CDO Action: Moody's

June 24, 2003, 12:00 a.m. EDT 1 Min Read

One class of notes issued by Bingham CDO L.P. were downgraded by Moody's Investors Service today. The $28 million class B senior subordinated secured notes, due 2012, were downgraded to 'Ca' from 'B3'. According to the rating agency, the action is due to continued deterioration in the par amount of the underlying collateral and the violation of the Weighted Average Rating Test and the Weighted Average Coupon Test, among other items.

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