This via the FT blog FT Alphaville:
The latest downgrades from S&P – testament to the fact that the structured finance unwind isn’t yet unwound:
330 U.S. CDOs put on credit watch negative
80 second lien RMBS cut to ‘D’
65 Alt-A RMBS ratings cut
28 European synthetic CDOs on credit watch negative
It’s also worth noting that more than $200bn of CDOs have now breached default triggers: more than double the highest estimates from earlier this year.
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