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Preliminary Ratings Assigned in Morgan Stanley's Synthetic CDO of ABS Transaction May 03

  • ID: 1924331
  • May 2003
  • Standard & Poors

FEATURED COMPANIES

  • Arosa Funding Ltd.
  • Morgan Stanley
  • MORE

Abstract
LONDON (Standard & Poor's) May 14, 2003--Standard & Poor's Ratings Services said today it assigned its preliminary credit ratings to the €100 million secured credit-linked floating-rate notes series 2003-1 to be issued by Arosa Funding Ltd., an SPE (see list below). The notes are backed by euro-denominated investments in 'AAAm' rated money market funds. The rationale behind this synthetic CDO of ABS is to create a warehouse facility for ABS assets held by Morgan Stanley, either now or in the future. The initial portfolio size is €215 million but is expected to increase over time, with a maximum limit of €2.5 billion. Morgan Stanley & Co. International Ltd., as substitution agent, can make an unlimited number of portfolio substitutions throughout...

Companies mentioned in this report are:
- Arosa Funding Ltd.
- Morgan Stanley

Action: New 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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- Arosa Funding Ltd.
- Morgan Stanley

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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