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Various Rating Actions On 29 European Securitizations After Ambac/Syncora Downgrades Nov 08 Product Image

Various Rating Actions On 29 European Securitizations After Ambac/Syncora Downgrades Nov 08

  • ID: 1723377
  • November 2008
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Ambac Assurance Corp.
  • Avondale Securities S.A.
  • Freshwater Finance PLC
  • Punch Taverns Finance PLC
  • RMAC 2003-NS1 PLC
  • RMAC 2003-NS3 PLC
  • MORE

Abstract
LONDON (Standard & Poor's) Nov. 19, 2008Standard & Poor's Ratings Services today took various rating actions on 59 European securitization tranches in 29 securitizations following recent downgrades of two monolines, Ambac Assurance Corp. and Syncora Guarantee Inc., and their related entities (see list below). These insurers provide 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 the respective monoline, and the underlying rating on that tranche. Therefore, as a result of the monocline actions: -- We lowered ratings on 18 tranches in 13 transactions where the rating on the guarantor continues to exceed the underlying rating on those...

Action: Affirmed
Action: Downgraded

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.

- Arsenal Securities PLC
- Ambac Assurance Corp.
- Punch Taverns Finance PLC
- Syncora Guarantee Inc.
- Lunar Funding I Ltd.
- Telereal Securitisation PLC
- Lafayette Sovereign CDO I Ltd.
- Skylark Ltd.
- RMAC 2003-NS1 PLC
- Rendite Finance No.2 Inc.
- 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
- Box Hill Life Finance PLC
- Freshwater Finance PLC
- Vega ContainerVessel 2006-1 PLC
- Imser Securitisation 2 S.r.l.
- Bishopsgate Asset Finance Ltd.
- Posillipo Finance II S.r.l.
- Channel Link Enterprises Finance PLC
- Avondale Securities S.A.

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