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Bulletin: Ratings In Bluebonnet Finance's German CMBS Deal Remain Unaffected By Loss Of Liquidity Arrangements
Standard & Poors, Feb 2009
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.
Abstract
LONDON (Standard & Poor's) Feb. 9, 2009-Standard & Poor's Rating Services said today that its credit ratings remain unchanged on the commercial mortgage-backed floating-rate notes issued by Bluebonnet Finance PLC. Bluebonnet is the first commercial mortgage-backed securities (CMBS) deal that includes nonperforming loans secured by real estate located across Germany. The outstanding principal balance of the transaction is -626.4 million. On the latest interest payment date in January 2009 the issuer made all payments of interest and principal due. We have been informed that the liquidity facility that Danske Bank A/S (A+/Negative/A-1) used to provide was not renewed and as such expired on Dec. 18, 2008. No standby drawing was made under the liquidity facility nor was a replacement liquidity...
Companies mentioned in this report are: Bluebonnet Finance PLC
Action: Bulletin
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