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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Paul Kern	2/8/2008 1:12:06 PM
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UPDATE: S&P Cuts Ratings On Another $5.22B In CDOs Last update: 2/8/2008 1:10:00 PM DOW JONES NEWSWIRES Standard & Poor's lowered its ratings on 63 tranches from 10 U.S. cash flow and hybrid collateralized debt obligation transactions worth a total of $5.22 billion. At the same time, S&P removed the ratings from CreditWatch negative, meaning there is no longer a significant possibility of a ratings cut. S&P's move follows last week's ratings reductions on $270.1 billion of U.S. residential mortgage-backed securities, or 47% of the amount backed by subprime mortgages that the agency rated in 2006 and the first half of 2007. At the same time, it warned of ratings cuts on $263.9 billion of asset-backed CDOs and CDO of CDOs, or 35% of such transactions S&P rated. All of the downgraded tranches Friday are mezzanine structured finance CDOs of asset-backed securities, which are CDOs of asset-backed securities collateralized by U.S. residential mortgage-backed securities.

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