Swap downgrades 'justified, necessary'

Category: ABS CLOs CMBS

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Fitch downgraded Deutsche Bank's ratings last month, stating that the bank is no longer a suitable counterparty for top rated securitisations. While the downgrade was prompted by issues relating to that bank specifically, other bank downgrades could - and, it is argued, should - follow.

Deutsche Bank's long-term issuer default rating (IDR) was downgraded from single-A minus to triple-B plus and its short-term IDR was downgraded from F1 to F2.

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