Preliminary Ratings Assigned in RBS's Synthetic CDO of ABS Transaction Nov 04
Standard & Poors, November 2004
Abstract
LONDON (Standard & Poor's) Nov. 19, 2004Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the secured floating-rate credit-linked notes to be issued by Lunar Funding V Ltd. (Menton CDO I) (see list below). The asset structure comprises a series of portfolio credit default swaps, written on U.S. dollar-denominated CDOs and ABS. The liability structure combines a funded element covering 10% of the portfolio and an unfunded element, which covers the remaining 90%. The note proceeds will be invested initially in a GIC account and may be invested in other eligible investments subject to their being rated either 'A-1+' or 'AAA' by Standard & Poor's. During the transaction, the amounts in the GIC or...
Companies mentioned in this report are:
- Lunar Funding V PLC
- The Royal Bank of Scotland PLC
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.
- Lunar Funding V PLC
- The Royal Bank of Scotland PLC
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