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Special Report on

Structured Finance Ratings

structured finance ratings special research report Photo by www.kfw-entwicklungsbank.de
LONDON (Standard & Poor's) Feb. 16, 2010--As market participants will be aware, under the European Regulation on Credit Rating Agencies (Regulation (EC) No 1060/2009) in force from December 2009 (the "Regulation"), credit rating agencies regulated within the European Union will be required to add a symbol to ratings on structured finance instruments. Standard & Poor's Ratings Services will apply for registration under the Regulation. It is our intention that, on or before Sept. 7, 2010, we will give all ratings on structured finance instruments such an additional symbol. Having carefully ...
backed by the assets and their cash flows. The securities are sold to investors who share the risk and reward from those assets. Securitization is similar to a sale of a profitable business ("spinning off") into a separate entity. The previous owner trades its ownership of that unit, and all the profit and loss that might come in the future, for present cash. The buyers invest in the success and/or failure of the unit, and receive a premium (usually in the form of interest ) for doing so. In most securitized investment structures, the investors' rights to receive cash flows are divided into " tranches ": ...
REVIEWS AND OPINIONS
S&P Discloses Which Instruments Will Carry An SF Identifier
The use of an identifier was required under the new European regulation on Credit Rating Agencies (Regulation (EC) No 1060/2009). The identifier or symbol will apply to all relevant structured finance ratings globally by early September. In mid-Febuary, the rating agency announced its intention to give all ratings on structured finance instruments an added identifier in line with the regulation, and at that time indicated that it would consider the instruments it thinks will require the identifier. S&P considered both the definition of a "structured finance ... market research, surveys and trends
Wealth.net » S&P Downgrades All Greek RMBS And ABS To A; Sees 2008 ...
On April 30, 2010 we placed on CreditWatch negative our ratings in 11 Greek ABS and RMBS transactions after we downgraded Greece to ‘BB+’ from ‘BBB+’. We have subsequently revised our assessment of Greek country risk and how it might affect the notes of Greek securitizations we rate. We have concluded that ratings on Greek securitization notes should be no higher than ‘A’. Consequently, we have lowered and removed from CreditWatch negative our ratings on all Greek securitization notes rated higher than that level to ‘A’. At the same time, we have affirmed and removed from ... market research, surveys and trends

SURVEY RESULTS FOR
STRUCTURED FINANCE RATINGS

S&P, Moody's Mask $200 Billion of Subprime Bond Risk (Update1 ...
June 29 (Bloomberg) -- Standard & Poor's, Moody's Investors Service and Fitch Ratings are masking burgeoning losses in the market for subprime mortgage bonds by failing to cut the credit ratings on about $200 billion of securities backed by home loans. The highest default rates on home loans in a decade have reduced prices of some bonds backed by mortgages to people with poor or limited credit by more than 50 cents on the dollar and forced New York-based Bear Stearns Cos. to offer $3.2 billion to bail out a money-losing hedge fund. Almost 65 percent of the bonds in indexes that track subprime mortgage debt ... industry trends, business articles and survey research
S&P, Moody's Mask $200 Billion of Subprime Bond Risk » Forex ...
Standard & Poor’s, Moody’s Investors Service and Fitch Ratings are masking burgeoning losses in the market for subprime mortgage bonds by failing to cut the credit ratings on about $200 billion of securities backed by home loans. The highest default rates on home loans in a decade have reduced prices of some bonds backed by mortgages to people with poor or limited credit by more than 50 cents on the dollar and forced New York-based Bear Stearns Cos. to offer $3.2 billion to bail out a money-losing hedge fund. Almost 65 percent of the bonds in indexes that track subprime mortgage debt don’t meet the ratings ... industry trends, business articles and survey research
RELATED NEWS
Excerpt:S&P Analysts: Several Issues Loom Large For Glob Econ
WASHINGTON (MNI) - In a roundtable discussion, their responses where published Thursday in a CreditWeek report, senior analysts at rating agency Standard & Poor's observed that though the recession may officially have ended sometime in the summer of 2009, most sectors continue to feel its ripple effects. It seems that potential problems that could derail a so-far tepid recovery are becoming more apparent. The participants in the discussion included: Standard & Poor's Executive Managing Directors Paul Coughlin of Corporate & Government Ratings and David Jacob of Structured Finance Ratings, and Managing Directors ... market trends, news research and surveys resources
Rating agency updates
On June 25, S&P announced the categories of debt instruments whose ratings will carry a structured finance identifier as required under the new European regulation on credit rating agencies. On June 24, 2010, the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs. In what has been an on-going saga, development, and steady march, the Board of Directors of the Internet Corporation for Assigned Names and Numbers (“ICANN”) recently ... market trends, news research and surveys resources

INFORMATION RESOURCES

The Fundamentals Of Structured Finance Ratings
Aug 23, 2007 ... Moreover, our structured finance ratings are extremely ..... component of many different structured finance ratings and has been for many ... technology research, surveys study and trend statistics
Moody's Modeling Approach to Rating Structured Finance Cash Flow ...
Jun 2, 2010 ... See "Moody's Revisits its Assumptions Regarding Structured Finance Default (and Asset ) Correlations for CDOs" Moody's Rating Methodology, ... technology research, surveys study and trend statistics
The Economics of Structured Finance — HBS Working Knowledge
This paper investigates the spectacular rise and fall of structured finance. HBS professor Joshua Coval, Princeton professor Jakub Jurek, and HBS professor Erik Stafford begin by examining how the structured finance machinery works. They construct simple examples of collateralized debt obligations (CDOs) that show how pooling and tranching a collection of assets permits credit enhancement of the senior claims. They then explore the challenge faced by rating agencies, examining, in particular, the parameter and modeling assumptions that are required to arrive at accurate ratings of structured finance products. They conclude with ...
REAL TIME
STRUCTURED FINANCE RATINGS
  1. profile image blpfinancial DJ Moodys Publishes Revised Faqs On Amended Sec Rule For ... http://bit.ly/9GlpRx
  2. profile image Hollieg73 Director - Structured Finance Ratings, RMBS Job in New York 10041, New York US http://bit.ly/bd3U8n jobs job hiring
QUESTIONS AND ANSWERS
What are the banks at risk of going under because of lack of funds?
Structured finance is a multifaceted concept. For many years, it was associated with derivative products and viewed as a fairly insignificant factor in economic and financial markets. Yet structured finance has become an important – albeit, hidden -- factor in the economy since the 1990s, and an increasingly pertinent topic of discussion since the onset of the most recent crisis. The influence of structured finance on the trading of financial products has produced several notable effects on the organization of retail credit and financial markets, effects which are now starting to be understood and explained. For example, ...
Do you think Structured Finance is dead? | LinkedIn Answers | LinkedIn
I do not think that Structrued finance is dead. I think that instituional investors will be more willing to invest in well developed structred finance products that match their risk profiles and investment strategies. Daniel, you are welcome to join the Insitutional Financial Trading Netwrok to share you thoughts with the rest of the group members. thanks.. M. Elmasri posted January 13, 2009 Tax Manager at O-I see all my answers Yes. If by “structured finance” you are referring to credit derivatives, I believe issuances will resume once the debt markets return to normal. This may not occur for at least a year as we ...