Standard&Poor's Ratings Services has assigned its credit ratings to the class A1+, A2+, and A3+ cash collateralized fixed-rate credit-linked notes issued by IKB Deutsche Industriebank AG (IKB) under IKB Mobility 2011-1, a synthetic small and midsize enterprise (SME) collateralized loan obligation (CLO) securitization. IKB Mobility 2011-1 is a synthetic securitization of loans originated by IKB and granted to German SMEs. The transaction is linked to PROMISE-I-Mobility 2006-1 GmbH (MOBILITY), an existing SME CLO of IKB, by referencing the super senior portion in the reference portfolio of MOBILITY. The rated notes in IKB Mobility 2011 are backed by cash deposits held at Zuercher Kantonalbank (ZKB; AAA/Stable/A-1+). The transaction's main features are as follows: The rated notes are direct unsubordinated
