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TEXT-S&P affirms rating on Harbourmaster CLO 7's class A1 notes
November 8, 2012 / 2:32 PM / 5 years ago

TEXT-S&P affirms rating on Harbourmaster CLO 7's class A1 notes

(The following statement was released by the rating agency)

Nov 08 -

OVERVIEW

-- Following a credit and cash flow analysis, we have affirmed our rating on Harbourmaster CLO 7’s class A1 notes

-- Harbourmaster CLO 7 is a cash flow CLO transaction that closed in November 2006 and securitizes loans to primarily speculative-grade corporate firms. The reinvestment period for this transaction ended in December 2011.

Standard & Poor’s Ratings Services today affirmed its ‘AA+ (sf)’ credit rating on Harbourmaster CLO 7 B.V.’s class A1 notes.

Today’s rating action follows our assessment of the transaction’s performance and takes into account recent developments in the transaction.

For our review of the transaction’s performance, we used data from the trustee report dated Sept. 28, 2012, in addition to our cash flow analysis. We considered recent developments in the transaction and have applied our 2012 counterparty criteria (see “Counterparty Risk Framework Methodology and Assumptions,” published on May 31, 2012, on RatingsDirect on the Global Credit Portal), as well as our cash flow criteria (see “Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs,” published on Sept. 17, 2009).

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