Rating Lowered on Riviera Finance 2's C Notes; A and B Notes Affirmed Jul 03

  • ID: 1826779
  • July 2003
  • Standard & Poors
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LONDON (Standard & Poor's) July 14, 2003--Standard & Poor's Ratings Services said today it lowered its credit rating on the class C floating-rate notes issued by Riviera Finance 2 S.A., an SPE. At the same time, the ratings on the class A and B notes were affirmed (see list below). The rating action follows continued negative credit migration in the reference portfolio, which has raised scenario loss rates at the 'BBB+' attachment point to levels that, given the credit enhancement available, are no longer consistent with the rating. Riviera Finance 2 is a synthetic CDO originated by BNP Paribas. The collateral backing the notes comprises 'AAA' rated ABS (as long as the repo counterparty remains rated 'A-1+'), 'AAA' rated Pfandbriefe,...

Companies mentioned in this report are:
- BNP Paribas

Action: Various Rating Actions

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Research type: News
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- BNP Paribas

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