CDO With Name of St. Tropez Beach Melted With S&P’s Top Mark - Bloomberg

 CDO With Name of St. Tropez Beach Melted With S&P’s Top Mark - Bloomberg

A $1.6 billion collateralized debt obligation issued by Vertical Capital LLC in March 2007 with the same name as a portion of the beach at St. Tropez, France, burned out just 228 days after it was issued.
The Pampelonne CDO II, underwritten by Barclays Plc, is one of dozens of deals listed in the Justice Department’s Feb. 4 lawsuit against Standard & Poor’s that received the company’s highest AAA grade. The U.S. is accusing the world’s largest credit rater of deliberately misstating the risks of mortgage bonds to keep its share of the booming business of repackaging home loans for sale as securities.