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29 Ratings Lowered On 21 U.S. Synthetic CDO Of ABS Transactions Following RMBS Actions Feb 09
Standard & Poors, Feb 2009
Abstract
NEW YORK (Standard & Poor's) Feb. 5, 2009--Standard & Poor's Ratings Services today lowered its ratings on 29 tranches from 21 U.S. synthetic collateralized debt obligation of asset-backed securities (CDO of ABS) transactions referencing tranches of U.S. residential mortgage-backed securities (RMBS) transactions (see list). The CDO actions follow the Feb. 2, 2009, downgrades and negative CreditWatch placements affecting a large number of RMBS classes (articles cited below). Sixteen of the affected CDO transactions are high-grade structured finance (SF) CDOs of ABS referencing primarily senior tranches of RMBS; the remaining five CDOs are mezzanine SF CDOs of ABS referencing primarily mezzanine tranches of RMBS. The downgraded CDO tranches have a total issuance amount of $1.43 billion. The downgrades reflect our most...
Companies mentioned in this report are: North Street Referenced Linked Notes, 2005-7, Limited,STACK LTD,Magnolia Finance II PLC,ABACUS 2005-2, Ltd.,ABACUS 2005-3, Ltd.,SPGS SPC,Eolo Investments B.V.
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.
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