Reuters: Financial Services and Real Estate: TEXT-S&P assigns 'A' rating to Eirles Two Ltd. Series 362 notes

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TEXT-S&P assigns 'A' rating to Eirles Two Ltd. Series 362 notes Mar 28th 2012, 04:48 Wed Mar 28, 2012 12:48am EDT (The following was released by the rating agency) OVERVIEW: -- Eirles Two Ltd. (Eirles) is a special-purpose bankruptcy-remote vehicle incorporated in Ireland. It issues notes in series that are segregated, and can be rated or unrated. -- We assigned our rating on a series of notes issued by Eirles Two Ltd. -- The rating on the notes reflects our opinion of the credit quality of the notes collateral and Deutsche Bank AG, London Branch (DB) as the swap counterparty, custodian, and deposit bank, as well as its undertaking to pay the expenses of the series. MELBOURNE (Standard & Poor's) March 28, 2012--Standard & Poor's Ratings Services today assigned its 'A' rating to a series of notes issued by Eirles Two Ltd. (see list). Eirles Two Ltd. (Eirles) is a special-purpose bankruptcy-remote vehicle incorporated in Ireland. It issues notes in series that are segregated, and can be rated or unrated. The rating on the notes reflects our view of the credit quality of: -- The notes collateral, and -- Deutsche Bank AG, London Branch (DB) as the swap counterparty, custodian, and deposit bank, as well as its undertaking to pay the expenses of the series. As such, the rating of each series of notes will be equal to the lower of the rating of the long-term rating on DB and the rating on the notes collateral. A holder of 100% of the notes (sole noteholder) may request for all of the notes to be redeemed early (sole noteholder put). If a sole noteholder put does occur, the noteholder may be exposed to the market-value risk on the collateral, swap break costs and other ancillary costs, which may adversely affect the full repayment of the accreted value of the notes. Standard & Poor's rating does not address such an early redemption event. The notes also may be redeemed early (issuer call) if the swap counterparty exercises its rights to terminate the swap agreement early, either in whole or in part. If an issuer call does occur, the redeemed notes would be repaid at the accreted value of the notes as specified in the terms and conditions of the notes. Investors should note that a mandatory redemption event may occur if there are certain changes in law or circumstances, which Standard & Poor's does not address in its rating. If a mandatory redemption event occurs, noteholders may be exposed to market-value risk on the collateral, break costs on the asset swap, and other ancillary costs, which may adversely affect the ultimate return on investment. The issuer has not informed Standard & Poor's (Australia) Pty Ltd. whether the issuer is publicly disclosing all relevant information about the structured finance instruments the subject of this rating report or whether relevant information remains non-public. Link this Share this Digg this Email Reprints

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