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28 Ratings Lowered On 5 U.S. Corporate CDO Of CDO Transactions; $1.459 Billion Of Issuance Affected May 10
Standard & Poors, May 2010
Abstract
OVERVIEW We lowered our ratings on 28 tranches from five U.S. corporate CDO of CDO transactions and removed them from CreditWatch with negative implications. We affirmed our ratings on 13 tranches from four transactions and removed one of 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) May 25, 2010--Standard & Poor's Ratings Services today lowered its ratings on 28 tranches from five U.S. corporate collateralized debt obligation (CDO) of CDO transactions and removed them...
Companies mentioned in this report are: Ashford CDO II Ltd,Gresham Street CDO Funding 2003-1 Ltd.,Tricadia CDO 2003-1 Ltd,Zais Investment Grade Limited VI,Primus CLO II Ltd,Zais Investment Grade Limited X
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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