Transition Study: European Structured Finance Ratings Stable In 2007, But Pockets Of Weakness Emerged - 2008/01/25 - S&P Credit Research

Report title: Transition Study: European Structured Finance Ratings Stable In 2007, But Pockets Of Weakness Emerged

from S&P Credit Research
10929 word report published Jan 25, 2008

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Abstract:

Despite a widespread liquidity squeeze and consequent price disruption in several financial markets during 2007, rating transitions among European structured finance securities were again stable. More than 97.5% of ratings remained the same or were raised over the year—an improvement on 96.5% in 2006—and upgrades exceeded downgrades. The upgrade rate was lower than in 2006, but the downgrade rate also declined. During the second half of 2007 a few European transactions did see their ratings lowered. These transactions were directly exposed to the disruption triggered by problems in the U.S. subprime mortgage market. The greatest weakness was among those transactions that are exposed to market value risk, and recent sharp declines in the prices of some financial instruments affected their

Brief Excerpt:

RESEARCH Ratings Definitions Transition Study: European Structured Finance Ratings Stable In 2007, But Pockets Of Weakness Emerged Publication date: 25-Jan-2008 Surveillance Credit Analysts: Andrew South, London (44) 20-7176-3712;...

Report Type:

Commentary

Sector:

Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, International Public Finance, Public Finance, Real Estate Companies, Residential MBS, Servicer Evaluations, Sovereigns, Structured Finance, Utilities

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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.

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