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Preliminary Ratings Assigned In Fortress Investment Group's Two CDO Of ABS Transactions Mar 05 Product Image

Preliminary Ratings Assigned In Fortress Investment Group's Two CDO Of ABS Transactions Mar 05

  • ID: 1781550
  • March 2005
  • Standard & Poors

LONDON (Standard & Poor's) March 29, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the senior and mezzanine deferrable-interest floating-rate notes to be issued by Eurocastle CDO II PLC and Eurocastle CDO III PLC, two SPEs (see list below). Eurocastle CDO II and III are separate issuers and noteholders of one issuer will have no recourse to the assets of the other. The two transactions are arbitrage, managed cash flow CDOs of ABS. The issuers will issue five classes of rated notes each and use the proceeds, plus the proceeds from the unrated equity pieces, to purchase the portfolios. It is expected that Eurocastle CDO II will have acquired approximately 73% of its...

Companies mentioned in this report are:
- Eurocastle CDO II PLC

Action: Preliminary 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.

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