Long-term foreign-currency senior unsecured debt rating downgraded
Phoenix Loan Holdings: non-cumulative preferred stock rating downgraded
Republic New York Corporation: subordinate debt rating downgraded
Class M-2 downgraded
to 'B' from 'AA+' placed on Rating Watch Negative';
8 million class M-1 downgraded
to 'B' from 'AA-' (BL: 38.
0 million class M-11 downgraded
to 'CC' from 'BB' (BL: 11.
1 million class A2 downgraded
to 'A' from 'AAA' (BL: 36.
Class I-B-2 downgraded
to 'C/DR5' from 'B', and removed from Rating Watch Negative.
Class B-1 downgraded
to 'BBB' from 'A', and placed on Rating Watch Negative;
The following ratings have been downgraded
and remain on Rating Watch Evolving:
Credits taken off RWN in fourth quarter include State of New Jersey cigarette tax revenue bonds (affirmed following favorable legislative and administrative actions); Susquehanna Area Regional Airport Authority revenue bonds (senior bonds downgraded
following the management's decision to circumvent the flow of funds under the master indenture; both senior and subordinate lien interest payments were made from draws on the debt service reserve fund, thereby calling into question the additional protection accorded to senior lien bondholders); and Detroit School District general obligation bonds (removed from RWN in conjunction with the underlying rating downgrade).
classes and the classes placed on Rating Watch Negative reflect deterioration in the relationship of CE to future loss expectations and affect approximately $63.