Research And Markets Research And Markets

Transaction Update: Cadogan Square CLO III B.V. Aug 10

  • ID: 1810386
  • August 2010
  • Standard & Poors
1 of 3

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

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

Note: Product cover images may vary from those shown
2 of 3

- Cadogan Square CLO III B.V.

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown