Structured Finance Ratings Roundup Quarterly: Second-Quarter 2001 Performance Trends Jul 01
Standard & Poors, July 2001
Abstract
Significant rating activity across the different segments of Structured Finance's Surveillance group characterized the second quarter of 2001. In terms of specific rating activity, raised ratings were far more prevalent than lowered ratings, except within the U.S. ABS market, which experienced 73 downgrades and 42 upgrades, and in Europe, where affirmations dominated the rating activity in the recent three-month period. Among the lowered ratings in the domestic ABS sector, franchise loans continued their ongoing trends by capturing 58% of the downgrades reported during the quarter, primarily because of worse-than-expected collateral performance. Of the 42 raised ratings in the ABS market, almost 45% were attributable to the prime auto and motorcycle segments. Notably, manufactured housing and CBO transactions bucked their recent...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),Morgan Stanley Capital I Inc.,Structured Asset Securities Corp.,CRIIMI MAE Inc.,DLJ Mortgage Acceptance Corp.,Liberty Cnty Indl Auth.,Nomura Asset Securities Corp.,Oakwood Mortgage Investors Inc.,JPMorgan Commercial Mortgage Finance Corp.,Asset Securitization Corp.,CRIIMI Mae Trust I,TIERS Corporate Bond-Backed Certs Trust AGC 1997-10,IndyMac Manufactured Housing Contract Pass-Thru Certificates 1998-2
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Australia (Commonwealth of) (Unsolicited Ratings),Morgan Stanley Capital I Inc.,Structured Asset Securities Corp.,CRIIMI MAE Inc.,DLJ Mortgage Acceptance Corp.,Liberty Cnty Indl Auth.,Nomura Asset Securities Corp.,Oakwood Mortgage Investors Inc.,JPMorgan Commercial Mortgage Finance Corp.,Asset Securitization Corp.,CRIIMI Mae Trust I,TIERS Corporate Bond-Backed Certs Trust AGC 1997-10,IndyMac Manufactured Housing Contract Pass-Thru Certificates 1998-2
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