Nov 09 -
-- We have reviewed Metropolis II’s series 2010-10’s performance by conducting a credit and cash flow analysis.
-- Following our review, we have affirmed our ‘AAA (sf)’ rating on the class A notes.
-- Metropolis II’s series 2010-10 class A notes issuance is a retranched CDO of Wood Street CLO III’s class A-2A senior secured floating-rate notes due 2022.
Standard & Poor’s Ratings Services today affirmed its ‘AAA (sf)’ credit rating on Metropolis II, LLC’s series 2010-10 class A notes due 2022.
Today’s affirmation follows our assessment of the transaction’s performance. We have conducted a credit and cash flow analysis and have reviewed recent developments in the transaction. Our assessment used data from the latest Wood Street CLO III trustee report dated Sept. 17, 2012, and the Metropolis II period noteholder statement dated Aug. 27, 2012.
Our assessment indicates that the level of credit support available to the class A notes is sufficient to maintain the current rating. Therefore, we have affirmed the rating on the class A notes at ‘AAA (sf)'.