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13 U.S. ABS Ratings Lowered, 65 Affirmed Following MBIA Insurance And National Public Finance Guarantee Corp. Downgrades Dec 10
Standard & Poors, Dec 2010
Abstract
OVERVIEW We lowered our ratings on 13 U.S. ABS classes following our recent downgrade of monoline insurer MBIA Insurance Corp. We affirmed 41 ratings wrapped by National Public Finance Guarantee Corp. and 24 wrapped by MBIA Insurance Corp. Two ratings remain on CreditWatch, one with positive implications and one with negative implications The affirmed ratings reflect a Standard & Poor's underlying rating (SPUR) higher than or equal to the rating on the monoline insurer. Our criteria state that the issue credit rating on a fully credit-enhanced bond issue is the higher of two ratings: the rating on the credit enhancer or the SPUR. NEW YORK (Standard & Poor's) Dec. 23, 2010--Standard & Poor's Ratings Services today lowered its ratings on...
Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive
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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