TEXT-S&P rates WhiteHorse VI Ltd./WhiteHorse notes

Mon Dec 17, 2012 1:15pm EST

OVERVIEW
     -- WhiteHorse VI Ltd./WhiteHorse VI LLC's issuance is a CLO 
securitization backed by a revolving pool consisting primarily of broadly 
syndicated senior-secured loans.
     -- We assigned our preliminary ratings to the class A and B notes.
     -- The preliminary ratings reflect our view of the transaction's credit 
enhancement, legal structure, and diversified collateral portfolio, among 
other factors.
 
NEW YORK (Standard & Poor's) Dec. 17, 2012--Standard & Poor's Ratings Services 
today assigned its preliminary ratings to WhiteHorse VI Ltd./WhiteHorse VI 
LLC's $379.5 million floating-rate notes (see list).

The note issuance is 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 Dec. 17, 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

Related Criteria
     -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012
     -- Global CDOs Of Pooled Structured Finance Assets: Methodology And 
Assumptions, Feb. 21, 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: WhiteHorse VI Ltd./WhiteHorse VI LLC, Dec. 17, 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
 
PRELIMINARY RATINGS ASSIGNED
WhiteHorse VI Ltd./WhiteHorse VI LLC

Class                      Rating           Amount

A-1L                       AAA (sf)          262.5
A-2L                       AA (sf)            36.0
A-3L (deferrable)          A (sf)             36.0
B-1L (deferrable)          BBB (sf)           18.5
B-2L (deferrable)          BB- (sf)           17.5
B-3L (deferrable)          B (sf)              9.0
Subordinated notes         NR                 36.0

NR--Not rated.
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