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Ratings Lowered On 23 Tranches In 16 European Securitizations After Ambac Downgrade Jun 09
Standard & Poors, June 2009
Abstract
OVERVIEW -- These downgrades follow our downgrade and CreditWatch negative placement of monoline insurer Ambac Assurance Corp. and its related entities on June 24. -- We have lowered our ratings on 23 tranches in 16 European deals. LONDON (Standard & Poor's) June 26, 2009--Standard & Poor's Ratings Services today lowered its ratings on 23 European tranches in 16 European securitizations (following the downgrade and CreditWatch placement of monoline insurer, Ambac Assurance Corp. and its related entities on June 24). We also placed six of these downgraded tranches on CreditWatch negative (see list below). The relevant Ambac entity for all the tranches listed below is Ambac Assurance U.K. Ltd. All the other ratings in these transactions are unaffected by today's rating...
Companies mentioned in this report are: Arsenal Securities PLC,Punch Taverns Finance PLC,Lunar Funding I Ltd.,Telereal Securitisation PLC,Spirit Issuer PLC,Freshwater Finance 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.
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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