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Transition Study: European Cash Flow Corporate CLO Rating Transition Update As Of March 16, 2010 Mar 10 Product Image

Transition Study: European Cash Flow Corporate CLO Rating Transition Update As Of March 16, 2010 Mar 10

  • Published: March 2010
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • ACA Euro CLO 2007-1 PLC
  • BACCHUS 2007-1 PLC
  • Eaton Vance CDO VII PLC
  • Harbourmaster CLO 5 B.V.
  • KINTYRE CLO I PLC
  • Prospero CLO I
  • MORE

Abstract
On Sept. 17, 2009, Standard & Poor's Ratings Services published revised criteria for the rating of corporate collateralized debt obligations (CDOs). At that time, we placed 1,626 European corporate CDO tranche ratings from 623 transactions on CreditWatch negative. The CreditWatch placements affected nearly all of our ratings on European corporate CDO transactions, including collateralized loan obligations (CLOs), collateralized bond obligations (CBOs), CDOs of corporate CDOs, synthetic corporate CDOs, CDOs backed by trust-preferred assets, and other CDO transactions collateralized by or referencing corporate credits. This article is in response to market requests for a current summary of the effect the application of our revised corporate CDO criteria, as well as deterioration in the creditworthiness of the underlying collateral portfolio, has had...

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 READ MORE >

- DRYDEN XIV - EURO CLO 2006 PLC
- Harbourmaster Pro-Rata CLO 2 B.V.
- Regent's Park CDO B.V.
- Duchess VI CLO B.V.
- Jubilee CDO VII B.V.
- Eurocredit CDO V PLC
- CELF Loan Partners III PLC
- Euro-Galaxy CLO B.V.
- Gresham Capital CLO II B.V.
- Avoca CLO VI PLC
- Prospero CLO II B.V.
- Dalradian European CLO II B.V.
- Versailles CLO M.E. I PLC
- Egret Funding CLO I PLC
- Cairn CLO I B.V.
- eleX Alpha S.A.
- Green Park CDO B.V.
- Duchess VII CLO B.V.
- Gresham Capital CLO III B.V.
- Aquilae CLO II PLC
- Queen Street CLO I B.V.
- Harbourmaster CLO 7 B.V.
- CELF Low Levered Partners PLC
- Harbourmaster CLO 8 B.V.
- Skellig Rock B.V.
- Wood Street CLO IV B.V.
- Lombard Street CLO I PLC
- Halcyon Structured Asset Management European CLO 2006-II B.V.
- Cordatus Loan Fund I PLC
- GSC European CDO I-R S.A.
- Eurocredit CDO VI PLC
- Mercator CLO II PLC
- Cadogan Square CLO III B.V.
- Grosvenor Place CLO II B.V.
- KINTYRE CLO I PLC
- Gateway II Euro CLO B.V.
- Dalradian European CLO III B.V.
- Penta CLO 1 S.A.
- Avoca CLO VII PLC
- Neptuno CLO I B.V.
- RMF Euro CDO V PLC
- Jubilee CDO I-R B.V.
- Ares Euro CLO I B.V.
- Harvest CLO V PLC
- Alpstar CLO 2 PLC
- Eurocredit CDO VII PLC
- DRYDEN XV - EURO CLO 2006 PLC
- St. Paul's CLO 1 B.V.
- BACCHUS 2007-1 PLC
- Eaton Vance CDO X PLC
- Gateway IV - Euro CLO S.A.
- Leopard CLO V B.V.
- Malin CLO B.V.
- Cadogan Square CLO IV B.V.
- Queen Street CLO II B.V.
- Highlander Euro CDO III B.V.
- Gresham Capital CLO IV B.V.
- CELF Loan Partners IV PLC
- GSC European CDO V PLC
- Ares European CLO III B.V.
- Cordatus Loan Fund II PLC
- Harbourmaster CLO 9 B.V.
- Laurelin II B.V.
- Wood Street CLO V B.V.
- Halcyon Structured Asset Management European CLO 2007-1 B.V.
- Oak Hill European Credit Partners II PLC
- Avoca CLO VIII Ltd.
- Harbourmaster Pro-Rata CLO 3 B.V.
- ACA Euro CLO 2007-1 PLC
- Dalradian European CLO IV B.V.
- Intermediate Finance II PLC
- Contego CLO I B.V.
- Strawinsky I PLC
- Wood Street CLO VI B.V.
- Cairn CLO II B.V.
- Mercator CLO III Ltd.
- Grosvenor Place CLO III B.V.
- Euro-Galaxy II CLO B.V.
- Windmill CLO I Ltd.
- PDM CLO I B.V.
- Jubilee CDO VIII B.V.
- Axius European CLO S.A.
- Avoca CLO IX Ltd.
- Munda CLO I B.V.
- Lightpoint Pan-European CLO 2007-1 PLC
- Eurocredit CDO VIII Ltd.
- St. James's Park CDO B.V.
- Harbourmaster CLO 10 B.V.
- Ares European CLO II B.V.
- CLAVOS Euro CDO Ltd.
- Neptuno CLO II B.V.
- NAC EuroLoan Advantage I Ltd.
- BASE CLO I B.V.
- Harbourmaster CLO 11 B.V.
- Halcyon Structured Asset Management European Long Secured/Short Unsecured CLO 2008-I B.V.
- Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman) Ltd.
- CELF Loan Partners V Ltd.
- Euro Atlantis CLO Ltd.
- Jubilee CDO IX B.V.
- Gresham Capital CLO V B.V.
- Global Loan Opportunity Fund B.V.
- Halcyon Structured Asset Management CLO 2008-II B.V.
- Cordatus Recovery Partners I Ltd.
- Fugu CLO B.V.
- IKB Deutsche Industriebank AG
- Duchess I CDO S.A.
- Clare Island B.V.
- Intercontinental CDO S.A.
- Jubilee CDO II B.V.
- RMF Euro CDO S.A.
- Leopard CLO I B.V.
- North Westerly CLO I B.V.
- Leveraged Finance Europe Capital II B.V.
- Eurocredit CDO III B.V.
- Partholon CDO I PLC
- Clarenville CDO S.A.
- Jubilee CDO III B.V.
- Aquilae CLO I PLC
- Leopard CLO II B.V.
- Harvest CLO I S.A.
- Petrusse European CLO S.A.
- Duchess III CDO S.A.
- Jubilee CDO IV B.V.
- North Westerly CLO II B.V.
- Leveraged Finance Europe Capital III B.V.
- Harbourmaster CLO 4 B.V.
- Adagio CLO I B.V.
- Eurocredit CDO IV B.V.
- Avoca CLO II B.V.
- Alzette European CLO S.A.
- Leopard CLO III B.V.
- CELF Loan Partners B.V.
- Prospero CLO I
- Duchess IV CLO B.V.
- Harvest CLO II S.A.
- GSC European CDO II S.A.
- Jubilee CDO V B.V.
- Silver Birch CLO I B.V.
- Harbourmaster CLO 5 B.V.
- Avoca CLO III PLC
- RMF Euro CDO III PLC
- Wood Street CLO I B.V.
- ORYX European CLO B.V.
- CELF Loan Partners II PLC
- Harbourmaster CLO 6 B.V.
- Duchess V CLO B.V.
- Boyne Valley B.V.
- Cadogan Square CLO B.V.
- Adagio II CLO PLC
- Avoca CLO IV PLC
- Hyde Park CDO B.V.
- Cheyne Credit Opportunity CDO I B.V.
- Dryden X-Euro CLO 2005 PLC
- BACCHUS 2006-1 PLC
- Wood Street CLO II B.V.
- Magi Funding I PLC
- Gresham Capital CLO 1 B.V.
- Mercator CLO I PLC
- Harvest CLO III PLC
- European Enhanced Loan Fund S.A.
- Eaton Vance CDO VII PLC
- Gateway III - Euro CLO S.A.
- RMF Euro CDO IV PLC
- Alpstar CLO 1 PLC
- Halcyon Structured Asset Management European CLO 2006-I B.V.
- Dalradian European CLO I B.V.
- Wood Street CLO III B.V.
- Leopard CLO IV B.V.
- Nash Point CLO
- Avoca CLO V PLC
- Grosvenor Place CLO I B.V.
- Highlander Euro CDO B.V.
- Highlander Euro CDO (Cayman) Ltd.
- Theseus European CLO S.A.
- Vallauris II CLO PLC
- North Westerly CLO III B.V.
- Cadogan Square CLO II B.V.
- Oak Hill European Credit Partners I PLC
- Adagio III CLO PLC
- Jubilee CDO VI B.V.
- Harvest CLO IV PLC
- BACCHUS 2006-2 PLC
- Leveraged Finance Europe Capital IV B.V.

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