"ICG Senior Debt Partner Fund III Notes"

News

• 12.08.2024
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 20.04.2023
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 18.03.2022
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 02.06.2021
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 22.05.2020
  Creditreform Rating (CRA) has set the rating for the bearer bonds with the ISIN XS1667320854 “ICG SDP III Notes” at BBB-. The outlook has been set to stable.
  The rating subject are the “ICG SDP III Notes” bearer bonds issued by Universal Securitization Solutions III S.A., Compartment Securio 3-1915-01. The issuer invests the proceeds indirectly in the form of equity in a portfolio of predominantly European corporate loans. Investments are made through the ICG Senior Debt Partners Fund III investment vehicle. The relevant manager is Intermediate Capital Group plc. The main reasons for confirming the rating to BBB- are the increased diversification of the portfolio, which is currently above our initial assumptions. The portfolio also had no defaults or credit events up to the rating date. A minor credit enhancement was built up through early note redemptions, which also had a positive effect on the rating.
  At the same time, the expected effects from the global COVID-19 pandemic communicated by the manager as well as further worst-case scenarios were taken into account. According to the calculations of the CRA, sufficient cash flows result over the term, taking stressed scenarios into account, in order to be able to fulfill all obligations under the bearer bonds.
• 21.11.2018
  Creditreform Rating has confirmed the rating of the bearer-bonds with ISIN XS1667320854 issued by Universal Securitisation Solution S.A., acting on behalf of its Compartment Securio 1708-01 with BBB- / outlook stable. The issue proceeds of this securitisation will be invested in a fund which on his part will deploy the funds to grant predominately senior secured loans to mid-market corporates across Europe. The fund will be managed by an experienced manager with a worldwide presence and with sufficient management capabilities. The ongoing ramp-up of the portfolio has been in line with our expectations. The main reasons for this rating are the results of our simulation of the expected portfolio cash flows taking into account that we have stressed several portfolio parameter and assumptions. The bearer-bonds benefit from different credit enhancements, which will partly be funded over the term of the bonds. According to our calculations based on the average consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.
• 01.08.2018
  Creditreform Rating has set the rating of the bearer-bonds with ISIN XS1667320854 issued by Universal Securitisation Solution S.A., acting on behalf of its Compartment Securio 1708-01, to (watch) and is going to review the rating due to a methodology change and in accordance with regulatory requirements. The review is open-ended.
• 18.10.2017
  Creditreform Rating has assigned the rating of the bearer-bonds with ISIN XS1667320854 issued by Universal Securitisation Solution S.A., acting on behalf of its Compartment Securio 1708-01 to BBB-. The issue proceeds of this securitisation will be invested in a fund which on his part will deploy the funds to grant predominately senior secured loans to mid-market corporates across Europe. The fund will be managed by an experienced manager with a worldwide presence and with sufficient management capabilities. The main reasons for this rating are the results of our simulation of the expected portfolio cash flows taking into account that we have stressed several portfolio parameter and assumptions. The bearer-bonds benefit from different credit enhancements, which will partly be funded over the term of the bonds. According to our calculations based on the average consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.