Teetering U.S. Economy Weighs on ABS Market as Transaction Downgrades Soar in Third Quarter
October 18, 2002
The non-mortgage ABS market struggled through its worst year ever during the third quarter of 2002 in terms of transaction performance. Standard & Poor’s this week reported that a record 280 domestic ABS classes were downgraded during the most recent three-month period. That was more than double the “old” record of 132 downgrades set during the second quarter of this year