Moody's downgrades Portuguese banks following sovereign move

Friday, July 08, 2011

Moody's yesterday downgraded the government-guaranteed debt of four Portuguese banks, following its sovereign downgrade of Portugal earlier this week. 

Comment by: Anonymous. Posted 12 years ago [2011-07-09 23:48:30]

Having downgraded the sovereign and then the banks, Moody's must now review the ratings of Portuguese securitisations in which these banks act as critical financial entities (servicer, swap counterparty, etc). Downgrade-induced replacement of swap counterparties will likely prove unsuccessful .... how will Moody's react?

CLOs

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