Preliminary Ratings Assigned To Five Classes From Atrium IX In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Tuesday April 11, 2017 08:47
CENTENNIAL--11 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 10, 2017--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-R, C-R, D-R, and E-R replacement notes from Atrium IX, a collateralized loan obligation (CLO) originally issued in February 2013 that is managed by Credit Suisse Asset Management LLC (see list).

The replacement notes will be issued via a proposed supplemental indenture. The preliminary ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.

The replacement class A-R, B-R, and C-R notes are expected to be issued at a lower spread than the original notes. The preliminary ratings are based on information as of April 10, 2017. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the April 20, 2017, refinancing date, the proceeds from the issuance of the replacement notes are expected to redeem the original notes.

At that time, we anticipate withdrawing the ratings on the original notes and assigning ratings to the replacement notes. However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the replacement notes.

The replacement notes are being issued via a proposed supplemental indenture, which, in addition to outlining the terms of the replacement notes, will also make the following changes:
The replacement class B-R notes are expected to be issued at a floating rate, replacing the current class B1 floating-rate notes and class B2 fixed-rate notes. The stated maturity will be extended 6.25 years.

The reinvestment period will be extended 5.25 years.Our review of this transaction included a cash flow analysis, based on the portfolio and transaction as reflected in the trustee report, to estimate future performance (see table). In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, and recoveries upon default, under various interest rate and macroeconomic scenarios.

In addition, our analysis considered the transaction's ability to pay timely interest or ultimate principal, or both, to each of the rated tranches.

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