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'AAAr' Rating Assigned to US$129.75 Mil. Synthetic Securitization by Singapore-Based DBS Bank May 02
Standard & Poors, May 2002
Abstract
HONG KONG (Standard & Poor's) May 15, 2002-- Standard & Poor's today assigned its triple-'A'r rating to Spinnaker CDO Ltd.'s US$129.75 million secured limited recourse credit-linked notes due 2009. The rating addresses the full and timely payment of interest on each interest payment date and the full repayment of principal on or before the notes' final repayment date in 2009. The purpose of this transaction is to convert into a funded structure one of two unfunded credit default swaps from Development Bank of Singapore Ltd.'s (DBS; A+/Stable/A-1) ALCO 1 Ltd. synthetic CDO transaction. ALCO 1 Ltd. was based on a reference portfolio of corporate loans with a notional amount of Singapore dollar (S$)2.8 billion. The funded portion of ALCO 1...
Companies mentioned in this report are: JPMorgan Chase Bank N.A.,DBS Bank Ltd.,Abbey National Treasury Services PLC,Santander UK PLC
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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