Fitch af­firms Sandown Gold 2012-1 Plc

The Pak Banker - - COMPANIES/BOSS -

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')

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