2008 Mid-Year Outlooks for Global Derivatives - Special Report - 2008/09/09 - Moody's Global Credit Research

Report title: 2008 Mid-Year Outlooks for Global Derivatives

from Moody's Global Credit Research
8 page (3839 word) report published Sep 09, 2008

Price $550.00 available for immediate download

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...(Previously,Negative) US housing market has not bottomed. Neg- ative movement in housing prices expected to continue into 2009. Subprime, Alt-A, and Prime RMBS assets are expected to experience more negative rating actions. Market valuation of structured finance assets remain depressed, resulting in low liquidation values. Conditions in some European housing mar- kets are worsening, including in the UK, Spain, and Ireland. Negative rating impli- cations apply to all tranche levels. For mezzanine SF CDOs, most tranche ratings are already at low lev- els and further rating actions will be limited. For high-grade SF CDOs, significant rating activity is expected with negative rating actions concentrated in deals with material exposures to RMBS assets issued since 2005, including those issued in some Euro- pean countries. 4,107 tranches from 993 global SF CDO transac- tions were downgraded. The number of down- graded tranches com- prised roughly 73% of all such tranches...

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Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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