Ratings on Four CDO Tranches Lowered as a Result of Weak Link to WestLB AG Rating Aug 03
- ID: 1858775
- August 2003
- Standard & Poors
NEW YORK (Standard & Poor's) Aug. 4, 2003--Standard & Poor's Ratings Services today lowered its long-term credit ratings on four CDO tranches from four CDO of ABS transactions (Blue Heron Funding III, Blue Heron Funding V, Blue Heron Funding VI, and House of Europe Funding) for which WestLB AG acts as Put counterparty and liquidity provider. The short-term ratings assigned to the four tranches are unaffected. At the same time, the ratings assigned to the other tranches issued by the four CDO of ABS transactions are affirmed (see list). The ratings assigned to the four CDO tranches are dependent on the counterparty credit rating assigned to WestLB AG, rather than the performance of the respective underlying CDO transactions. WestLB AG...
Companies mentioned in this report are:
- Portigon AG (Unsolicited Ratings)
- Blue Heron Funding V Ltd
- Blue Heron Funding VI, Ltd.
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