Downgrade termination costs

Downgrade termination costs

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International Swaps and Derivatives Association agreements may contain additional termination event (ATE) clauses as part of section 5(b)(vi) of Isda (2002) (5(b)(v) in Isda, 1992), called ‘Events of default and termination events’. Typically, ratings-based (RB) ATE clauses give a counterparty the right to close out all derivatives contracts with a given financial institution (referred throughout as the bank) if the bank’s rating falls below a specified level above default, or, in some cases, is

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