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S&P lowers Athilon
Standard & Poor's said it lowered Athilon Capital Corp./Athilon Asset Acceptance Corp.'s issuer credit rating to A from AA, senior subordinated notes to BB from BBB and subordinated notes to CCC from B.
The outlook is negative.
The lowered ratings reflectthe updated lifetime loss projection on Athilon's exposure to senior tranches of a collateralized debt obligation of asset-backed securities transaction, the possibility that a credit event cash settlement payment on the credit default swaps on transaction B's senior tranches could occur after Oct. 4, 2014, as well as projected losses associated with that potential scenario and further credit deterioration of the reference entities in Athilon's corporate tranche CDS portfolio, according to the agency.
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