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1998 ABS Year In Review Dec 98
Standard & Poors, Dec 1998
Abstract
The momentum of early 1998 came to a screeching halt in August, when the global markets hit rough waters. By the end of the year, however, the flow of ABS volume had resumed. Buoyed by a tremendous first half, public ABS new issuance is on track to hit $180 billion for 1998, roughly the same as 1997's record levels, according to Merrill Lynch. During the past year, new asset classes, such as CLOs, became more familiar to investors. At the same time, some traditional classes picked up new structural tricks. Both these trends should hold into 1999. An improved consumer credit picture, and a backlog of transactions postponed from late 1998 also bode well for issuance in the first few...
Companies mentioned in this report are: Commonwealth Edison Co.,Ford Motor Credit Co. LLC,Illinois Power Co.,Citibank N.A.,Toyota Motor Credit Corp.,First Tennessee Bank N.A. Memphis,Compass Bank,Bank of America N.A.,Conseco Finance Corp,Transamerica Occidental Life Insurance Co.,First USA Inc.,New York City Transitional Fin Auth
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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