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Preliminary Ratings Assigned In Cairn CLO I B.V. Cash CDO Of Leveraged Loans Nov 06 Product Image

Preliminary Ratings Assigned In Cairn CLO I B.V. Cash CDO Of Leveraged Loans Nov 06

  • ID: 1810077
  • November 2006
  • Standard & Poors

Abstract
LONDON (Standard & Poor's) Nov. 1, 2006Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the secured variable funding and floating-rate notes to be issued by Cairn CLO I B.V., an SPE (see list below). The collateral comprises senior and mezzanine leveraged loans, high-yield bonds, and structured finance securities. The transaction has a six-year reinvestment period, and the investment manager will be Cairn Financial Products Ltd. This will be the first European CLO transaction managed by Cairn Financial Products. The class A-1 notes are variable funding notes (VFNs), and the noteholder will comply with Standard & Poor's criteria. At closing the issuer will enter into a VFN purchase agreement under which it will be...

Companies mentioned in this report are:
- Cairn CLO I B.V.

Action: Preliminary Rating

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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