Moody’s readies axe for mezz and junior, four notch cut ahead
Moody’s could downgrade a swathe of junior and mezzanine tranches in European structured finance transactions by up to four notches under a new ratings approach that it is consulting on.
The changes are intended to account for the impact of a sharp fall in a sovereigns credit quality.
The revised approach increases the potential impact of "low probability, severe events" across the capital structure of structured finance transactions, and not just on senior tranches.Moodys will do this by ...
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