S&P’s unwelcome ‘Christmas present’ for ABS
Standard & Poor’s placed 764 tranches in 119 transactions of UK RMBS on CreditWatch Negative on Monday, providing what one ABS trader called "another Christmas present to the market".
Last year, S&P had published revised counterparty criteria in December, and the market was anticipating a list of affected transactions in mid-January, with possible downgrades to follow in July. The changes eventually affected 254 tranches in European ABS, and delayed the January opening of the market. It recently
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