Euromax IV MBS S.A. (Euromax IV) triggered an event of default following a breach of its event of default overcollateralization ratio trigger. It’s likely to be the first of several European collateralized debt obligations to experience event of defaults triggered by a similar situation, Fitch Ratings said.

A total 14% of Fitch-rated European SF CDOs (11 transactions) have an event of default overcollateralization ratio trigger.

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