Reuters: Financial Services and Real Estate: TEXT-S&P takes rtg action in 85 Spanish deals after Spain downgrade

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TEXT-S&P takes rtg action in 85 Spanish deals after Spain downgrade May 8th 2012, 13:23 Tue May 8, 2012 9:23am EDT (The following statement was released by the rating agency) May 08 - OVERVIEW -- On April 26, 2012, we lowered our long- and short-term sovereign ratings on the Kingdom of Spain to 'BBB+/A-2'. -- Under our nonsovereign ratings criteria, the highest rating we would assign to a structured finance transaction is six notches above the investment-grade rating on the country in which the securitized assets are located. -- Consequently, we have lowered our ratings on 98 tranches in 85 Spanish securitizations. Standard & Poor's Ratings Services today took various credit rating actions on 98 tranches in 85 Spanish securitizations. Specifically, we have: -- Lowered our ratings on 53 tranches in 50 residential mortgage-backed securities (RMBS) transactions; -- Lowered and kept on CreditWatch negative our ratings on one tranche in one RMBS transaction; -- Lowered our ratings on 35 tranches in 25 small and midsize enterprise (SME) collateralized loan obligation (CLO) transactions; -- Lowered and kept on CreditWatch negative our ratings on one tranche in one SME CLO transaction; -- Lowered our ratings on six tranches in six asset-backed securities (ABS) transactions; and -- Lowered our ratings on two tranches in two Spanish collateralized debt obligation (CDO) transactions. For the full list of today's rating actions, see "List Of Spanish Structured Finance Rating Actions Following Sovereign Downgrade--May 8, 2012." Link this Share this Digg this Email Reprints

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