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Bulletin: Ratings Unchanged In Some German SME CLOs Under The GATE And CART Platforms Feb 09
Standard & Poors, Feb 2009
Abstract
FRANKFURT (Standard & Poor's) Feb. 5, 2009-Standard & Poor's Ratings Services said today that some of Deutsche Bank AG's GATE and CART securitizations have had their bank account provider arrangements changed. Following these changes, the ratings remain unchanged on the notes issued in these deals: -- GATE SME CLO 2005-1 Ltd.; -- GATE SME CLO 2005-1 Mezzanine, Ltd.; -- GATE SME CLO 2005-2 Ltd.; -- GATE SME CLO 2006-1 Ltd.; and -- CART 1 Ltd. According to the transactions' documentation (from the deals' inception until now) the required rating for the bank account provider is 'A-1+'. Deutsche Bank was the account provider for these deals. We lowered the rating on Deutsche Bank and a replacement bank account provider was found...
Companies mentioned in this report are: GATE SME CLO 2005-1 Ltd.,Deutsche Bank AG,GATE SME CLO 2005-2 Ltd. ,GATE SME CLO 2006-1 Ltd.,CART 1 Ltd.
Action: Bulletin
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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