While there may not be a common thread in the recent string of downgrades suffered by a number of whole business securitizations earlier this year, one market analyst says that they do shed some light on the evolution of the asset class - illuminating the fact that, despite growing interest in the structure, it isn't a perfect fit for most companies.

"It's a give-and-take business," said Blaise Ganguin, director of corporate ratings at Standard & Poor's. "When a banker is pitching for a financing, he has to gauge whether the company is prepared to take serious restrictions in order to maximize leverage." At the same time, the company must understand that the way they run their business is up for questioning.

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