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Recovery Rates For Credits In Global Synthetic CDOs Structured Finance Report Q2 2006 Sep 06
Standard & Poors, Sep 2006
Abstract
During the second quarter of 2006, no new credit events were called on corporate obligors in the synthetic CDOs rated by Standard & Poor's Ratings Services. The cumulative global average recovery rate on credit events called through the second quarter of 2006 has therefore remained at approximately 38%. The second quarter of 2006 saw no corporate obligors triggering credit events in synthetic CDOs that we have rated globally. This compares with a number of high-profile corporate bankruptcy filings and corresponding CDO credit events toward the end of 2005 and in the first quarter of 2006. In rated synthetic CDOs, the cumulative average recovery rate on reference obligors triggering credit events from the beginning of 2000 has been around 38%. The...
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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