CDO Evaluator is a model that S&P Global Ratings uses as a tool to assess the credit risk of a portfolio of rated (or credit assessed) corporate assets, structured finance assets, sovereign assets, municipal assets, project finance assets, international public finance assets, other assets with ratings or credit assessments, and combinations of such assets. CDO Evaluator is also used for retranchings of asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential-mortgage-backed securities (RMBS), and other structured finance securities. CDO Evaluator simulates portfolio default rates or loss rates for portfolios consistent with stresses we view to be commensurate with different rating levels. It is a stand-alone application with a Microsoft Excel user interface that communicates, via XML files, to a C++ engine
