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104 Ratings In 31 European CLOs Placed On Watch Neg; Primarily 'BBB' And 'BB' Tranches Feb 09
Standard & Poors, Feb 2009
Abstract
LONDON (Standard & Poor's) Feb. 17, 2009-Standard & Poor's Ratings Services today placed its ratings on 104 tranches in 31 European cash flow leveraged loan collateralized loan obligation (CLO) transactions on CreditWatch negative (see list below). Today's actions follow a preliminary review of the impact of recent developments on European CLOs, including the rapid and widespread deterioration in the credit quality of many collateral portfolios that we have observed in recent weeks. We currently expect this trend to continue (see ' One-Fifth Of European Speculative Grade Companies Could Default By 2010, S&P Says' and 'Weakening Performance And Liquidity Drive European Credit Trends From Bad To Worse,' published on Dec. 17, 2008). Several European CLOs have also experienced par value losses...
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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