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European rating agency. Objective, transparent, independent.

Namensschuldverschreibungen "Oberon Strategy SMA Notes"

New Placement Investment S.a.r.l., Compartment ELL_EUR_001

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB- Outlook STA 28.11.2019 03.12.2019 30.09.2033

News

  • 03.12.2019
    Creditreform Rating (CRA) has assigned the rating of the registered notes with ISIN LU1902328910 issued by New Place Investments S.à.r.l. acting for and on behalf of its compartment ELL_EUR_001 to BBB- / outlook stable. The issue proceeds of this securitization have been used to invest in a diversified portfolio of predominately senior secured loans. The investment Manager is Five Arrows Managers LLP, a Rothschild & Co. Merchant Banking company. Five Arrows Managers is a highly experienced credit manager with a European and U.S. presence and with sufficient management capabilities. The main reasons for this rating are analysis of the portfolio and the performance of the underlying loan investments. The loan portfolio is well diversified and at the moment not exposed to risks from 2. Lien loans or any subordinated investments. Thus, the portfolio is now less risky than anticipated by CRA one year ago. The current performance is in line with our expectations. Minor blind pool risks remain, which is explained by CRA´s confirmation of the initial rating. The confirmation of this rating is based on the results of our simulation of the expected portfolio cash flows and taking into account that we have stressed several portfolio parameter and assumptions. 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.

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