Moody's Investors Service downgraded the ratings on 583 tranches in 328 Spanish ABS, RMBS, and CDO transactions to 'A3'  and warned of more downgrades to come.

The move comes on the back of its June 26th ratings downgrade of Spain's country ceiling, which led to a ratings cap of  domestic Spanish issuers backed by Spanish receivables to 'A3'. Spain's ceiling cap resulted from the downgrade of the Spain's government bond ratings to 'Baa3' from 'A3' on June 13.

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.