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45 Ratings Lowered On Eight U.S. CLO Transactions; $4.016 Billion Of Issuance Affected Mar 10
Standard & Poors, March 2010
Abstract
OVERVIEW We lowered our ratings on 45 tranches from eight U.S. CLO transactions and removed them from CreditWatch with negative implications. We affirmed our ratings on 23 tranches from seven transactions and removed 20 of them from CreditWatch negative. The downgrades reflect the application of our updated criteria for corporate CDOs, as well as credit deterioration in some of the transaction portfolios. The affirmations reflect our view that the tranches have adequate credit support to maintain the current ratings according to our updated criteria. NEW YORK (Standard & Poor's) March 31, 2010--Standard & Poor's Ratings Services today lowered its ratings on 45 tranches from eight U.S. collateralized loan obligation (CLO) transactions and removed them from CreditWatch with negative implications. The...
Companies mentioned in this report are: Boston Harbor CLO 2004-1, Ltd.,Sequils-Centurion V Ltd.,Green Lane CLO Ltd,Fortress Credit Investments II Ltd,Rockwall CDO Ltd.,Marathon Financing I, B.V.,Sapphire Valley CDO I Ltd,Osprey CDO 2006-1 Ltd,Copper River CLO Ltd,Rockwall CDO II Ltd.,MAC Capital Ltd
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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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