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S&P Downgrades 29 Tranches In 15 Greek ABS And RMBS Transactions Jun 11 Product Image

S&P Downgrades 29 Tranches In 15 Greek ABS And RMBS Transactions Jun 11

  • ID: 1825597
  • June 2011
  • Region: Greece
  • Standard & Poors

Abstract
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
Action: Downgraded

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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Themeleion II Mortgage Finance PLC

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