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Rating Actions Taken On 10 European Securitizations After FSA CreditWatch Oct 08 Product Image

Rating Actions Taken On 10 European Securitizations After FSA CreditWatch Oct 08

  • ID: 1723341
  • October 2008
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Dali Capital PLC
  • Duchess I CDO S.A.
  • FCC Surf
  • Lunar Funding I Ltd.
  • Vita Capital III Ltd.
  • MORE

Abstract
LONDON (Standard & Poor's) Oct. 9, 2008Standard & Poor's Ratings Services said today that it has placed on CreditWatch with negative implications 15 European ratings in 10 securitizations following yesterday's CreditWatch negative placement of Financial Security Assurance (U.K.) Ltd. (FSA; see list below). On Oct. 8, 2008, we placed on CreditWatch negative our 'AAA' financial strength and issuer credit ratings on FSA. This action followed the downgrade to 'A+' from 'AA-' of parent company Dexia S.A.'s core units. FSA provides financial guarantees for the payment of the underlying debt obligations of the securitization tranches. In each case, the rating on the tranche continues to reflect the higher of the rating on FSA and the underlying rating on that tranche. For...

Companies mentioned in this report are:
- Dali Capital PLC
- Assured Guaranty (Europe) Ltd.
- Lunar Funding I Ltd.
- Duchess I CDO S.A.
- Vita Capital III Ltd.
- Posillipo Finance II S.r.l.
- Channel Link Enterprises Finance PLC
- FCC Surf

Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international READ MORE >

- Dali Capital PLC
- Assured Guaranty (Europe) Ltd.
- Lunar Funding I Ltd.
- Duchess I CDO S.A.
- Vita Capital III Ltd.
- Posillipo Finance II S.r.l.
- Channel Link Enterprises Finance PLC
- FCC Surf

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