[SPSF] GC Repackaging 2017-2 Ltd.#s Notes Assigned #AAA# Rating

Stocks and Financial Services Press Releases Friday January 12, 2018 08:56
TOKYO--12 Jan--S&P Global Ratings

TOKYO (S&P Global Ratings) Jan. 12, 2018--S&P Global SF Japan Inc. (SPSF) today said it has assigned its 'AAA' rating to the JPY / CNY22.54 billion floating-rate class A notes due 2030 issued by GC Repackaging 2017-2 Ltd. (the "issuer"), a special-purpose company established in the Cayman Islands (see list below). This is a repackaging of Fortress Credit BSL V Ltd./ Fortress Credit BSL V LLC' s class A collateralized loan obligation (CLO) senior notes, which have been assigned a 'AAA (sf)' rating. The issuer issued Japanese yen-denominated repackaged notes and purchased the U.S. dollar-denominated CLO notes.

The issuer simultaneously entered into a balance guaranteed currency swap with Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. The rating on the repackaged notes is linked to the rating on the underlying CLO notes.


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