OREANDA-NEWS. S&P Global Ratings today raised itscredit ratings on Panther CDO IV B. V.'s class A1, A2, and C notes. At the sametime, we have affirmed our ratings on the class B, D, E1, and E2 notes. We have also withdrawn our rating on the class P (combo) notes (see list below).

Today's rating actions follow our analysis of the transaction's performance and the application of our relevant criteria (see "Related Criteria").

We subjected the capital structure to our cash flow analysis to determine the break-even default rate (BDR) for each class of notes at each rating level.

The BDRs represent our estimate of the level of asset defaults that the notes can withstand and still fully pay interest and principal to the noteholders.

We have estimated future defaults in the portfolio in each rating scenario by applying our updated corporate collateralized debt obligation (CDO) criteria (see "Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs," published on Aug. 8, 2016).

Our analysis shows that the available credit enhancement for the class A1, A2,and C notes is now commensurate with higher ratings than those previously assigned. Therefore, we have raised our ratings on these classes of notes.

Our analysis also indicates that the available credit enhancement for the class B, D, E1, and E2 notes is still commensurate with the currently assignedratings. Therefore, we have affirmed our ratings on these classes of notes.

We have received confirmation from the trustee that the class P (combo) notes had been exchanged into their underlying components. We have therefore withdrawn our rating on the class P (combo) notes.

Panther CDO IV is a cash flow CDO transaction managed by M&G Investments Management Ltd. A portfolio of property B-notes, structured finance securities, leveraged loans, high-yield securities, private placements, and other debt obligations backs the transaction. Panther CDO IV closed in December 2006 and its reinvestment period ended in March 2014.