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Presale: Drug Royalty LP 1 - Series 2012-1 Mar 12

  • ID: 2084514
  • March 2012
  • Standard & Poors
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The preliminary 'BBB (sf)' ratings assigned to Drug Royalty LP 1's (the issuer's) floating- and fixed-rate secured notes series 2012-1 reflect our view of: The likelihood that timely interest and ultimate principal payments will be made on or before the legal final maturity date. The drug marketers' and distributors' estimated credit quality. The expected value of the collateral's cash flow, which consists of royalty payments from U.S. Food and Drug Administration-approved (FDA-approved) drugs or patent-protected technologies. The transaction's legal and payment structures. DRI Capital Inc.'s (DRI's) servicing ability. The interest and currency rate swap hedges with Wells Fargo Bank N.A. and Morgan Stanley Capital Services (MSCS). The series 2012-1 notes' performance is linked to the issuer credit ratings on Wells...

Companies mentioned in this report are: Drug Royalty LP 1

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

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Drug Royalty LP 1

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