77 Ratings Lowered On 16 U.S. CLO Transactions; $5.551 Billion Of Issuance Affected Feb 10
Standard & Poors, February 2010
Abstract
OVERVIEW We lowered our ratings on 77 tranches from 16 U.S. CLO transactions and removed them from CreditWatch with negative implications. We raised our ratings on two transactions and removed them from CreditWatch negative. We affirmed our ratings on 31 tranches from 11 transactions and removed 28 of them from CreditWatch negative. The downgrades reflect the application of our updated criteria for corporate CDOs, as well as credit deterioration in some of the transaction portfolios. The upgrades reflect factors that have positively affected the credit enhancement available to support the notes. The affirmations reflect our view that the tranches have adequate credit support to maintain the current ratings according to our updated criteria. NEW YORK (Standard & Poor's) Feb. 4,...
Companies mentioned in this report are: 505 CLO III Ltd.,Rosemont CLO Ltd.,LCM I Limited Partnership,Hewett's Island CLO II, Ltd.,ACA CLO 2005-1, Limited,Liberty CLO Ltd,Pacifica CDO V, Ltd.,Katonah VIII CLO Limited,Goldman Sachs Specialty Lending CLO-I, Ltd.,Katonah IX CLO Ltd.,TELOS CLO 2006-1 Ltd,Primus CLO I Ltd,Foothill CLO I Ltd,CoLTS 2007-1 Ltd,Stoney Lane Funding I, Ltd.,One Wall Street CLO II Ltd.,Greens Creek Funding Ltd,Pangaea CLO 2007-1 Ltd,Bushnell Loan Fund II Ltd
Action: Affirmed
Action: Downgraded
Action: Removed From 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: 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.
505 CLO III Ltd.,Rosemont CLO Ltd.,LCM I Limited Partnership,Hewett's Island CLO II, Ltd.,ACA CLO 2005-1, Limited,Liberty CLO Ltd,Pacifica CDO V, Ltd.,Katonah VIII CLO Limited,Goldman Sachs Specialty Lending CLO-I, Ltd.,Katonah IX CLO Ltd.,TELOS CLO 2006-1 Ltd,Primus CLO I Ltd,Foothill CLO I Ltd,CoLTS 2007-1 Ltd,Stoney Lane Funding I, Ltd.,One Wall Street CLO II Ltd.,Greens Creek Funding Ltd,Pangaea CLO 2007-1 Ltd,Bushnell Loan Fund II Ltd
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