Presale: Iris II SPV Ltd. - Series 12/2011 Apr 11
Standard & Poors, April 2011
Abstract
The preliminary 'A+ (sf)' rating assigned to Iris II SPV Ltd.'s (the issuer's) US$100.00 million secured-term notes due 2013 series 12/2011 is based on the support that Soci-t- G-n-rale (SG; 'A+/A-1') provides to the transaction as the counterparty and our analysis of the transaction's structure and legal protection. In our view, the counterparty is required to bear the market value and credit risk of the purchased collateral under the repurchase agreement such that the issuer may pay timely interest and ultimate principal on the notes. Iris II SPV Ltd. is an Irish multi-use special-purpose, bankruptcy-remote vehicle established under the EUR 20,000,000,000 Secured Transaction Programme of Claris Ltd., Claris 2 Ltd., Claris III Ltd., Claris IV Ltd., Iris SPV plc, and...
Companies mentioned in this report are: Iris II SPV Limited
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
Iris II SPV Limited
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