Transaction Update: Global Senior Loan Index Fund 1 B.V. May 10
Standard & Poors, May 2010
Abstract
Standard & Poor's Ratings Services today took various rating actions on Global Senior Loan Index Fund 1 B.V.'s outstanding -652 million notes. Specifically, we lowered our ratings on three tranches and removed them from CreditWatch negative. Global Senior Loan Index Fund 1 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 Fund Notes tranche rating was constrained by the application of the largest obligor default test, a supplemental stress test we introduced as part of our criteria update (see "Update...
Companies mentioned in this report are: Global Senior Loan Index Fund 1 B.V.
Action: Downgraded, Off CreditWatch
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
Global Senior Loan Index Fund 1 B.V.
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