180 Ratings Lowered In 26 European CLO Transactions; $12.82 Billion Of Issuance Affected (April 16, 2010 Review) Apr 10
Standard & Poors, April 2010
Abstract
OVERVIEW We lowered our ratings on 180 European CLO tranches. Additionally, we affirmed our ratings on nine tranches. The downgrades follow the application of our updated criteria for corporate CDOs, as well as our assessment of the credit deterioration in some of the transaction portfolios. The affirmations reflect our view that the tranches have adequate credit support to maintain their current ratings under our updated criteria. LONDON (Standard & Poor's) April 16, 2010--Standard & Poor's Ratings Services today lowered its credit ratings on 180 tranches in 26 European collateralized loan obligation (CLO) transactions. Of the ratings lowered, all were previously on CreditWatch negative, from which they have now been removed. At the same time, we affirmed our ratings on nine...
Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch
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Research type: News
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- Alpstar CLO 2 PLC
- Duchess III CDO S.A.
- Duchess IV CLO B.V.
- Boyne Valley B.V.
- Gresham Capital CLO 1 B.V.
- European Enhanced Loan Fund S.A.
- Halcyon Structured Asset Management European CLO 2006-I B.V.
- Avoca CLO VI PLC
- Duchess VII CLO B.V.
- Lombard Street CLO I PLC
- Halcyon Structured Asset Management European CLO 2006-II B.V.
- Cordatus Loan Fund I PLC
- Eurocredit CDO VI PLC
- Gateway II Euro CLO B.V.
- Dalradian European CLO III B.V.
- Neptuno CLO I B.V.
- Harvest CLO V PLC
- DRYDEN XV - EURO CLO 2006 PLC
- Gresham Capital CLO IV B.V.
- Ares European CLO III B.V.
- Halcyon Structured Asset Management European CLO 2007-1 B.V.
- Oak Hill European Credit Partners II PLC
- PDM CLO I B.V.
- Jubilee CDO VIII B.V.
- Avoca CLO IX Ltd.
- Lightpoint Pan-European CLO 2007-1 PLC
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