TEXT-S&P cuts One Wave SPC 2007-1 rating to 'D (sf)'
June 21 - OVERVIEW -- We lowered our rating to 'D (sf)' on class A-1 from WAVE SPC's series 2007-1, a CRE CDO transaction. -- The rating action reflects our analysis of the transaction following an interest shortfall to the class A-1, a nondeferrable class. NEW YORK (Standard & Poor's) June 21, 2012--Standard & Poor's Ratings Services today lowered its rating on class A-1 to 'D (sf)' from WAVE SPC's series 2007-1 (WAVE 2007-1), a commercial real estate collateralized debt obligation (CRE CDO) transaction (see list). The rating action reflects our analysis of the transaction following an interest shortfall to the nondeferrable class. Classes A-1 experienced an interest shortfall according to the June 20, 2012, trustee remittance report, and we subsequently lowered our rating on the class to 'D (sf_)'. The underlying commercial mortgage-backed securities (CMBS) for WAVE 2007-1 failed to produce sufficient interest proceeds to pay the full interest amount due to the A-1 nondeferrable interest classes, resulting in the liquidity interruption. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available atRELATED CRITERIA AND RESEARCH -- Global CDOs Of Pooled Structured Finance Assets: Methodology And Assumptions, published Feb. 21, 2012. -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, published Nov. 4, 2011. -- Surveillance Methodology For Global Cash Flow And Hybrid CDOs Subject To Acceleration Or Liquidation After An EOD, published Sept. 2, 2009. -- General Cash Flow Analytics For CDO Securitizations, published Aug. 25, 2004. RATING LOWERED WAVE SPC Series 2007-1 Collateralized debt obligations Rating Class To From A-1 D (sf) CCC- (sf)
- Tweet this
- Share this
- Digg this