Transaction Update: Cairn CLO II B.V. Sep 11
Standard & Poors, September 2011
Abstract
Standard & Poor's Ratings Services today lowered and removed from CreditWatch negative its credit ratings on Cairn CLO II B.V.'s class A-1E, A-1S, and A-1R notes. At the same time, we affirmed our ratings on the class A-2, B, C, D, and E notes. Cairn CLO II is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. Since our March 2010 review of the transaction, we have observed that the class E overcollateralization test is no longer failing. This is mainly due to: A reduction in the amount of defaulted assets; A reduction in the proportion of assets that are rated 'CCC+' to 'CCC-', and a subsequent reduction in the haircut applied to...
Companies mentioned in this report are: Cairn CLO II B.V.
Action: Various Rating Actions
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
Cairn CLO II B.V.
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