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233 Ratings Lowered On 32 CRE CDO Transactions; All On CreditWatch Negative May 09
Standard & Poors, May 2009
Abstract
OVERVIEW -- We have lowered our ratings on 233 tranches from 32 cash flow and hybrid CRE CDO transactions (collateralized primarily by rated CMBS tranches); all of the lowered ratings are on CreditWatch with negative implications. -- The rating actions reflect, among other factors, continued stress in the commercial real estate market and our revised criteria for assessing the default probability of structured finance assets with ratings on CreditWatch negative that are held in CDOs. NEW YORK (Standard & Poor's) May 29, 2009--Standard & Poor's Ratings Services today lowered its ratings on 233 tranches from 32 commercial real estate collateralized debt obligation (CRE CDO) transactions. All of the lowered ratings either remain on CreditWatch with negative implications or were placed...
Action: Downgraded
Action: On CreditWatch:Negative
Action: Withdrawn
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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