Fitch Downgrades Argon Capital Public Limited Company 103

Fitch Ratings has downgraded the following credit-linked notes issued by Argon Capital Public Limited Company (Argon Series 103): --$115,0000,000 Series 103 limited recourse secured floating-rate credit-linked notes due 2053 to ´BB-´ from ´A´. The notes also remain on Rating Watch Negative by Fitch. Fitch´s downgrade reflects the increased likelihood of an early termination of the Argon Series 103 credit default swap (CDS) due to a distressed ratings downgrade credit event, and is therefore linked to the ratings of the underlying reference obligation of Argon Series 103 [the class A-1 notes of Jupiter High-Grade CDO VI, LTD. (Jupiter VI)]. The Argon 103 CDS trades using a modified version of the International Swaps and Derivatives Association Inc.´s (ISDA) CDS on collateralized debt obligations (CDOs) swap confirmation,... [read full story]