Standard & Poor's Ratings Services today took various rating actions on Cadogan Square CLO III B.V.'s outstanding €447.8 million notes. Specifically, we: Raised our rating on the class A notes to 'AA- (sf)' from 'A+ (sf)'; and Affirmed our ratings on the class B, C, D, and E notes. Cadogan Square CLO III is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. Today's rating actions follow our assessment of trends that we have observed in the transaction over several months, including a reduction in the level of defaulted assets in the underlying portfolio, rising overcollateralization test ratio results, and diversion of interest receipts to reduce the principal balance of the class A...
Companies mentioned in this report are:
- Cadogan Square CLO III B.V.
Action: Various Rating Actions
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Research Type: Full Analysis