Munich Re says subprime exposure 600 mln eur

(Reuters) - Of Munich Re's subprime investments, about 42 percent is
rated "AAA," 37 percent is rated "AA," 12 percent is rated "BBB"
and 1 percent is sub-investment grade, the company said.




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Radian-Backed U.S. Municipal Bonds Face Possible Cut in Ratings by Fitch

(Bloomberg) -- Fitch Ratings put 934 municipal bond
issues insured by a Radian Asset Assurance Inc. under review for
a possible ratings cut following losses by its parent on an
investment in a subprime mortgage lender.

Radian Group Inc. and MGIC Investment Corp., which
announced plans in February to merge, yesterday said their
combined stakes of more than $1 billion in Credit-Based Asset
Servicing and Securitization may be worthless. Radian Asset
Assurance is rated AA, while Radian Group is ranked A.


Read more at Bloomberg Bonds News

S&P upgrades 16 CDO tranches, cuts 14 tranches

(Reuters) - The ratings affected 12 separate CDOs, with ratings ranging
from "AAA," the highest investment-grade ranking, to
"BBB-plus," the third-lowest investment grade.




S&P also affirmed its ratings on two CDO tranches.


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Bear Stearns Says There is `No Value Left' for Investors in Failed Funds

(Bloomberg) -- Bear Stearns Cos. told investors in
its two failed hedge funds that they will get little if any money
back after ``unprecedented declines'' in the value of AAA rated
securities used to bet on subprime mortgages.

Estimates show there is ``effectively no value left'' in the
High-Grade Structured Credit Strategies Enhanced Leverage Fund
and ``very little value left'' in the High-Grade Structured
Credit Strategies Fund, Bear Stearns said in a two-page letter.
The second fund still has ``sufficient assets'' to cover the $1.4
billion it owes Bear Stearns, which as a creditor gets paid back
first, according to the letter, obtained yesterday by Bloomberg
News from a person involved in the matter.


Read more at Bloomberg Bonds News