Repackaged Asset-Backed Securities Designated Activity Co. Series 2017-6 Notes Assigned Preliminary #AAA# Rating

Stocks and Financial Services Press Releases Thursday October 12, 2017 09:26
CENTENNIAL--12 Oct--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Oct. 11, 2017--S&P Global Ratings today assigned its 'AAA' rating to Repackaged Asset-Backed Securities Designated Activity Co.'s (RABS') ¥28.7388 billion series 2017-6 class A floating-rate notes.

RABS is a multiple-use special-purpose entity that will issue series 2017-6 Japanese yen-denominated notes backed by the U.S. dollar-denominated class A-1 notes issued by Halcyon Loan Advisors Funding 2017-2 Ltd., the underlying collateralized loan obligation (expected to be rated 'AAA (sf)' by S&P Global Ratings). BNP Paribas will provide a balance guaranteed cross-currency swap to convert the underlying CLO's U.S. cash flows to Japanese yen payments to the RABS series 2017-6 noteholders.

The preliminary rating is based on information as of Oct. 11, 2017. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
The preliminary rating assigned to the RABS series 2017-6 floating-rate notes reflects our assessment of:
  • The transaction's compliance with S&P Global Ratings' counterparty criteria (see "Counterparty Risk Framework Methodology and Assumptions," published June 25, 2013).
  • The transaction's compliance with S&P Global Ratings' market value criteria when posting collateral upon a ratings trigger event (see " Methodology And Assumptions For Market Value Securities," published Sept. 17, 2013).
  • The transaction's compliance with S&P Global Ratings' derivative agreement criteria (see "Global Derivative Agreement Criteria," published June 24, 2013). The transaction's compliance with S&P Global Ratings' multiple-use special-purpose entity criteria (see "Legal Criteria For U.S. Structured Finance Transactions: Special-Purpose Entities," published Oct. 1, 2006) and "Asset Isolation And Special-Purpose Entity Methodology," published March 29, 2017).
  • The transaction's cash flows from Halcyon Loan Advisors Funding 2017-2 Ltd.'s class A-1 notes (see "Presale: Halcyon Loan Advisors Funding 2017-2 Ltd./Halcyon Loan Advisors Funding 2017-2 LLC," published Oct. 11, 2017).

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