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Fitch Ratings assigns Oak Hill European Credit Partners notes expected ratings.

London: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, assigned Oak Hill European Credit Partners IV DAC refinancing notes expected ratings.

It places the average credit quality of obligors in the 'B' range. The Fitch weighted average rating factor (WARF) of the current portfolio is 33.5, below the covenanted maximum for assigning the expected ratings of 34.5. The portfolio will comprise a minimum of 90% senior secured obligations. The weighted average recovery rate of the current portfolio is 68.5%, above the covenanted minimum for assigning expected ratings of 63.75%, corresponding to the matrix WARF of 34.5 and weighted average spread of 3.5%.

These are as follows:

Class X: 'AAA(EXP)sf'; Outlook Stable

Class A-1-R: 'AAA(EXP)sf'; Outlook Stable

Class A-2-R: 'AAA(EXP)sf'; Outlook Stable

Class B-1-R: 'AA(EXP)sf'; Outlook Stable

Class B-2-R: 'AA(EXP)sf'; Outlook Stable

Class C-R: 'A(EXP)sf'; Outlook Stable

Class D-R: 'BBB(EXP)sf'; Outlook Stable

Class E-R: 'BB(EXP)sf'; Outlook Stable

Class F-R: 'B-(EXP)sf'; Outlook Stable

The assignment of the final ratings is contingent on the receipt of final documents conforming to information already reviewed. Oak Hill European Credit Partners IV DAC is a cash flow collateralised loan obligation (CLO). The proceeds of this issuance will be used to redeem the old notes, with a new identified portfolio comprising the existing portfolio, as modified by sales and purchases conducted by the manager. The portfolio is managed by Oak Hill Advisors (Europe), LLP. The refinanced CLO envisages a further four-year reinvestment period and an 8.5-year weighted average life.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 3, 2018
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