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S&P Credit Research1745 word report
published Sep 24, 2008
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$500.00 available for immediate download
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S&P Credit Research
| Abstract: | Shortly after the U.S. Treasury Dept. announced its $700 billion plan to create what essentially amounts to a public equity sponsored distressed-debt buyout fund to save the U.S. financial sector, Standard&Poor's Market, Credit, and Risk Strategies (MCRS) group began analyzing the potential magnitude of the unprecedented shopping spree facing Treasury. MCRS determined that U.S.-based financial institutions are carrying at least $632 billion of fair value Level 3 assets, also known as mark-to-model assets, on their balance sheets as of midyear 2008--a number that's squarely in the ballpark of the rescue plan submitted to Congress this past weekend. MCRS began this analysis by identifying the major U.S. players in mortgage-backed securities and collateralized debt obligation underwriting and trading and
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| Brief Excerpt: | RESEARCH Ratings Definitions Market Intellect: Putting The U.S. Government's $700 Billion Rescue Plan Into Context Publication date: 24-Sep-2008 Market, Credit and Risk Strategies: Michael Thompson, Managing Director, New York (1)...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
