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49 Ratings Lowered On 11 U.S. CLO Transactions; $4.189 Billion Of Issuance Affected Mar 10
Standard & Poors, March 2010
Abstract
OVERVIEW We lowered our ratings on 49 tranches from 11 U.S. CLO transactions and removed them from CreditWatch with negative implications. We affirmed our ratings on seven tranches from four transactions and removed them from CreditWatch negative. The downgrades reflect the application of our updated criteria for corporate CDOs, as well as credit deterioration in some of the transaction portfolios. The affirmations reflect our view that the tranches have adequate credit support to maintain the current ratings according to our updated criteria. NEW YORK (Standard & Poor's) March 31, 2010--Standard & Poor's Ratings Services today lowered its ratings on 49 tranches from 11 U.S. collateralized loan obligation (CLO) transactions and removed them from CreditWatch with negative implications. The affected tranches...
Companies mentioned in this report are: Jersey Street CLO Ltd,Callidus Debt Partners CLO Fund II, Ltd,Sagamore CLO, Ltd,Race Point III CLO,MCG Commercial Loan Trust 2006-1,ARCC Commercial Loan Trust 2006,ACAS Business Loan Trust 2006-1,Canyon Capital CLO 2006-1 Ltd,Wasatch CLO Ltd.,ACAS Business Loan Trust 2007-1
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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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