LONDON (Standard & Poor's) March 24, 2005Standard & Poor's Ratings Services said today that it assigned a preliminary credit rating to the U.S.$ denominated secured floating-rate credit-linked notes series 2005-4 to be issued by Alexandria Capital PLC, an SPE (see list below). Alexandria Capital may issue multiple series of notes under a $6 billion asset-backed MTN program arranged by Dresdner Bank AG. In this transaction, Dresdner Bank will transfer the credit risk associated with a master portfolio of 34 ABS and six tailor-made reference CDOs to the issuer via a master credit default swap. Under this master credit default swap, the issuer will be required to make protection payments to Dresdner Bank once the cumulative losses in the master portfolio...
Companies mentioned in this report are:
- Alexandria Capital PLC
- Dresdner Bank AG
Action: Preliminary Rating
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Research type: News
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