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14 Ratings From Six CDOs Lowered To 'D (sf)' Following Nonpayment Sep 11
Standard & Poors, Sep 2011
Abstract
OVERVIEW We lowered our ratings on 10 classes of notes from five U.S. CDOs to 'D (sf)' following interest shortfalls on nondeferrable classes of notes. We lowered four ratings from one CDO to 'D (sf)' following the transaction's liquidation after an event of default. At the same time, we affirmed our ratings on 27 classes of notes from five of the CDOs. NEW YORK (Standard & Poor's) Sept. 23, 2011--Standard & Poor's Ratings Services today lowered its ratings on 14 classes of notes from six U.S. CDO transactions. In addition, we affirmed our ratings on 27 classes of notes from five of the CDOs, and we are withdrawing our rating on one class of notes (see list). We lowered our...
Companies mentioned in this report are: Cairn Mezz ABS CDO III Limited,Summer Street 2004-1, Ltd.,Lenox CDO Ltd,Taberna Preferred Funding VIII Ltd,GSC CDO 2007-1r Ltd,Farmington Finance Ltd.
Action: Affirmed
Action: Downgraded
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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