Research Update: Morgan Stanley And Operating Subsidiaries Ratings Lowered; Outlook Is Negative Nov 11
- Language: English
- Published: November 2011
LONDON (Standard & Poor's) May 14, 2003--Standard & Poor's Ratings Services said today it assigned its preliminary credit ratings to the €100 million secured credit-linked floating-rate notes series 2003-1 to be issued by Arosa Funding Ltd., an SPE (see list below). The notes are backed by euro-denominated investments in 'AAAm' rated money market funds. The rationale behind this synthetic CDO of ABS is to create a warehouse facility for ABS assets held by Morgan Stanley, either now or in the future. The initial portfolio size is €215 million but is expected to increase over time, with a maximum limit of €2.5 billion. Morgan Stanley & Co. International Ltd., as substitution agent, can make an unlimited number of portfolio substitutions throughout...
Companies mentioned in this report are:
- Morgan Stanley
Action: New Rating
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Research type: News
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- Morgan Stanley