Pacific Capital International Ltd. Series 2018-02 Class P Secured Notes Assigned Rating

Stocks and Financial Services Press Releases Wednesday May 30, 2018 16:56
HONG KONG--30 May--S&P Global Ratings

HONG KONG (S&P Global Ratings) May 30, 2018--S&P Global Ratings today assigned its principal-only rating to the Series 2018-02 class P secured notes issued by Pacific Capital International Ltd. (see list).

In accordance with our "Global Methodology For Rating Repackaged Securities" criteria, published Oct. 16, 2012, the principal-only rating on the notes is weak-linked to the lowest of:
  • The rating on the underlying zero coupon notes acquired by the issuer.
  • The rating on Citigroup Global Markets Ltd. as the party that has agreed to meet the issuer's on-closing and ongoing senior expenses.
  • The creditworthiness of Citibank N.A. London Branch as the bank account provider and custodian.

We also have factored into our rating analyses the legal structure of the issuer, which is established as a multiple-use special-purpose entity in the Cayman Islands and meets our criteria for insolvency remoteness and series segregation.

A copy of S&P Global Ratings' complete report for Pacific Capital International Ltd. Series 2018-02 can be found on RatingsDirect, S&P Global Ratings' web-based credit analysis system, at http://www.capitaliq.com.

RATING ASSIGNED
Class Rating Amount (mil. US$)
P A+p (sf) 60.9

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