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Ratings In Six German Mezzanine SME CLOs Placed On CreditWatch Negative Feb 09 Product Image

Ratings In Six German Mezzanine SME CLOs Placed On CreditWatch Negative Feb 09

  • Published: February 2009
  • Standard & Poors

Abstract
FRANKFURT (Standard & Poor's) Feb. 12, 2009-Standard & Poor's Ratings Services today placed on CreditWatch negative its ratings in six German mezzanine small and medium enterprise (SME) CLO transactions (see list below). These rating actions follow our review of all six portfolios, relying on an updated analysis of concentration risk in each transaction. The current analysis includes a revised view on sizing concentration risks in each portfolio and is based on the Jan. 5, 2009 update to our criteria for rating SME securitizations (see "Related Research" below). For each transaction, we have applied bespoke concentration checks in light of the individual parameters of the securitized portfolios, based on their current compositions. The cumulative gross exposure to the largest obligors has...

Companies mentioned in this report are: CB MezzCAP Limited Partnership,FORCE 2005-1 Limited Partnership,PULS CDO 2006-1 PLC,PRIME 2006-1 Funding Limited Partnership,FORCE Two Limited Partnership,PULS CDO 2007-1 Ltd.
Action: On CreditWatch:Negative

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CB MezzCAP Limited Partnership,FORCE 2005-1 Limited Partnership,PULS CDO 2006-1 PLC,PRIME 2006-1 Funding Limited Partnership,FORCE Two Limited Partnership,PULS CDO 2007-1 Ltd.

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