SMEs next in S&P firing line
Standard & Poor’s is asking for comment on its plans to change SME CLO rating criteria — which could lower ratings by an average of four notches.
In an impact assessment, no bonds in S&Ps sample of 21 transactions across Europe retained triple-A ratings, with most downgraded to single-A.
Based on the sample, substantially all investment-grade tranches would be negatively affected, said S&P. The most prominent downgrades in terms of the magnitude of the downgradeby rating ...