Presale: Alexandria Capital PLC Jun 04

Standard & Poors, June 2004

Abstract
Preliminary credit ratings have been assigned to the floating-rate notes series 2004-6 to be issued by Alexandria Capital PLC, an Irish-incorporated SPE that accedes to the CLASSIC MTN program. The issuer sells credit protection to Dresdner Bank AG on a number of highly rated CDO-like mezzanine reference swaps. Credit risk in the swaps comes from 350 corporate and sovereign credits distributed among the reference swaps with up to a 27.5% overlap between any two of the swap portfolios. Alexandria Capital transfers the mezzanine and senior credit risk of the swaps (between 5.25% and 100.00%) through the issuance of credit-linked notes under the CLASSIC program, referencing the master portfolio. Proceeds of the notes are held either as cash in a segregated...

Companies mentioned in this report are: Dresdner Bank AG,Alexandria Capital PLC

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

Dresdner Bank AG,Alexandria Capital PLC

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