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Ratings Lowered On Spanish SME CLO Deal GC FTPYME Pastor 4's Class E Notes; Classes B, C, And D Placed On Watch Neg Feb 11 Product Image

Ratings Lowered On Spanish SME CLO Deal GC FTPYME Pastor 4's Class E Notes; Classes B, C, And D Placed On Watch Neg Feb 11

  • ID: 1711897
  • February 2011
  • Region: Spain
  • Standard & Poors

Abstract
OVERVIEW We are reviewing our ratings in GC FTPYME Pastor 4 following our assessment that the credit quality of the underlying portfolio has significantly deteriorated. The reserve fund has been fully depleted since the July 2010 IPD, reducing the credit enhancement available to all classes of notes. Our analysis indicates a growing risk of interest deferral on the class E notes. Our initial analysis also indicates that we may lower our ratings on classes B, C, and D. We have therefore lowered our ratings on the class E notes and placed on CreditWatch negative our ratings on classes B, C, and D pending the completion of our analysis. GC FTPYME Pastor 4 is a cash flow CLO collateralized by secured...

Companies mentioned in this report are:
- GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos

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