TEXT-S&P lowers rtgs in german SME CLO deal S-CORE 2007-1
(The following statement was released by the rating agency)
July 12 -
OVERVIEW
– Today’s rating actions follow our performance review of the
transaction, using the latest available servicer report of April 2012 and
loan-level data the servicer provided.
– Today’s rating actions reflect our assessment of the deterioration in
the performance of the underlying portfolio.
– We have lowered our ratings on S-CORE 2007-1′s class A1, A2, B, and C
notes. We have also affirmed our ratings on the class D, E, and F notes.
– S-CORE 2007-1 closed in August 2007. The collateral comprises senior
unsecured payment claims of the issuer against German SMEs under certain
corporate promissory notes with bullet-repayment schedules.
Standard Poor’s Ratings Services today lowered its credit ratings on S-CORE 2007-1 GmbH’s
class A1, A2, B, and C notes. At the same time, we have affirmed our ratings on the class D, E,
and F notes (see list below).
Today’s rating actions follow our performance review of the transaction, using
the latest available servicer report (April 2012) and loan-level data received
from the servicer, and reflect our assessment of the deterioration in the
performance of the underlying portfolio.
S-CORE 2007-1 was arranged by Deutsche Bank AG and closed in
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