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ARCHIVE | Criteria | Structured Finance | CDOs: Criteria For Rating Synthetic CDO Transactions: Counterparty Rating And Collateral Requirements Sep 04
Standard & Poors, Sep 2004
Abstract
Editor's Note: This criteria article is no longer current. It has been superseded by the articles titled, 'CDO Spotlight: Counterparty Risk In Structured Finance Transactions,' published March 7, 2005,' 'Revised Framework For Applying Counterparty And Supporting Party Criteria,' published May 8, 2007, and 'Counterparty And Supporting Obligations Methodology And Assumptions For Japanese Structured Transactions,' published Dec. 6, 2010. See Related Research section for a list of accompanying articles published on Sept. 1, 2004. Counterparty risk arises each time the synthetic CDO relies on a counterparty to make a payment and/or is subject to the termination risk of the counterparty. Counterparties in synthetic CDOs can have many different roles: CDS counterparty, repo counterparty, interest rate swap counterparty, account bank, etc. The...
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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