Fitch affirms Sandown Gold 2012-1 Plc
Global rating agency Fitch has affirmed Sandown Gold 2012-1 Plc.'s classes A, B and C notes. The affirmation reflects the good performance of the transaction since its closing in April 2012 and the available credit protection for the notes.
Delinquencies have remained very low since closing and in the short dated buckets, below 60 days. Cumulative defaults since closing are GBP1.9m. All these loans have been repurchased by the originator and consequently there are no defaulted assets in the pool at the moment. The transaction is in its revolving period until January 2014, after which the amortisation of the notes can only be sequential. Sandown Gold 2012-1 Plc. is a revolving UK cash flow SME CLO of loans granted to UK small- and medium-sized enterprises originated by Lloyds TSB Bank Plc. (Lloyds, 'A'/Stable/'F1')