credit rating actions on 83 European securitization tranches following yesterday's downgrades of two monolines, Ambac Assurance Corp. and MBIA Insurance Corp. and their related entities (see list below). These insurers provide financial guarantees for the payment of the underlying debt obligations of the securitization tranches. Specifically, the ratings on: 47 tranches were lowered and placed on CreditWatch with negative implications; 15 tranches were lowered; and 21 tranches were affirmed; On June 5, 2008 we lowered our financial strength ratings on Ambac and MBIA and their related entities to 'AA' from 'AAA' and placed the ratings on CreditWatch negative. The rating...

Action: Affirmed
Action: Downgraded
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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- Unique Pub Finance Co. PLC (The)
- Ambac Assurance Corp.
- MBIA Insurance Corp.
- Ursa Major Rated Ltd.
- Punch Taverns Finance PLC
- Punch Taverns Finance B Ltd.
- Lunar Funding I Ltd.
- Telereal Securitisation PLC
- RMAC 2003-NS1 PLC
- RMAC 2003-NS2 PLC
- Juturna (European Loan Conduit No. 16) PLC
- RMAC 2003-NS3 PLC
- Mitchells & Butlers Finance PLC
- RMAC 2003-NS4 PLC
- RMAC 2004-NS1 PLC
- Southern Pacific Securities 04-1 PLC
- RMAC 2004-NSP 2 PLC
- Corsair (Jersey) No. 4 Ltd.
- Spirit Issuer PLC
- Box Hill Life Finance PLC
- White City Property Finance PLC
- Freshwater Finance PLC
- Ashwell Rated S.A.
- Arsenal Securities PLC
- Bishopsgate Asset Finance Ltd.
- Vita Capital III Ltd.
- Posillipo Finance II S.r.l.
- Channel Link Enterprises Finance PLC
- FCC Surf
- Avondale Securities S.A.
- FCT Eurotruck Lease II

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