Fitch notes that the subordination levels available to each class of notes exceed the levels typically seen on similarly rated tranches in recent CLOs, which helps mitigate potentially lower recoveries on the senior secured bond
assets and the impact of unhedged interest rate risks caused by the large permitted exposure to fixed-rate assets.
In addition, Fitch's data on secured bond
defaults shows that recovery outcomes have a fairly flat distribution, meaning that low and high recoveries appear just as likely and are dependent on the specific circumstances of the affected issuers.
The ratings on Witan reflect the low level of leverage that the trust employs even after the issue of a GBP100 million secured bond
The secured bond
indenture requires the existing favorable contract, put in place in 1996, to be replaced at "substantially equivalent terms" five-years prior to its maturity to avoid a cash trap of all excess cash flow up to the amount of then outstanding principal and interest on the secured bonds
Fitch projects the reduction in cash flows from the gas assets can be absorbed by the Imperial Valley Projects because of significant reductions in scheduled senior debt service at the geothermal plants themselves, which allows more cash flow to be up-streamed to CE Gen, additional scheduled reductions in secured bond
debt service at CE Gen, and improved cost savings reaped from the extensive geothermal production pipeline replacement program.
Fitch Ratings has affirmed Ras Laffan Liquefied Natural Gas Company Limited (II)'s (RasGas (II)) and Ras Laffan Liquefied Natural Gas Company Limited (3)'s (RasGas (3)) senior secured bonds
at 'A+' with Stable Outlooks.
6% of the outstanding Senior Secured Bonds
, and QVT intends to instruct NT to use all efforts to proceed with the enforcement of its security.
The letters of credit issued by the banks in connection with the residential rental building back a Fannie Mae credit facility, which in turn secured bonds
issued by the New York City Housing Development Corporation.
PPL Corporation today announced the pricing of $100 million of senior secured bonds
offered by its subsidiary, PPL Electric Utilities Corporation.
The 515 million pounds Ambac-guaranteed bonds, comprising 350 million pounds fixed rate senior secured bonds
, and 165 million pounds index-linked senior secured bonds
, both of which expire in 2032, form part of a larger financing which also includes 350 million pounds fixed rate senior secured bonds
and 165 million pounds index-linked senior secured bonds
wrapped by Financial Security Assurance (U.
New York City Transitional Finance Authority (NY) future tax secured bonds
series 2003A (all maturities);
28,750,000 sales tax and state aid secured bonds
, series 2011A, 'AA+';