Structured Finance

Highlights

• 15 May 2012
  • Impact of banks’ rating review on structured finance to be assessed
    We will evaluate the negative impact on structured finance (SF) securities resulting from the deterioration in the credit quality of banks, as reflected in our ongoing ratings review of European banks. Given that banks play various roles in SF transactions, the credit linkage between these securities and the counterparties arises because of the risk that a bank will fail to perform its role and cause a payment disruption or permanent losses on the securities. We will take account of the roles of the banks, the relevant jurisdictions, the nature of the transactions and the presence of protection mechanisms… Press Release
• 14 May 2012
  • Moody's takes multiple actions on Italian covered bond ratings
    We downgraded six, affirmed one and confirmed three ratings of various covered bonds issued by Italian banks, further to the rating actions we have taken on the Italian banks supporting the covered bond programmes… Press Release l Ratings List
• 10 May 2012
  • CLO Interest: Redemptions will continue
    Optional redemptions of US broadly syndicated CLOs will continue, particularly among those with strong over-collateralization levels and declining equity payouts, our newsletter says. Also discussed: the significant percentage of CLO notes whose reinvestment periods ended or will end during 2011-12, the concentrations of lower-quality credits rising in European CLOs, the mostly stable performance of US CLO performance in February, the decline of performance in Europe, among other topics... Full Report