相關產業分類
Fitch Ratings-Taipei/Hong Kong/Singapore-27 November 2007: Fitch Ratings has affirmed the ratings on China Development Industrial Bank 2005-1 CLO Special Purpose Trust's (SPT) beneficiary certificates, as follows:
- TWD3,130.59 million Class S1: 'AA(twn)'
- TWD125.97m Class S2: 'A(twn)'
- TWD175.95m Class M1: 'BBB(twn)'
- TWD95.37m Class M2: 'BBB-(twn)' (BBB minus(twn))
The rating affirmations on the senior beneficiary certificates (Classes S1 and S2) and the mezzanine beneficiary certificates (Classes M1 and M2) reflect the stable credit quality of the underlying collateral. The weighted average rating of the portfolio is 'B+'/'B', which is broadly unchanged from Fitch's last review in December 2006. The ratings also reflect the available credit enhancement in the form of subordinated notes and excess spread, the existence of a liquidity reserve account and continuation of counterparties' ratings that are consistent with Fitch's criteria, as well as the integrity of the transaction's legal and financial structure. The ratings address the payment of interest and the ultimate payment of principal in accordance with the transaction documentation.
This transaction is a cash flow collateralised loan obligation backed by a static pool of corporate loans originated by China Development Industrial Bank (CDIB) for the purposes of this transaction. Yuanta Commercial Bank Co., Ltd (formerly Fuhwa Bank, rated 'A+(twn)' /'F1(twn)'), acts as trustee while CDIB acts as the servicer and account bank. Since closing, four reference entities have prepaid their obligations and the cash proceeds were used to partially amortise Class S1. Accordingly, the various classes of beneficiary certificates highlighted above, together with the unrated subordinated beneficiary certificates, are backed by a TWD4.35 billion portfolio of loans to 17 borrowers, reduced from TWD5.1bn at closing. All loans are TWD-denominated with a bullet principal repayment in August 2008, which is three years from the transaction closing date.
Interest proceeds from the collateral are directly paid through to each certificate based on the 90-day Taiwan commercial paper secondary market rate. There is no unmatched exposure to payment terms, currency or interest rates.
Contacts: April Chen, Taipei, +886 2 8175 7614, Kate Lin, Hong Kong, +852 2263 9912.
Media Relations: Lisa Lim, Singapore, Tel: +65 6796 7214.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
