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ABACUS 2005-3 Ltd. Ratings Lowered On Class B And B Series 2 Notes Following Losses
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: 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.
Abstract
NEW YORK (Standard & Poor's) May 5, 2011--Standard & Poor's Ratings Services today lowered its 'CCC- (sf)' ratings on the class B and B series 2 notes issued by ABACUS 2005-3 Ltd., a synthetic collateralized debt obligation transaction backed by residential mortgage-backed securities (RMBS) to 'D (sf)'. The downgrades follow a number of write-downs in the transaction's underlying reference portfolio that caused the tranches to incur principal losses. RELATED CRITERIA AND RESEARCH CDOs: Revised Methodologies And Assumptions For Global Synthetic CDO Surveillance, published Sept. 30, 2010....
Companies mentioned in this report are: ABACUS 2005-3, Ltd.
Action: Downgraded
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