05.06.2020
Creditreform Rating (CRA) has confirmed the rating of the bearer bonds with the ISIN XS1647372769 "ICG SDP Compartment Twelve 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 Twelve. 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. A credit enhancement has been bulit up trough early repayments and is expected to be increased with the ongoing cash flows. 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.