S&P to ABS Market: Whoops!

Donavan, Kevin
May 2003
Investment Dealers' Digest;5/26/2003, Vol. 69 Issue 21, p15
Trade Publication
Following a turmoil in the securitization market, when Standard & Poor's Corp. decided to keep track of 32 auto lease asset-backed securities for possible downgrades, the rating agency has removed certain endangered deals from its observation. The action was based on its fears about the federal agency Pension Benefit Guaranty Corp., which has the potential to seize assets in the case of an issuer bankruptcy. Researchers and investors criticized the rating agency's decision to keep track of the securities.


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