by Bill McBride on 11/12/2007 05:20:00 PM
Monday, November 12, 2007
From Dow Jones (no link yet): Fitch Downgrades $37.2B Of CDOs, Slashing AAAs to Junk
Fitch Ratings downgraded Monday the credit ratings of $37.2 billion of global collateralized debt obligations, with more than $14 billion worth of transactions falling from the highest-rated AAA perch to speculative-grade, or junk, status.From AAA to Junk in one fell swoop!
The rating agency said more than 60 CDO transactions are still on watch for potential downgrade, with a resolution due on or before Nov. 21.
On Monday, nearly $20 billion worth of transactions was cut from investment-grade to junk, said Kevin Kendra, managing director at Derivative Fitch.
Posted by Bill McBride on 11/12/2007 05:20:00 PM