European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

ICG SDP BASF SMA Notes 2017

Universal Securitisation Solutions S.A., Compartment Securio 1709-01

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB Outlook STA 19.05.2020 22.05.2020 31.12.2035
BBB Outlook STA 26.11.2018 29.11.2018 31.12.2035

News

  • 22.05.2020
    Creditreform Rating (CRA) has confirmed the rating of the bearer bonds with the ISIN XS1693845338 "ICG SDP Compartment Thirteen Notes" with BBB. The outlook was set to stable. The issuer invests the issue proceeds indirectly in the form of equity in a portfolio of predominantly European corporate loans. The investments are granted through the investment vehicle ICG Senior Debt Partners SV I, acting for and on behalf of the compartment Thirteen. The relevant manager is Intermediate Capital Group plc. The main reasons for confirming the rating at BBB are the increased diversification of the portfolio, which is currently above our initial assumptions. Nominal repayments from the loan facilities will be reinvested in the portfolio over the term, which has a (c.p.) positive effect. The portfolio also had no defaults or credit events up to the rating date. At the same time, the expected effects from the global COVID-19 pandemic communicated by the manager as well as further worst-case scenarios were taken into account. According to the calculations of the CRA, taking into account stressed scenarios over the term, the portfolio generats sufficient cash flows to be able to meet all obligations under the bearer bonds.
  • 29.11.2018
    Creditreform Rating has confirmed the rating of the bearer-bonds with ISIN XS1693845338 issued by Universal Securitisation Solution S.A., acting on behalf of its Compartment Securio 1709-01 with BBB / outlook stable. The issue proceeds of this securitisation will be used to fund a separately managed account which on his part will deploy the funds to grant predominately senior secured loans to mid-market corporates across Europe. The fund will be managed by an experienced manager with a worldwide presence and with sufficient management capabilities. The ongoing ramp-up of the portfolio has been in line with our expectations. The main reasons for this rating are the results of our simulation of the expected portfolio cash flows taking into account that we have stressed several portfolio parameter and assumptions. The bearer-bonds benefit from different credit enhancements, which will partly be funded over the term of the bonds. According to our calculations based on the average consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.