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Brascan Real Estate CDO 2004-1 Class A 'AAA (sf)' Rating Affirmed And Then Withdrawn Following Full Repayment
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 18, 2011--Standard & Poor's Ratings Services today affirmed its 'AAA (sf)' rating on class A from Brascan Real Estate CDO 2004-1 Ltd. (Brascan 2004-1) and removed it from CreditWatch negative, where it was placed on Jan. 18, 2011. Subsequently, we withdrew the 'AAA (sf)' rating. The affirmation reflects our application of our criteria for assessing counterparty and supporting obligations. Brascan 2004-1 has interest rate swaps with Wells Fargo Bank N.A. (AA/negative/A-1+) in place to mitigate interest rate risk that may arise because the class is paying a floating rate and the transaction assets are paying a fixed rate. In our analysis, we modeled the transaction without the interest rate swaps and determined that the...
Companies mentioned in this report are: Brascan Real Estate CDO 2004-1, Ltd.
Action: Affirmed
Action: Withdrawn
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.
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