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06 Mar 2006
MOODY'S EXPECTS DANA CORPORATION BANKRUPTCY TO HAVE SOME IMPACT ON US CDO RATINGS
New York, March 06, 2006 -- Moody's Investors Service said today that it expects there to be some
impact on the ratings of collateralized debt obligations (CDOs) due to
the bankruptcy filing of Dana Corporation.
Moody's said that the extent of the rating impact on any one transaction
will depend upon the amount of Dana Corporation held in that transaction's
portfolio and the recovery value of those obligations. Moody's
said that the rating impact for collateralized bond obligations (CBOs)
with Dana Corporation exposures would likely be greater than that for
collateralized loan obligations (CLOs) because the expected recovery rates
for loans are, in general, higher than those for bonds.
Several CDOs were also found to have synthetic exposures to Dana Corporation.
Moody's said it has identified 120 Moody's-rated US
CDO transactions with exposures to both Dana Corporation and Dana Credit
Corporation. There are 96 cash CDO transactions and 24 synthetic
CDO transactions with exposures to both. Of these transactions,
81 cash CDOs and 24 synthetic CDOs have exposure to Dana Corporation while
15 cash CDOs have exposures only to Dana Credit Corporation. Furthermore,
64 CBO transactions and 17 CLO transactions have exposures to Dana Corporation
while all 15 cash transactions with exposures to Dana Credit Corporation
are CBOs. Across the affected US CDOs, the proportion of
the portfolios comprised of Dana Corporation obligations ranges from less
than 0.02 to 4.2 percent for cash CDOs and 0.2 to
2.5 percent for synthetic CDOs while for portfolios comprised of
Dana Credit Corporation range less than 0.2 to 4.3 percent.
Dana Corporation filed for Chapter 11 on March 3, 2006. On
March 2, 2006, Moody's Investors Service announced that
it had downgraded the Long Term Corporate Family Rating of Dana Corporation
from B3 on watch for downgrade to Caa3 and the Senior Unsecured rating
from Caa1 on watch for downgrade to Ca. On the same day,
Moody's Investors Service also downgraded the Senior Unsecured rating
of Dana Credit Corporation, which had not filed for bankruptcy protection,
from Caa1 on watch for downgrade to Ca.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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