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ARCHIVE | Criteria | Structured Finance | CDOs: CDO Spotlight: Updated Global Recovery Rates For Use In Cash Flow CDOs Jul 07
Standard & Poors, July 2007
Abstract
Standard & Poor's Structured Finance Ratings has updated its recovery rate criteria for corporate and sovereign assets in CDOs. The criteria update also includes an update regarding the use of recovery ratings in cash flow CDOs. This update is necessary because of the following changes to Standard & Poor's existing criteria: A revised recovery rating scale to better accommodate senior unsecured and subordinate debt; New criteria that addresses recoveries on covenant-lite (cov-lite) loans; Updated global country groupings, and Updated recovery rates for emerging market debt, including the introduction of recovery ratings for speculative-grade sovereign debt. In addition to addressing the impact of the revised recovery ratings on CDOs, we've also provided answers to the most frequently asked questions we've received...
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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