Preliminary Ratings Assigned in Thunderbird's 13th CDO of Corporates Transaction Oct 04
Standard & Poors, October 2004
Abstract
LONDON (Standard & Poor's) Oct. 4, 2004-- Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the ¥10 billion secured floating-rate notes series M1 to be issued by Thunderbird Investments PLC, an SPE (see list below). Thunderbird Investments was set up as a segregated SPE and this will be its 13th issuance. The purpose of this transaction is to transfer to investors some the credit risk associated with a reference portfolio of 75 corporate names, totaling €4 billion for both classes of notes, for a period of five years. Thunderbird Investments will be required to make cash settlement payments if losses exceed the class-specific thresholds. To collateralize its obligations, Thunderbird Investments will issue the...
Companies mentioned in this report are:
- Thunderbird Investments PLC
- BNP Paribas
Action: Preliminary Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- Thunderbird Investments PLC
- BNP Paribas
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