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119 Ratings Lowered In 20 European CLO Transactions; $8.91 Billion Of Issuance Affected (Feb. 24, 2010 Review) Feb 10
Standard & Poors, Feb 2010
Abstract
OVERVIEW We lowered our ratings on 119 European CLO tranches. Additionally, we affirmed our ratings on six 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) Feb. 24, 2010--Standard & Poor's Ratings Services today lowered its credit ratings on 119 tranches in 20 European collateralized loan obligation (CLO) transactions. Of the ratings lowered, all were previously on CreditWatch negative, from which they have now been removed. At the same time, we affirmed our ratings on six...
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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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