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Various Rating Actions Taken On U.S. Synthetic CDOs After December 2009 Month-End Review Jan 10
Standard & Poors, Jan 2010
Abstract
OVERVIEW We placed our ratings on three tranches from two corporate-backed synthetic CDO transactions on CreditWatch negative. We lowered our ratings on 23 tranches from 13 RMBS-backed synthetic CDO transactions. We lowered our rating on one tranche from one CMBS-backed synthetic CDO and left it on CreditWatch negative. We affirmed our rating on one tranche from one corporate-backed synthetic CDO transaction and removed it from CreditWatch negative. NEW YORK (Standard & Poor's) Jan. 20, 2010--Standard & Poor's Ratings Services today placed its ratings on three tranches from two U.S. corporate-backed synthetic collateralized debt obligation (CDO) transactions on CreditWatch with negative implications. At the same time, we lowered our ratings on 23 tranches from 13 U.S. synthetic CDO transactions backed by...
Companies mentioned in this report are: ABACUS 2004-3, Ltd.,UBS AG,Eirles Two Ltd.,High Grade Structured Credit 2004-1 Limited,ABSpoke 2005-VA, Ltd.,ABSpoke 2005-IA, Ltd.,ABSpoke 2005-VIA, Ltd.,North Street Referenced Linked Notes 2005-8 Limited,Ixion PLC,Newport Waves CDO,Aphex Capital NSCR 2007-5, Ltd.
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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