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Transaction Update: Skellig Rock B.V. Feb 10 Product Image

Transaction Update: Skellig Rock B.V. Feb 10

  • Published: February 2010
  • Standard & Poors

FEATURED COMPANIES

Abstract
Standard & Poor's Ratings Services today took various rating actions on Skellig Rock B.V.'s outstanding -382.50 million notes. Specifically, we: Lowered and removed from CreditWatch negative our ratings on seven tranches; and Affirmed and removed from CreditWatch negative our rating on one tranche. Skellig Rock is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. The rating actions follow the application of our updated criteria for corporate CDOs, as well as our assessment of the credit deterioration in the transaction portfolio. Of the ratings we lowered, the class D and E tranche ratings were constrained by the application of the largest obligor default test, a supplemental stress test we introduced as part of...

Companies mentioned in this report are: Skellig Rock B.V.
Action: Downgraded, Off CreditWatch

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Skellig Rock B.V.

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