Fitch Ratings downgraded two classes of notes issued by PPM America High Grade CBO I Ltd. The $58M class B senior subordinated notes were downgraded to BB fromBBB- and the $17.85M class C structured equity notes were downgraded to CCC- from B-. According to Fitch, PPM America High Grade is failing its total overcollateralization (OC) test, weighted average rating test and weighted average coupon test.
Access to a full range of industry content, analysis and expert commentary.
No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.
Have an account? Sign In