OREANDA-NEWS. S&P Global Ratings today discontinued its ratings on 49 classes from 14 cash flow (CF) collateralized loan obligation (CLO) transactions, three classes from three CF collateral debt obligations (CDO) transactions backed by commercial mortgage-backed securities (CMBS), one class from one CF CDO transaction collateralized by project finance securities, one class from one CF collateralized debt obligation (CDO) transaction, and two classes from one transaction guaranteed by National Credit Union Administration (NCUA) in its capacity as a U. S. government agency.

Today's discontinuances follow the complete paydowns of the notes as reflected in the most recent trustee-issued note payment reports for each transaction:Atrium V (CF CLO): senior-most tranches paid down; other rated tranches still outstanding. Baker Street Funding CLO 2005-1 Ltd. (CF CLO): optional redemption in September 2016.Cannington Funding Ltd. (CF CLO): senior-most tranches paid down; other rated tranches still outstanding. CIFC Funding 2006-II Ltd. (CF CLO): senior-most tranches paid down; other rated tranches still outstanding. COMM 2004-RS1 (CF CDO of CMBS): senior-most tranches paid down; other rated tranches still outstanding. CT CDO IV Ltd. IV (CF CDO of CMBS): senior-most tranches paid down; other rated tranches still outstanding. EIG Global Project Fund III Ltd. (CF CDO of project finance): all rated tranches paid down. Franklin CLO V Ltd. (CF CLO): optional redemption in September 2016.Gale Force 4 CLO Ltd. (CF CLO): optional redemption in August 2016.Kingsland III Ltd. (CF CLO): optional redemption in August 2016.MACH ONE 2005-CDN1 ULC (CF CDO of CMBS): senior-most tranches paid down; other rated tranches still outstanding. Madison Park Funding VII Ltd. (CF CLO): optional redemption in September 2016.Nantucket CLO I Ltd. (CF CLO): senior-most tranches paid down; other rated tranches still outstanding. NCUA Guaranteed Notes Trust 2010-C1 (guaranteed by NCUA): all rated tranches paid down. OCP CLO 2012-2 Ltd. (CF CLO): class X notes(i) paid down; other rated tranches still outstanding. Pacifica CDO VI Ltd. (CF CLO): senior-most tranches paid down; other rated tranches still outstanding. Putnam Structured Product CDO 2001-1 Ltd. (CF CDO): senior-most tranches paid down; other rated tranches still outstanding. Sands Point Funding Ltd. (CF CLO): optional redemption in July 2016.St. James River CLO Ltd. (CF CLO): optional redemption in September 2016.Stone Tower CLO VII Ltd. (CF CLO): senior-most tranche paid down; other rated tranches still outstanding.(i)An "X note" within a CLO is generally a note with a principal balance intended to be repaid early in the CLO's life using interest proceeds from the CLO's waterfall.