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S&P Ratings List For European CLO Transactions?Dec. 17, 2009 Review Dec 09

Standard & Poors, December 2009

Abstract
After reviewing 162 tranches in 26 European collateralized loan obligation (CLO) transactions, today we downgraded 152 tranches in 26 transactions, affirmed two tranches in two transactions, placed one tranche on CreditWatch negative, and removed 157 from CreditWatch negative. The table below provides the transaction names, series, and ratings for affected tranches. For a fuller explanation of the downgrades, click on the relevant transaction name below and navigate to the Credit Research section. For the related media release, see "152 Ratings Lowered In 26 European CLO Transactions; $12.52 Billion Of Issuance Affected (Dec. 17, 2009 Review)." 152 Ratings Lowered In 26 European CLO Transactions; $12.52 Billion Of Issuance Affected (Dec. 17, 2009 Review), Dec. 17, 2009 Update To Global Methodologies And...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- North Westerly CLO I B.V.
- Eurocredit CDO III B.V.
- Aquilae CLO I PLC
- North Westerly CLO II B.V.
- Harbourmaster CLO 4 B.V.
- Eurocredit CDO IV B.V.
- CELF Loan Partners B.V.
- GSC European CDO II S.A.
- Harbourmaster CLO 5 B.V.
- RMF Euro CDO III PLC
- CELF Loan Partners II PLC
- Mercator CLO I PLC
- Gateway III - Euro CLO S.A.
- RMF Euro CDO IV PLC
- Euro-Galaxy CLO B.V.
- Aquilae CLO II PLC
- Ares Euro CLO I B.V.
- GSC European CDO V PLC
- Euro-Galaxy II CLO B.V.
- Axius European CLO S.A.
- Neptuno CLO II B.V.
- CELF Loan Partners V Ltd.
- Euro Atlantis CLO Ltd.
- Fugu CLO B.V.

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