Tuesday, Feb 19, 2008
What will be the knock-on effects of this baby?
CreditFlux: Cohen CDO hits event of default
Moody's announced yesterday that it has downgraded ratings of seven classes of notes issued by Kleros Real Estate CDO III, and left on review for possible further downgrade ratings of three of these classes of notes.
Moody's said the rating actions reflect deterioration in the credit quality of the underlying portfolio, as well as the occurrence on 31 January 2008, of an event of default. Among the tranches downgraded were the class A1b notes, which went from Aaa to Caa2.
Kleros Real Estate CDO III is backed primarily by a portfolio of structured finance securities. The transaction is managed by Cohen & Company's Strategos Capital Management.
Posted by lvmreader @ 09:15 PM (227 views) Add Comment
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