×

TEXT-S&P drops ratings on Colombo's class A2, B, and C notes

(The following statement was released by the rating agency)

Oct 05 - OVERVIEW

-- Today's withdrawals follow our April 5, 2012 withdrawal of the ratings on the Region of Emilia-Romagna, which alone accounts for nearly 68% exposure to the loan portfolio.

-- Subsequently, we believe that we have insufficient information to continue to rate and surveil the notes in this transaction.

-- We have therefore withdrawn our ratings on the class A2, B, and C notes.

-- This cash flow CDO transaction comprises a portfolio of loans to Italian regions and municipalities.

Standard & Poor's Ratings Services today withdrew its credit ratings on the class A2, B, and C notes issued by Colombo S.r.l. (see list below).

Today's withdrawals follow our April 5, 2012 withdrawal of the long-term and issue ratings on the Region of Emilia-Romagna, which alone accounts for nearly 68% exposure to the underlying loan portfolio.

Subsequently, in our opinion, there is insufficient information of satisfactory quality to continue to rate and surveil the notes in this transaction.

We have therefore withdrawn our ratings on the class A2, B, and C notes. Colombo repaid the class A1 noteholders in full in 2010.

Colombo is a cash flow collateralized debt obligation (CDO) transaction backed by a portfolio of loans to Italian regions, provinces, municipalities and other public sector entities. The transaction closed in August 2001.

RELATED CRITERIA AND RESEARCH

-- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012

-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

-- Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs, Sept. 17, 2009

-- Use Of CreditWatch And Outlooks, Sept. 14, 2009 RATINGS LIST Class Rating To From Colombo S.r.l. EUR394.449 Million Asset-Backed Floating-Rate Notes Ratings Withdrawn A2 NR A (sf)/Watch Neg B NR A- (sf)/Watch Neg C NR BB (sf)/Watch Neg NR--Not rated. ((Bangalore Ratings Team, Hotline: +91 80 4135 5898, Bhanu.priya@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Bhanu.Priya.reuters.com@reuters.net))