TEXT-S&P rates Madison Park Funding X Ltd notes

Wed Dec 19, 2012 11:12am EST

OVERVIEW
     -- Madison Park Funding X Ltd./Madison Park Funding X 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, C, D, and E notes.
     -- The 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. 19, 2012--Standard & Poor's Ratings Services 
today assigned its ratings to Madison Park Funding X Ltd./Madison Park Funding 
X LLC's $717.0 million fixed- and 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 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, Nov. 29, 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
     -- 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
     -- CDO Spotlight: Update To General Cash Flow Analytics Criteria For CDO 
Securitizations, Oct. 17, 2006
     -- 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: Madison Park Funding X Ltd./Madison Park Funding X LLC, Dec. 
17, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

RATINGS ASSIGNED
Madison Park Funding X Ltd./Madison Park Funding X LLC

Class                      Rating           Amount

X                          AAA (sf)           4.00
A-1a                       AAA (sf)         300.00
A-1b                       AAA (sf)          15.75
A-2                        AAA (sf)         172.50
B-1                        AA (sf)           58.50
B-2                        AA (sf)           30.00
C (deferrable)             A (sf)            59.25
D (deferrable)             BBB (sf)          39.50
E (deferrable)             BB (sf)           37.50
Subordinated notes         NR                85.00
NR--Not rated.
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