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16 Ratings Lowered On Various Seawall Transactions After Review Dec 11
Standard & Poors, Dec 2011
Abstract
OVERVIEW We lowered our ratings on 16 tranches from five Seawall transactions. We affirmed our ratings on 15 tranches from five U.S. transactions. NEW YORK (Standard & Poor's) Dec. 9, 2011--Standard & Poor's Ratings Services today lowered its rating on 16 tranches from five U.S. synthetic CDO transactions. At the same time, we affirmed our ratings on 15 tranches from five synthetic CDO transactions. Two of the transactions reviewed are directly linked to commercial mortgage-backed securities (CMBS) bonds that were downgraded, while the remaining are CDOs backed by commercial mortgage-backed securities (CMBS). The downgrades are from synthetic CDOs that experienced a downgrade to one of their direct-linked reference obligations or had reductions to the credit enhancement available to them, resulting...
Companies mentioned in this report are: Seawall 2006-4 Ltd,Seawall SPC,Seawall 2006-4a Ltd.,Seawall 2007-1 Ltd,Seawall 2007-2 (AAA Synthetic ReREMIC) Ltd,Seawall 2007-3 (AAA Synthetic ReREMIC) Ltd
Action: Affirmed
Action: Downgraded
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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