TEXT-S&P affirms Halcyon Loan Advisors 2012-1 ratings
OVERVIEW -- Halcyon Loan Advisors Funding 2012-1 Ltd./Halcyon Loan Advisors Funding 2012-1 LLC's note issuance is backed by a revolving pool consisting primarily of broadly syndicated senior secured loans. -- We affirmed our ratings on the class A through D notes following the transaction's effective date as of Oct. 5, 2012. -- The "effective date" for a CLO transaction is typically the earlier of the date on which the transaction acquires the target level of portfolio collateral and the date defined in the transaction documents. -- When requested, Standard & Poor's will analyze the information provided by the trustee and determine whether it believes a rating affirmation is appropriate. Historically, many CLOs transaction documents contain provisions that require the trustee to request the rating agencies to affirm the closing date ratings within a certain timeframe after the effective date has occurred. -- The effective date report provides a summary of certain collateral characteristics and liability ratings at the effective and closing dates. Nov. 27 - Standard & Poor's Ratings Services today affirmed its ratings on Halcyon Loan Advisors Funding 2012-1 Ltd./Halcyon Loan Advisors Funding 2012-1 LLC's $322 million floating-rate notes following the transaction's effective date as of Oct. 5, 2012 (see list). Most U.S. cash flow collateralized debt obligations (CLOs) close before purchasing the full amount of their targeted level of portfolio collateral. On the closing date, the collateral manager typically covenants to purchase the remaining collateral within the guidelines specified in the transaction documents to reach the target level of portfolio collateral. Typically, the CLO transaction documents specify a date by which the targeted level of portfolio collateral must be reached. The "effective date" for a CLO transaction is usually the earlier of the date on which the transaction acquires the target level of portfolio collateral, or the date defined in the transaction documents. Most transaction documents contain provisions directing the trustee to request the rating agencies that have issued ratings upon closing to affirm the ratings issued on the closing date after reviewing the effective date portfolio (typically referred to as an "effective date rating affirmation"). An effective date rating affirmation reflects our opinion that the portfolio collateral purchased by the issuer, as reported to us by the trustee and collateral manager, in combination with the transaction's structure, provides sufficient credit support to maintain the ratings that we assigned on the transaction's closing date. The effective date reports provide a summary of certain information that we used in our analysis and the results of our review based on the information presented to us. We believe the transaction may see some benefit from allowing a window of time after the closing date for the collateral manager to acquire the remaining assets for a CLO transaction. This window of time is typically referred to as a "ramp-up period." Because some CLO transactions may acquire most of their assets from the new issue leveraged loan market, the ramp-up period may give collateral managers the flexibility to acquire a more diverse portfolio of assets.RELATED CRITERIA AND RESEARCH Related Criteria -- Update To Global Methodologies And Assumptions-- Presale: Halcyon Loan Advisors Funding 2012-1 Ltd./Halcyon Loan Advisors Funding 2012-1 LLC, Aug. 13, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 -- Standard & Poor's Surveillance Process For Monitoring U.S. Cash Flow CLO Transactions, April 14, 2011 -- Standard & Poor's Provides Guidance For Collateral Managers And Trustees Regarding CDO Monitor, Nov. 11, 2009 RATINGS AFFIRMED Halcyon Loan Advisors Funding 2012-1 Ltd./Halcyon Loan Advisors Funding 2012-1 LLC Class Rating Amount A-1 AAA (sf) 230.000 A-2 AA (sf) 32.000 B (deferrable) A (sf) 30.000 C (deferrable) BBB (sf) 15.000 D (deferrable) BB (sf) 15.000
- Mexican train derails, stranding 1,300 migrants headed toward U.S.
- Israeli strikes kill more Palestinians; rocket causes huge blaze in Israel |
- Man suspected of shooting six dead in Texas to appear in court
- Four servicemen, five miners killed in eastern Ukraine |
- Obama tells Israel U.S. ready to help end hostilities