European CMBS Monthly Bulletin (September 2012): Downgrades Hit Annual High On Lower Recovery Expectations Sep 12
- Language: English
- Published: September 2012
- Region: Europe
OVERVIEW On June 13, 2011 we lowered the long-term sovereign credit rating on the Hellenic Republic to 'CCC' with a negative outlook. We have subsequently revised our assessment of Greek country risk and how it might affect the notes of securitizations backed by Greek assets we rate. We have concluded that ratings on securitization notes backed by Greek assets should be no higher than 'BB+'. Consequently, we have lowered our ratings on all Greek ABS, SME CLO, and RMBS notes rated at 'BBB-/Watch Neg' to 'BB+'. MILAN (Standard & Poor's) June 15, 2011--Standard & Poor's Ratings Services today took various rating actions on all Greek asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) rated 'BBB-'. Specifically, we: Lowered to 'BB+'...
Companies mentioned in this report are: Themeleion II Mortgage Finance PLC
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Themeleion II Mortgage Finance PLC