Large Sarge
28th May 2010, 02:32 PM
And Now This: Fitch Downgrades CDOs Guaranteed By Spain, Margin Calls Anyone?
Submitted by Tyler Durden on 05/28/2010 11:55 -0500
CDO Collateralized Debt Obligations Fitch Goldman Sachs ratings Real estate recovery
CDOs guaranteed by Spain? These must be underwritten by Goldman Sachs.
Fitch Ratings has today downgraded 10 classes of CDO notes and affirmed 14 classes of CDO notes following the agency's downgrade of Spain's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA+' from 'AAA'."The sovereign downgrade reflects Fitch's assessment that the process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium-term."
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Fitch Downgrades Spain To AA+
Submitted by Tyler Durden on 05/28/2010 11:38 -0500
Fitch ratings
And so it begins. But the Bank of Spain said all is fine..."Despite government debt and associated interest costs remaining within the AAA range, Fitch anticipates that the economic adjustment process will be more difficult and prolonged than for other economies with AAA rated sovereign governments, which is why the agency has downgraded Spain's rating to AA+."
Submitted by Tyler Durden on 05/28/2010 11:55 -0500
CDO Collateralized Debt Obligations Fitch Goldman Sachs ratings Real estate recovery
CDOs guaranteed by Spain? These must be underwritten by Goldman Sachs.
Fitch Ratings has today downgraded 10 classes of CDO notes and affirmed 14 classes of CDO notes following the agency's downgrade of Spain's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA+' from 'AAA'."The sovereign downgrade reflects Fitch's assessment that the process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium-term."
» 46 comments Read more
Fitch Downgrades Spain To AA+
Submitted by Tyler Durden on 05/28/2010 11:38 -0500
Fitch ratings
And so it begins. But the Bank of Spain said all is fine..."Despite government debt and associated interest costs remaining within the AAA range, Fitch anticipates that the economic adjustment process will be more difficult and prolonged than for other economies with AAA rated sovereign governments, which is why the agency has downgraded Spain's rating to AA+."