New Issue: Atlas II CDO PLC Jul 05
Standard & Poors, July 2005
Abstract
Credit ratings have been assigned to the $141 million (equivalent) mezzanine portfolio credit-linked secured notes issued by Atlas II CDO PLC. The ratings on the notes address the likelihood that cumulative net losses in the reference portfolio will not exceed the threshold amount under the series-specific CDSs. The notes are affected by credit events only after the losses have exceeded their respective subordination. The purpose of these transactions, arranged by Deutsche Bank AG, is to transfer the credit risk of a managed portfolio of emerging market debt from the London branch of Deutsche Bank to external parties. The CDSs are contracted with the issuer, Atlas II CDO, which purchases protection against losses through the issue of series of credit-linked notes...
Companies mentioned in this report are:
- Atlas II CDO PLC
- Deutsche Bank AG
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: Full Analysis
- Atlas II CDO PLC
- Deutsche Bank AG
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