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Criteria | Structured Finance | ABS: Methodology For Rating And Surveilling European Corporate Securitizations
Standard & Poors
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Over the course of the past 10 years Standard & Poor's Ratings Services has assigned public or confidential ratings to more than 150 corporate securitization transactions, with total rated volume of more than -67 billion. Owing to their more complex structuring when compared with corporate lending, corporate securitizations generally require extensive quantitative and legal analysis. This article outlines the process we employ in analyzing a corporate securitization in both the initial rating process and subsequent surveillance of the ratings. Corporate securitizations are sometimes referred to as corporate entity securitizations, structured finance/corporate hybrid transactions, or, in certain cases, whole-business securitizations. They are hybrid financings that fall along the continuum between classical securitizations at one end and unsecured straight corporate bonds at...
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