S&P: AMMC CLO XIII Ltd. Class A-1L Rating Affirmed
Today's rating actions follow our review of the transaction's performance using data from the Aug. 30, 2016, trustee report. Our affirmation of the rating reflects the transaction's stable performance since our April 2014 effective date rating affirmation, as well as the available credit support, which, in our view, is consistent with the current rating level.
The deal's reinvestment period is scheduled to end in January 2018. Since the transaction's effective date, the balance of 'CCC' rated assets held in the underlying portfolio has increased to $15.9 million from $2.5 million. The transaction does not hold any defaulted assets.
Since the transaction's effective date, the trustee reported that the collateral portfolio's weighted average life has decreased to 4.41 years from 5.46 years. This seasoning has decreased the overall credit risk profile, which, in turn, provided more cushion to the tranche ratings.
We will continue to review whether, in our view, the rating assigned to the notes remains consistent with the credit enhancement available to support them, and will take rating actions as we deem necessary.
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