ECB deadline for second ratings approval to hit ABS

25 Feb 2011

Structured finance transaction sponsors are racing to line up a second assessment by the credit ratings agencies ahead of a March 1 deadline set by the European Central Bank for securities to meet repo-eligibility criteria. However, a large number of transactions could shortly become ineligible unless the ECB relaxes its deadline.

The ECB has said that ABS presented as Eurosystem collateral will need two ratings from a qualifying agency by March 1, with the lower of the two ratings at least single A.

"Perhaps only one in five of the second rating requests we’ve had will not be ready for ...

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