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Alesco Preferred Funding XIV Ltd. Rating On Class X Notes Lowered To ' A (sf)'; One Other Rating Affirmed May 11
Standard & Poors, May 2011
Abstract
OVERVIEW Alesco Preferred Funding XIV Ltd. is a cash flow CDO backed primarily by trust-preferred securities issued by banking companies. We lowered our rating on the class X notes and removed it from CreditWatch negative. At the same time, we affirmed our rating on the class A-1 notes. The downgrade reflects an increase in defaults and a decline in the credit quality of the assets that back the rated tranches. NEW YORK (Standard & Poor's) May 26, 2011--Standard & Poor's Ratings Services today lowered its rating on the class X notes issued by Alesco Preferred Funding XIV Ltd., a cash flow collateralized debt obligation (CDO) backed primarily by trust-preferred securities issued by banking companies. At the same time, we removed...
Companies mentioned in this report are: Alesco Preferred Funding XIV, Ltd.
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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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