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97 Ratings Lowered In 14 European CLOs; Approximately $7.10 Billion Of Issuance Affected (May 28, 2010 Review) May 10
Standard & Poors, May 2010
Abstract
OVERVIEW We lowered our ratings on 97 European CLO 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) May 28, 2010--Standard & Poor's Ratings Services today lowered its credit ratings on 97 tranches in 14 European collateralized loan obligation (CLO) transactions. Of the ratings lowered, all were previously on CreditWatch negative, from which they have now been removed. Excluding combination notes, we reviewed tranches representing a current combined notional amount of approximately $7.07 billion (-5.80 billion)....
Companies mentioned in this report are: Clarenville CDO S.A.,Petrusse European CLO S.A.,Alzette European CLO S.A.,Jubilee CDO V B.V.,Eaton Vance CDO VII PLC,Adagio III CLO PLC,Eaton Vance CDO X PLC,CELF Loan Partners IV PLC,Eurocredit CDO VIII Ltd.,Global Senior Loan Index Fund 1 B.V.,Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman) Ltd.,Highlander Euro CDO IV B.V.,Euroloan CLO 1 B.V.,Recovery Finance Funding, 2008 S.A.
Action: General Comment
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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