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Ratings Lowered In CDO Of European CMBS Transaction Glastonbury Finance 2007-1 Due To Defaults In The Portfolio Product Image

Ratings Lowered In CDO Of European CMBS Transaction Glastonbury Finance 2007-1 Due To Defaults In The Portfolio

  • ID: 1784955
  • May 2011
  • Region: Europe
  • Standard & Poors

Abstract
OVERVIEW We have observed defaults in Glastonbury Finance 2007-1's underlying portfolio. We have also applied our updated counterparty criteria to this transaction. Following a review, we have lowered our ratings on the class A-1, A-2, B, C, D, E, and F notes and removed our rating on class A-2 from CreditWatch negative. Glastonbury Finance 2007-1 is a CDO of European CMBS, managed by Palatium Investment Management. LONDON (Standard & Poor's) May 11, 2011--Standard & Poor's Ratings Services today lowered its credit ratings on Glastonbury Finance 2007-1 PLC's class A-1, A-2, B, C, D, E, and F notes. At the same time, we removed our rating on the class A-2 notes from CreditWatch negative. The ratings on the classes X and...

Companies mentioned in this report are: Glastonbury Finance 2007-1 PLC
Action: New Rating

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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Glastonbury Finance 2007-1 PLC

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