-- 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
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
-- 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
-- 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