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Issuers
Fitch says it views Greek rescue package as distressed exchange
Wednesday, February 22, 2012
Fitch views the proposed rescue package for Greece as constituting a distressed debt exchange and has downgraded Greece's issuer default rating to C from CCC.
The agency goes on to say that retrospectively imposing collective action clasuses is a material change to the terms of Greek government bonds. Therefore, on completion of the private sector involvement exchange offer, the agency will further downgrade Greece's rating to its restricted default rating of RD.
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Trading
Funds
Structured
CFlux secondary
CLO index levels:
| Index | 21 May |
|
| CFlux USD AAA | ↑ | 96.2 |
| CFlux USD AA | ↑ |
88.3 |
| CFlux USD A | ↓ | 84.1 |
| CFlux USD BBB | ↓ | 75.3 |
| CFlux USD BB | ↓ |
74.1 |
| CFlux USD EQ | ↑ | 77.5 |
That sounds right to me ..... now what rating will the new restructured bonds have?