First Public French CLO of Small Corporate Loans Rated May 99

Standard & Poors, May 1999

Abstract
Standard & Poor's has rated the first public collateralized loan obligation (CLO) comprising small corporate loans originated in France, according to Eric Tanguy, an associate director in Standard & Poor's Structured Finance Ratings group in Paris. The issuer, Dijon Finance 99-1, sold 64.1 million euro floating-rate certificates due 2011. The transaction was broken out into two tranches: class A was rated 'AAA' and priced 32 basis points over Euribor; class B was rated 'A' and priced 100 basis points over Euribor. Goldman Sachs Group L.P. was the underwriter. Before the transaction could be rated, it was necessary to determine the credit quality of the underlying loans. The loans were originated by Société de Développement Régional Centrest, a state-sponsored financial institution...

Companies mentioned in this report are:
- Deutsche Bank AG
- France (Republic of) (Unsolicited Ratings)
- UniCredit Bank AG
- CORE 1999-1 Ltd.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Deutsche Bank AG
- France (Republic of) (Unsolicited Ratings)
- UniCredit Bank AG
- CORE 1999-1 Ltd.

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