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35 Ratings On 32 Asia Pacific Synthetic CDOs Placed On CreditWatch Negative; Eight Ratings Affirmed
Standard & Poors, Feb 2009
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
HONG KONG (Standard & Poor's) Feb. 13, 2009-Standard & Poor's Ratings Services today placed 35 ratings on 32 Asia-Pacific (excluding Japan) synthetic collateralized debt obligations (CDOs) on CreditWatch with negative implications. At the same time, eight ratings on six other CDOs were affirmed and removed from CreditWatch (see list). The rating actions reflect the credit risk of the CDO portfolios and probability of default in the transactions. In the end-of-month analysis for January 2009, the synthetic rated overcollateralization (SROC) levels for the ratings placed on CreditWatch with negative implications fell below 100% at the current rating level. For the ratings that were affirmed and removed from CreditWatch with positive or negative implications, the SROC passed 100% at the current rating...
Action: Affirmed
Action: On CreditWatch:Negative
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