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Ratings Withdrawn On Six Tranches In European CDO Deal Magnolia Finance After Note Repurchase
Standard & Poors, May 2010
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.
OVERVIEW The issuers repurchased and cancelled six series of notes in two European synthetic CDO transactions: Magnolia Finance I and Magnolia Finance VI. As a result, we have withdrawn our ratings on these series. Before withdrawing our ratings on two series, we affirmed the rating on Magnolia Finance I's series 2006-25 and downgraded Magnolia Finance I's series 2005-18. Due to an error we did not downgrade Magnolia Finance I's series 2005-18 notes in December 2008. LONDON (Standard & Poor's) May 4, 2010--Standard & Poor's Ratings Services today withdrew its credit ratings on six European collateralized debt obligation (CDO) series of notes in Magnolia Finance I PLC and Magnolia Finance VI PLC (see list below). Before withdrawing our rating on Magnolia...
Companies mentioned in this report are: Magnolia Finance I PLC,Magnolia Finance VI PLC
Action: Removed From CreditWatch
Magnolia Finance I PLC,Magnolia Finance VI PLC