ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Ratings Assigned To Cash Flow CLO Transaction Barings Euro CLO 2018-1

          LONDON (S&P Global Ratings) March 19, 2018--S&P Global Ratings today assigned its credit ratings to Barings Euro CLO 2018-1 B.V.'s class A, B-1, B-2, C, D, E, and F notes. At closing, Barings also issued an unrated subordinated class of notes (see list below). 
          Barings 2018-1 is a European cash flow collateralized loan obligation (CLO) securitizing a portfolio of primarily senior secured euro-denominated leveraged loans and bonds issued by European borrowers. Barings (U.K.) Ltd. is the collateral manager.
          Under the transaction documents, the rated notes pay quarterly interest unless a frequency switch event occurs. Following this, the notes permanently switch to semiannual payments. The portfolio's reinvestment period ends approximately four years after closing.
          Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average 'B' rating. We consider that the portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. We have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow collateralized debt obligations (CDOs; see "Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs," published on Aug. 8, 2016).
          Elavon Financial Services DAC is the bank account provider and custodian. The documented downgrade remedies are in line with our current counterparty criteria (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013).
          The issuer is bankruptcy remote, in line with our legal criteria (see " Structured Finance: Asset Isolation And Special-Purpose Entity Methodology," published on March 29, 2017). Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for each class of notes.