S&P: Ratings Discontinued On 56 Classes From 20 CDO Transactions Following Note Paydowns
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.
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