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Presale: TAL Advantage IV LLC - Series 2011-2
Standard & Poors, May 2011
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: Full Analysis
Abstract
The preliminary 'A (sf)' rating assigned to TAL Advantage IV LLC's (TAL IV's or the issuer's) fixed-rate secured notes series 2011-2 reflects our view of: The likelihood that timely interest and ultimate principal payments will be made on or before the legal final maturity date. The initial and future lessees' estimated credit quality. The transaction's legal structure. The manager's experience and management team. Certain compliance tests, concentration limitations, and early amortization events included in the transaction documents, as described below. We consider the following to be transaction strengths: The container leasing market's high utilization rates due to the recent recovery in global trade and the reduced production of containers. The young age of the containers included in the portfolio. The...
Companies mentioned in this report are: TAL ADVANTAGE IV LLC
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