SMEs next in S&P firing line

17 Jan 2012

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&P’s 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 downgrade

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