Transaction Update: Duchess IV CLO B.V. Apr 10
Standard & Poors, April 2010
Abstract
Standard & Poor's Ratings Services today took various rating actions on Duchess IV CLO B.V.'s outstanding -459.78 million notes. Specifically, we lowered our ratings on six tranches and removed them from CreditWatch negative. Duchess IV CLO is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. The rating actions follow the application of our updated criteria for corporate CDOs, as well as our assessment of the credit deterioration in the transaction portfolio. Of the ratings we lowered, the class E tranche rating was constrained by the application of the largest obligor default test, a supplemental stress test we introduced as part of our criteria update (see "Update To Global Methodologies And Assumptions For...
Companies mentioned in this report are: Duchess IV CLO B.V.
Action: Downgraded, Off CreditWatch
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
Duchess IV CLO B.V.
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