Ninety-Three Japanese CDO Tranches Downgraded; 13 Tranches Placed On Watch Negative Oct 08
Standard & Poors, October 2008
Abstract
TOKYO (Standard & Poor's) Oct. 30, 2008--Standard & Poor's Ratings Services today lowered its ratings on 93 tranches relating to 66 Japanese synthetic CDO transactions (see list below). At the same time, Standard & Poor's placed its ratings on 13 tranches relating to 12 Japanese synthetic CDO transactions on CreditWatch with negative implications (also listed below). The downgrades and CreditWatch placements reflect our view of the impact of several events that have occurred since the previous rating actions on the relevant portfolios. These events are: (1) Washington Mutual Inc.'s (WaMu; D/--/D) Chapter 11 bankruptcy filing; (2) the appointment of receivership committees for three Iceland-based banks (Kaupthing Bank, Landsbanki Islands, and Glitnir Bank); (3) the auction results of International Swaps and...
Companies mentioned in this report are:
- Andante Ltd.
- Eirles Two Ltd.
- Corsair (Jersey) No. 2 Ltd.
- Helium Capital Ltd.
- Momentum CDO (Europe) Ltd.
- Signum Vanguard Ltd.
- Hummingbird Securitisation Ltd.
- ELM B.V.
- Ethical CDO I (Jersey No. 1) Ltd.
- Orpheus II Ltd.
- Omega Capital Investments PLC
- Silk Road Plus PLC
Action: Downgraded
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.
- Andante Ltd.
- Eirles Two Ltd.
- Corsair (Jersey) No. 2 Ltd.
- Helium Capital Ltd.
- Momentum CDO (Europe) Ltd.
- Signum Vanguard Ltd.
- Hummingbird Securitisation Ltd.
- ELM B.V.
- Ethical CDO I (Jersey No. 1) Ltd.
- Orpheus II Ltd.
- Omega Capital Investments PLC
- Silk Road Plus PLC
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