Peripheral SF deals up for ratings chop after S&P criteria change
Standard & Poor’s is looking to change its methodology when rating structured finance deals higher than the respective sovereign, in a move that if implemented as planned could see more than half of Spanish, Italian and Portuguese securitizations downgraded by two notches.
The rating agency has until now allowed a maximum six notch uplift above the sovereign for structured finance transactions. It is now changing its criteria for European Economic and Monetary Union (EMU) countries.“We now believe certain sectors’ sensitivity to country risk is higher than we previously ...
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