Ratings Assigned to Five Classes From Atrium IX In Connection with Refinancing

Stocks and Financial Services Press Releases Friday April 21, 2017 09:27
CENTENNIAL--21 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 20, 2017--S&P Global Ratings today assigned its 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.

We withdrew our ratings on the original class A, B1, B2, C, D, and E notes following payment in full on the April 20, 2017, refinancing date (see list). The replacement notes will be issued via a supplemental indenture.

On the April 20, 2017, refinancing date, the proceeds from the class A-R, B-R, C-R, D-R, and E-R replacement notes issuances were used to redeem the original class A, B1, B2, C, D, and E notes as outlined in the transaction documents.

Therefore, we withdrew our ratings on the original class A, B1, B2, C, D, and E notes in line with their full redemption, and we are assigning ratings to the replacement notes.

The replacement notes are being issued via a 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 issued at a floating rate.

The stated maturity has been extended 6.25 years.The reinvestment period has been 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.
The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.
We will continue to review whether, in our view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them, and we will take rating actions as we deem necessary.

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