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Upgrades in Synthetic CDO Cathedral Ltd. Due to Stable Performance and Approaching Maturity Mar 04

  • ID: 1886086
  • March 2004
  • Standard & Poors
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LONDON (Standard & Poor's) March 3, 2004--Standard & Poor's Ratings Services said today that it raised its ratings on the class A and B credit-linked notes issued by Cathedral Ltd. owing to stable credit performance and the approaching maturity of the transaction. "The expected net loss rates associated with the class A and B notes are consistent with higher rating levels," said Simon Chantry, a credit analyst at Standard & Poor's Structured Finance Ratings group in London. "This has resulted from a combination of the approaching legal maturity of the transaction in May this year and stabilizing credit quality within the reference portfolio." Mr. Chantry explained that the ratings assigned to this transaction have previously suffered from poor credit performance...

Companies mentioned in this report are: Dresdner Bank AG
Action: Upgraded

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
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Dresdner Bank AG

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