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54 Ratings Lowered In Eight European CLO Transactions; $4.09 Billion Of Issuance Affected (Dec. 3, 2009 Review) Dec 09
Standard & Poors, Dec 2009
Abstract
OVERVIEW We lowered our ratings on 54 European CLO tranches. Additionally, we affirmed our ratings on three tranches and withdrew our ratings on two further tranches. The downgrades follow the application of our updated criteria for corporate CDOs, as well as our assessment of the credit deterioration in some of the transaction portfolios. The affirmations reflect our view that the tranches have adequate credit support to maintain their current ratings under our updated criteria. LONDON (Standard & Poor's) Dec. 3, 2009--Standard & Poor's Ratings Services today lowered and removed from CreditWatch negative its credit ratings on 54 tranches in eight European collateralized loan obligation (CLO) transactions. At the same time, we affirmed our ratings on three tranches (in three of...
Companies mentioned in this report are: Highlander Euro CDO B.V.,Skye CLO I Ltd.,Harvest CLO I S.A.,BACCHUS 2006-1 PLC,Highlander Euro CDO (Cayman) Ltd.,Theseus European CLO S.A.,BACCHUS 2006-2 PLC,Strawinsky I PLC,Halcyon Structured Asset Management CLO 2008-II B.V.
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
Action: Withdrawn
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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