Ratings Roundup: European Structured Finance Downgrades Reflect Heightened Counterparty And Country Risk In Q1 2012 Jun 12

Standard & Poors, June 2012

Abstract
As in the previous quarter, Standard & Poor's Ratings Services' rating actions on banks and sovereigns were once again the major factors affecting European structured finance ratings in the first quarter of 2012. Some sovereign rating actions directly affected structured finance ratings due to country risk considerations. Meanwhile, rating actions on banks due to sovereign pressures and the implementation of our updated bank ratings criteria also triggered some structured finance rating movements, based on our 2010 counterparty criteria. The number of residential mortgage-backed securities (RMBS) rating actions increased due to the rollout of our updated criteria for rating transactions backed by U.K. mortgage loans. We took 1,594 rating actions in the quarter, comprising 1,100 downgrades and 494 upgrades. This represents...

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.

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