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122 Ratings Lowered In 21 European CLO Transactions; $9.33 Billion Of Issuance Affected (March 16, 2010 Review) Mar 10
Standard & Poors, March 2010
Abstract
OVERVIEW We lowered our ratings on 122 European CLO tranches. Additionally, we affirmed our ratings on eight tranches. The downgrades follow the application of our updated criteria for corporate CDOs, as well as our assessment of the credit deterioration in some of the transaction portfolios. The affirmations reflect our view that the tranches have adequate credit support to maintain their current ratings under our updated criteria. LONDON (Standard & Poor's) March 16, 2010--Standard & Poor's Ratings Services today lowered its credit ratings on 122 tranches in 21 European collateralized loan obligation (CLO) transactions. All of the ratings lowered were previously on CreditWatch negative, from which they have now been removed. At the same time, we affirmed our ratings on eight...
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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