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
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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