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
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