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

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

  • ID: 1826779
  • July 2003
  • Standard & Poors

Abstract
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

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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