Moody’s gets tough on amending rating triggers in ABS documentation

The amendment of securitisation transaction documents to get around swap or other counterparty triggers is credit negative, according to a new report from rating agency Moody’s.

  • 09 Aug 2012

The spate of counterparty downgrades has led to trigger breaches for swap providers, account providers and back-up servicers. As of July 31, Moody’s estimates that 235 ABS and 420 RMBS transactions have breached rating triggers of some sort.

The counterparties can either be replaced, stump up extra collateral ...

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