TEXT-S&P rates Atrium VIII/Atrium VIII LLC notes
OVERVIEW -- Atrium VIII/Atrium VIII LLC is a cash flow CLO transaction consisting of broadly syndicated loans. -- We assigned preliminary ratings to the class A-1, A-2, B, C, D, E, and subordinate notes. -- The preliminary ratings reflect our view of the transaction's credit enhancement, legal structure, collateral portfolio, and timely interest and ultimate principal payments, among other factors. Sept 18 - Standard & Poor's Ratings Services today assigned its preliminary ratings to Atrium VIII/Atrium VIII LLC's $460.0 million floating- and fixed-rate notes (see list). The note issuance is a cash flow collateralized loan obligation securitization backed by a revolving pool consisting primarily of broadly syndicated senior-secured loans. The preliminary ratings are based on information as of Sept. 18, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect our view of: -- The credit enhancement provided to the preliminary rated notes through the subordination of cash flows that are payable to the subordinated notes. -- The transaction's credit enhancement, which is sufficient to withstand the defaults applicable for the supplemental tests (not counting excess spread), and cash flow structure, which can withstand the default rate projected by Standard & Poor's CDO Evaluator model, as assessed by Standard & Poor's using the assumptions and methods outlined in its corporate collateralized debt obligation (CDO) criteria (see "Update To Global Methodologies And AssumptionsRELATED CRITERIA AND RESEARCH -- Presale: Atrium VIII/Atrium VIII LLC, Sept. 18, 2012. -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012 -- CDO Spotlight: The Relationship Between Long-Dated Assets And Market Value Risk In U.S. Cash Flow CLOs, April 26, 2012 -- Global CDOs Of Pooled Structured Finance Assets: Methodology And Assumptions, Feb. 21, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 -- CDO Spotlight: Standard & Poor's Surveillance Process For Monitoring U.S. Cash Flow CLO Transactions, April 14, 2011 -- Methodology For Analyzing Rating Confirmation Requests To Establish Subsidiary Special-Purpose Entities in CDOs, Dec. 9, 2009 -- Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs, Sept. 17, 2009 -- Surveillance Methodology For Global Cash Flow And Hybrid CDOs Subject To Acceleration Or Liquidation After An EOD, Sept. 2, 2009 -- The Use Of Rating-Based Haircuts In Event Of Default Overcollateralization Tests For CDOs, March 19, 2008 -- Qualification And Treatment Of Current-Pay Obligations In Global Cash Flow CLOs, July 11, 2007 -- Structured Finance Criteria Introduced For Cayman Islands Special-Purpose Entities, July 18, 2002 -- Global Cash Flow And Synthetic CDO Criteria: The CDO Product, March 21, 2002 PRELIMINARY RATINGS ASSIGNED Atrium VIII/Atrium VIII LLC Class Rating Amount mil. $) A-1 AAA (sf) 298 A-2 AAA (sf) 20 B AA (sf) 53 C (deferrable) A (sf) 42 D (deferrable) BBB (sf) 26 E (deferrable) BB (sf) 21 Subordinated notes NR 56.3 NR--Not rated.
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