In a note released Monday, Standard & Poor’s said that due to overlaps in exposure, synthetic collateralized debt obligations (CDOs) in Europe were at a heightened risk of synchronized ratings moves.

The top five robligors in these deals - General Electric Capital, Goldman Sachs, Telecom Italia, Morgan Stanley, and Volkswagen – are each referenced in more than 60% of deals rated by the agency as of September.

U.S. obligors make up 36 of the 100 most widely-referenced entities in S&P-rated synthetic CDOs from Europe. France and Germany follow with 12 each, and the U.K, with 11.

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