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24 Ratings On 14 CDO Transactions Lowered To 'D (sf)' For Nonpayment Of Interest; Three Ratings Lowered To 'CC (sf)' May 11
Standard & Poors, May 2011
Abstract
OVERVIEW We lowered 24 ratings from 14 CDO of ABS transactions to 'D (sf)'. We also lowered three ratings from one transaction to 'CC (sf)'. We also withdrew our rating on Duke Funding IV Ltd.'s A-1 tranche following the complete paydown of the notes. The downgrades to 'D (sf)' follow the nonpayment of interest to the classes, all of which are nondeferrable. The downgrades to 'CC (sf)' follow the deterioration in the credit quality of the underlying portfolio. The downgraded classes had an initial issuance amount of $5.151 billion. NEW YORK (Standard & Poor's) May 19, 2011--Standard & Poor's Ratings Services today lowered its ratings to 'D (sf)' on 24 classes from 14 collateralized debt obligation of asset-backed securities (CDO...
Companies mentioned in this report are: Belle Haven ABS CDO, Ltd.,Duke Funding IV, Ltd.,G-Star 2004-4 Ltd.,CBO Holdings XIV Ltd ,Sorin Real Estate CDO II Ltd,Neptune CDO III Ltd,Orion 2006-1 Ltd,Duke Funding High Grade V ,Pyxis ABS CDO 2006-1 Ltd,CWCapital COBALT III Synthetic CDO Ltd,Ischus Synthetic ABS CDO 2006-2 Ltd.,Euler ABS CDO I, Ltd.,Laguna Seca Funding I Ltd,Fourth Street Funding, Ltd.,Robeco High Grade CDO I Ltd
Action: Downgraded
Action: Withdrawn
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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