S&P highlights low default rates in Europe
Just 0.39% of European structured finance notes have defaulted since the start of the crisis, according to new analysis by Standard & Poor’s. Downgrades affected 12.9% of tranches by volume, compared with over 40% of US structured finance.
S&Ps report, published on Thursday, looked at rating transition and default rates from mid 2007 to the end of 2009, based on issuance volume. A similar study published by Fitch in February looked at transitions and defaults by tranche number.As in Fitchs report, S&P found defaults and downgrades ...
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