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S&P Credit Research6914 word report
published Feb 16, 2009
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S&P Credit Research
| Abstract: | As European economies move deeper into recession, Standard&Poor's Ratings Services expects that increasing numbers of speculative-grade corporate borrowers will default. As a result, we believe European cash flow collateralized loan obligations (CLOs)—which invest primarily in loans made to speculative-grade companies—are likely to face strong headwinds. The extent of any effect on CLO ratings will, in our view, be colored by their portfolio characteristics, notably the "overlap" between different portfolios and concentration risk within them. We believe relatively high overlap in the sector means deterioration among a few key corporate obligors could affect a large number of CLOs. However, in this scenario, we generally expect that the severity of any rating effect will likely be mitigated because individual obligor
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| Brief Excerpt: | RESEARCH Ratings Definitions Rising Corporate Defaults And Portfolio Overlap Could Mean Widespread Rating Pressure In European CLOs Publication date: 16-Feb-2009 Surveillance Credit Analysts: Andrew South, London (44) 20-7176-3712;...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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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.
