Rating Transitions 2005: Activity More Muted, But Upgrades Still Dominate In European Structured Finance Jan 06
Standard & Poors, January 2006
Abstract
European structured finance credit ratings in 2005 exhibited more muted transitions in both directions than in 2004. However, to the extent that ratings did move, upgrades dominated downgrades by more than ever before. Of the 4,764 ratings outstanding at the start of the year, 4,640 (97.4%) remained stable or were raised, while only 124 (2.6%) were lowered. This compares with 2,971 (96.1%) and 122 (3.9%), respectively, in the previous year, and highlights a reduction in the downgrade rate. The upgrade rate also fell, to 4.3% in 2005 from 4.8% in 2004. For the second year running, more ratings were raised than were lowered, giving a ratio of lowered to raised ratings of 0.61x, improving on the previous year's figure of...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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