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51 Ratings On 50 Asia-Pacific Synthetic CDO Tranches Lowered; Two CDO Tranches Upgraded
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. 26, 2009-Standard & Poor's Ratings Services today lowered 51 ratings on 50 tranches of Asia-Pacific (excluding Japan) synthetic collateralized debt obligations (CDOs) (see list). The ratings on two other CDOs were raised and removed from CreditWatch with positive implications. At the same time, 23 ratings of the downgraded CDO tranches were kept on CreditWatch negative and 28 ratings of the downgraded CDO tranches were removed from CreditWatch negative. The downgrades reflect the increased credit risk of underlying portfolios in the respective transactions. The synthetic rated overcollateralization (SROC) levels for tranches that have been downgraded fell below 100% at their current rating levels during the SROC analysis for the month of February. This indicates that...
Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch
Action: Upgraded
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