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Structured Finance Sector Report Card: European ABCP Is Showing Resilience Despite The Downturn Aug 10
Standard & Poors, Aug 2010
Abstract
This European ABCP report card covers the various developments in asset-backed commercial paper (ABCP) and a review of the overall conduit trends we have observed since October 2009. That the ABCP market has endured significant difficulties since the economic downturn is a relative understatement. ABCP outstandings are down by up to 70% in some conduits, with much of the pre-crisis structured finance-fuelled growth all but diminished. The level of ABCP outstanding appears to have reached a plateau, with many conduits filling the gap left by structured products with 'vanilla' unrated trade receivables. In our view, regulatory uncertainty is also playing a factor in the re-emergence of the sector as many sponsors take a 'wait and see' approach to the array...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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