Ratings Assigned To Six Classes From Figueroa CLO 2013-2 Ltd. In Connection With Refinancing - S&P Global Ratings’ Credit Research

Ratings Assigned To Six Classes From Figueroa CLO 2013-2 Ltd. In Connection With Refinancing

Ratings Assigned To Six Classes From Figueroa CLO 2013-2 Ltd. In Connection With Refinancing - S&P Global Ratings’ Credit Research
Ratings Assigned To Six Classes From Figueroa CLO 2013-2 Ltd. In Connection With Refinancing
Published Jun 20, 2018
5 pages (2040 words) — Published Jun 20, 2018
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

OVERVIEW Figueroa CLO 2013-2 Ltd. refinanced its class X-R, A-1R, A-2R, B-R, C-R, and D-R notes on June 20, 2018, through an optional redemption and replacement note issuance. We withdrew our ratings on the class X-R, A-1R, A-2R, B-R, C-R, and D-R notes following payment in full on the Feb. 22, 2018, refinancing date. After analyzing the changes to the transaction, we assigned our ratings to the replacement class XRR, A1RR, A2RR, BRR, CRR, and DRR notes. The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating level. NEW YORK (S&P Global Ratings) June 20, 2018--S&P Global Ratings today assigned its ratings to the class XRR, A1RR, A2RR, BRR, CRR, and DRR replacement

  
Brief Excerpt:

...document provisions. Therefore, we withdrew our ratings on the class X-R, A-1R, A-2R, B-R, C-R, and D-R notes in line with their full redemption, and we are assigning ratings to the class XRR, A1RR, A2RR, BRR, CRR, and DRR replacement notes. The replacement notes are being issued via a supplemental indenture. The supplemental indenture outlines that the XRR, A1RR, A2RR, BRR, CRR, and DRR replacement notes will be issued at lower spreads than the X-R, A-1R, A-2R, B-R, C-R, and D-R notes. Our review of this transaction included a cash flow analysis, based on the portfolio and transaction as reflected in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, and recoveries upon default, under various interest rate and macroeconomic scenarios. In addition, our analysis considered the transaction's ability to pay timely interest or ultimate principal, or both, to...

  
Report Type:

Ratings Action

Issuer
Sector
Structured Finance
Country
Region
Latin America
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Ratings Assigned To Six Classes From Figueroa CLO 2013-2 Ltd. In Connection With Refinancing" Jun 20, 2018. Alacra Store. Dec 09, 2019. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Assigned-To-Six-Classes-From-Figueroa-CLO-2013-2-Ltd-In-Connection-With-Refinancing-2059985>
  
APA:
S&P Global Ratings’ Credit Research. (). Ratings Assigned To Six Classes From Figueroa CLO 2013-2 Ltd. In Connection With Refinancing Jun 20, 2018. New York, NY: Alacra Store. Retrieved Dec 09, 2019 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Assigned-To-Six-Classes-From-Figueroa-CLO-2013-2-Ltd-In-Connection-With-Refinancing-2059985>
  
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