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Ratings on Four CDO Tranches Lowered as a Result of Weak Link to WestLB AG Rating Aug 03 Product Image

Ratings on Four CDO Tranches Lowered as a Result of Weak Link to WestLB AG Rating Aug 03

  • ID: 1858775
  • August 2003
  • Standard & Poors

FEATURED COMPANIES

  • Blue Heron Funding V Ltd
  • MORE

Abstract
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.

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.

- Portigon AG (Unsolicited Ratings)
- Blue Heron Funding V Ltd
- Blue Heron Funding VI, Ltd.

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