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2008 Funding-Agreement-Backed Note Issuance: A Tale Of Two Half-Years Jan 09
Standard & Poors, Jan 2009
Abstract
Standard & Poor's Ratings Services rated one funding-agreement-backed note, for $53 million, in the fourth quarter of 2008 (see Chart 1). This brings issuance for the last six months of 2008 to $2.04 billion and total issuance for the year to $24.72 billion. This is in stark contrast with the first six months of the year, when we rated $22.68 billion of these notes (which included a single issue that totaled $2 billion). To illustrate the magnitude of the drop in activity, issuance in the last six months of 2008 was at least $1 billion less than in any other quarter since 2001 (the least active quarter was fourth-quarter 2002). In fact, issuance for the last six months of 2008...
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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