Coming Off a Difficult Year in 2002, ABS Market Faces Same Issues in ‘03
February 28, 2003
A record number of defaults and downgrades in asset-backed securities, combined with a significant decline in upgrades, underscored the ABS market’s vulnerability to economic cycles for the first time in 2002. ABS transition rates increased significantly in 2002 compared with previous years, and Standard & Poor’s analysts expect performance in 2003 to mirror last year.