Rating Lowered On Class J Notes In Titan Europe 2006-2 PLC On Loan Special Servicing Jun 08
- ID: 1782244
- June 2008
- Region: Europe
- Standard & Poors
LONDON (Standard & Poor's) June 27, 2008Standard & Poor's Ratings Services said today that it has lowered its rating on the class J notes issued by Titan Europe 2006-2 PLC. At the same time, we affirmed the ratings on the other classes in the transaction. Today's rating action is due to the transfer into special servicing of the Labrador loan, which was communicated by the Servicer to the Irish Stock Exchange on 24 June 2008. The debt service cover ratio has been below the covenant of 1x for the last two quarters, and although the sponsor has injected equity to avoid payment default, there is still a breach of covenant. We still have concerns regarding the ongoing ability to pay...
Companies mentioned in this report are:
- Titan Europe 2006-2 PLC
- Credit Suisse International
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