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
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  • Titan Europe 2006-2 PLC
  • MORE

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

Action: Affirmed
Action: Downgraded

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
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- Titan Europe 2006-2 PLC
- Credit Suisse International

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