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ARCHIVE | Criteria | Structured Finance | ABS: Rating Approach To European Corporate Market Value Securitizations Nov 06
Standard & Poors, Nov 2006
Abstract
(Editor's note: These criteria have been superseded by the article titled 'Update Of Corporate Market Value Securitization Methodology And Assumptions,' published on Jan. 17, 2008.) Certain market value approaches traditionally used in European CMBS analysis could be expanded to the wider corporate sector to rate corporate recovery, or market value securitizations (MVS). This would be achieved by repackaging a secured loan by using securitization techniques in general, and CMBS ones in particular. The structures would facilitate rating through a secured loan event of default and using proceeds from the enforcement of security to repay noteholders. Provided Standard & Poor's Ratings Services can form an opinion on the recovery amount, a decreasing proportion of this could, in principle, achieve investment-grade ratings...
Companies mentioned in this report are: Ashtead Group PLC,Derwent London PLC,Europcar Groupe S.A.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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