104 Ratings In 31 European CLOs Placed On Watch Neg; Primarily 'BBB' And 'BB' Tranches Feb 09
Standard & Poors, February 2009
Abstract
LONDON (Standard & Poor's) Feb. 17, 2009?Standard & Poor's Ratings Services today placed its ratings on 104 tranches in 31 European cash flow leveraged loan collateralized loan obligation (CLO) transactions on CreditWatch negative (see list below). Today's actions follow a preliminary review of the impact of recent developments on European CLOs, including the rapid and widespread deterioration in the credit quality of many collateral portfolios that we have observed in recent weeks. We currently expect this trend to continue (see " One-Fifth Of European Speculative Grade Companies Could Default By 2010, S&P Says" and "Weakening Performance And Liquidity Drive European Credit Trends From Bad To Worse," published on Dec. 17, 2008). Several European CLOs have also experienced par value losses...
Action: On CreditWatch:Negative
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.
- Alzette European CLO S.A.
- Intercontinental CDO S.A.
- North Westerly CLO I B.V.
- Partholon CDO I PLC
- Clarenville CDO S.A.
- Jubilee CDO III B.V.
- Harvest CLO I S.A.
- Petrusse European CLO S.A.
- North Westerly CLO II B.V.
- Leveraged Finance Europe Capital III B.V.
- Eurocredit CDO IV B.V.
- Mezzvest Investments I, Ltd.
- CELF Loan Partners B.V.
- CELF Loan Partners II PLC
- BACCHUS 2006-1 PLC
- Mercator CLO I PLC
- European Enhanced Loan Fund S.A.
- Avoca CLO V PLC
- BACCHUS 2006-2 PLC
- Leveraged Finance Europe Capital IV B.V.
- Dalradian European CLO II B.V.
- KINTYRE CLO I PLC
- Gateway II Euro CLO B.V.
- Ares Euro CLO I B.V.
- BACCHUS 2007-1 PLC
- Eaton Vance CDO X PLC
- Malin CLO B.V.
- Highlander Euro CDO III B.V.
- Mercator CLO III Ltd.
- Euro-Galaxy II CLO B.V.
- Neptuno CLO III B.V.
- CLAVOS Euro CDO Ltd.
- Neptuno CLO II B.V.
- NAC EuroLoan Advantage I Ltd.
- Euro Atlantis CLO Ltd.
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