Ratings On Six Japanese Synthetic CDO Tranches Raised, Removed From CreditWatch After Monthly Review

Stocks and Financial Services Press Releases Thursday June 27, 2013 09:01
TOKYO--27 Jun--Standard & Poor's

TOKYO (Standard & Poor's) June 27, 2013--Standard & Poor's Ratings Services today said that it has raised its ratings on six Japanese synthetic collateralized debt obligation (CDO) transactions, and removed the ratings from CreditWatch with positive implications (see list below).

Today's upgrades reflect the tranches' synthetic rated overcollateralization (SROC) levels as well as our sensitivity analyses in line with our criteria. We also reviewed the counterparty risk in cases where the creditworthiness of a tranche relies on a swap counterparty and/or collateral asset.

We have raised our ratings to the levels at which the SROC levels exceed 100% and meet our minimum cushion requirements as of this month's review date.

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