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45 Ratings Lowered On 16 U.S. CDO Of ABS And Synthetic Transactions; $5.337 Billion Of Issuance Affected Jul 09
Standard & Poors, July 2009
Abstract
OVERVIEW We lowered our ratings on 44 tranches from 15 U.S. CDO of ABS transactions. At the same time, we lowered our rating on one tranche from one U.S. synthetic CDO transaction. The downgrades reflect a number of factors, including credit deterioration and recent negative rating actions on U.S. subprime RMBS. NEW YORK (Standard & Poor's) July 21, 2009--Standard & Poor's Ratings Services today lowered its ratings on 44 tranches from 15 U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions. At the same time, we removed 13 of the lowered ratings from CreditWatch with negative implications. The ratings on 30 of the downgraded tranches are on CreditWatch with negative implications, indicating a significant likelihood of further downgrades. At...
Companies mentioned in this report are: South Coast Funding II Ltd ,Tribune Ltd.,Vertical CDO 2003-1 Ltd.,Tricadia CDO 2003-1 Ltd,Zais Investment Grade Limited VI,Duke Funding VI, Ltd.,E-Trade ABS CDO III Ltd,Kent Funding II Ltd,Ischus Synthetic ABS CDO 2006-2 Ltd.,Euler ABS CDO I, Ltd.,Robeco High Grade CDO I Ltd,Connecticut Valley CLO Funding IV Ltd
Action: Downgraded
Action: On CreditWatch:Negative
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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