TEXT-S&P rates Northwoods Capital IX notes
OVERVIEW -- Northwoods Capital IX Ltd./Northwoods Capital IX 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 X, A, B-1, B-2, C-1, C-2, D, and E notes. -- The ratings reflect our view of the transaction's credit enhancement, legal structure, collateral portfolio, and overcollateralization and interest coverage tests, among other factors. Dec 13 - Standard & Poor's Ratings Services today assigned its ratings to Northwoods Capital IX Ltd./Northwoods Capital IX LLC's $560.00 million fixed- and 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 (excluding 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 criteria (see "Update To Global Methodologies And AssumptionsRELATED CRITERIA AND RESEARCH Related Criteria -- Counterparty Risk Framework Methodology And Assumptions, Nov. 29, 2012 -- Global CDOs Of Pooled Structured Finance Assets: Methodology And Assumptions, Feb. 21, 2012 -- Comments Requested On Proposed Changes To Rating Agency Confirmation Approach, Aug. 16, 2010 -- 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 -- 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 Related Research -- Presale: Northwoods Capital IX Ltd./Northwoods Capital IX LLC, Dec. 11, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 RATINGS ASSIGNED Northwoods Capital IX Ltd./Northwoods Capital IX LLC Class Rating Amount X AAA (sf) 5.00 A AAA (sf) 375.00 B-1 AA (sf) 38.00 B-2 AA (sf) 25.00 C-1 (deferrable) A (sf) 49.00 C-2 (deferrable) A (sf) 8.00 D (deferrable) BBB (sf) 30.00 E (deferrable) BB- (sf) 30.00 Subordinated notes NR 65.50 NR-Not rated.
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