Damage estimates have hit the $15 to $20 billion range in the wake of Hurricane Charley. Miles of manufactured houses were destroyed, thousands of residents were displaced and businesses caught in the path remained shuttered up at press time, sidetracked from normal operations by an extensive cleaning-up effort and repair work.

As for signs of a short-term effect on the fixed-income market, Charley appeared far less damaging. No rating agencies detected any immediate fallout in the ABS market, according to spokespeople from Fitch Ratings, Standard & Poor's and Moody's Investors Service, in sharp contrast to the bill Charley rang up - the Insurance Information Institute found Charley was the most costly storm to hit the U.S. since Hurricane Andrew walloped the eastern coast in 1992, racking up $15.2 billion in damages.

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.