Moody's Investors Service placed several notes issues by Gleacher CBO 2000-1 Ltd. on watch for possible upgrade today. According to the rating agency, the upgrade watch is due the anticipated amortization of $6.7 million in class A notes relating to a failed O/C test for the class D notes, which "recalls" cash from the collateral manager, trustee and class E noteholders.

"This watchlist action is in response to the revised Note Valuation Report dated May 21, 2003, relating to the May 9, 2003 Payment Date," the rating agency stated. The notes are on watch "pending the payment to the Class A Notes from the funds being recalled..."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.