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Preliminary Rating Assigned In Dresdner Bank's Latest CDO Of CDO And ABS Transaction Mar 05

  • ID: 1885144
  • March 2005
  • Standard & Poors
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  • Alexandria Capital PLC
  • Dresdner Bank AG
  • MORE

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

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.

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- Alexandria Capital PLC
- Dresdner Bank AG

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