Presale: ECAS 2011-1 Loan B.V. Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Ratings Services has assigned its preliminary 'AAA (sf)' credit rating to ECAS 2011-1 Loan B.V.'s senior secured floating-rate notes. At the same time, ECAS 2011-1 will issue unrated class B and subordinated notes. ECAS 2011-1, the issuer, is a special-purpose entity (SPE) formed as a private company with limited liability under the laws of The Netherlands, having its corporate seat in Amsterdam. ECAS 2011-1's only purposes are to issue the notes, acquire the collateral portfolio, enter into transaction documents, and engage in certain related transactions. At closing, we understand that the SPE provisions of the issuer will be consistent with our bankruptcy-remoteness criteria (see "European Legal Criteria For Structured Finance Transactions," published Aug. 28, 2008). ECAS 2011-1...
Companies mentioned in this report are:
- Deutsche Bank AG
- ECAS 2011-1 LOAN B.V.
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
- Deutsche Bank AG
- ECAS 2011-1 LOAN B.V.
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