TEXT-S&P rates Northwoods Capital IX notes

Thu Dec 13, 2012 2:22pm EST

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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