TEXT-S&P rates Atlas Senior Loan Fund II Ltd notes

Thu Nov 29, 2012 11:38am EST

OVERVIEW
     -- Atlas Senior Loan Fund II Ltd./Atlas Senior Loan Fund II LLC's 
issuance is a CLO securitization backed by a revolving pool consisting 
primarily of broadly syndicated senior secured loans.
     -- We assigned our ratings to the class A through E notes.
     -- The ratings reflect our view of the transaction's credit enhancement, 
legal structure, and diversified collateral portfolio, among other factors.
    
     Nov 29 - Standard & Poor's Ratings Services today assigned its ratings to
Atlas Senior Loan Fund II Ltd./Atlas Senior Loan Fund II LLC's $367 million
floating-rate notes (see list).

The note issuance is a collateralized loan obligation securitization backed by 
a revolving pool consisting primarily of broadly syndicated senior secured 
loans.

The ratings reflect our view of: 
     -- The credit enhancement provided to the 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

Related Criteria
     -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012
     -- 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 
Related Research
     -- Presale: Atlas Senior Loan Fund II Ltd./Atlas Senior Loan Fund II LLC, 
Nov. 27, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
     -- CDO Spotlight: Update To General Cash Flow Analytics Criteria For CDO 
Securitizations, Oct. 17, 2006 
     -- The CDO Product, March 21, 2002 

RATINGS ASSIGNED
Atlas Senior Loan Fund II Ltd./Atlas Senior Loan Fund II LLC

Class                 Rating              Amount

A                     AAA (sf)            257.00
B                     AA (sf)              32.00
C (deferrable)        A (sf)               41.00
D (deferrable)        BBB (sf)             20.25
E (deferrable)        BB (sf)              16.75
Subordinated notes    NR                   46.50

NR--Not rated.
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