(The following statement was released by the rating agency)
-- We have withdrawn our rating on Epic (Culzean)'s class A notes following their redemption.
-- Epic (Culzean) is a CMBS transaction that closed in February 2007, with a scheduled note maturity in October 2019.
Standard & Poor's Ratings Services has withdrawn its credit rating on Epic (Culzean) PLC's class A notes, following their redemption. The other rated notes in this transaction are unaffected by today's rating action (see list below).
The class A notes were scheduled to mature in October 2019. The cash manager's report produced by the servicer, Royal Bank of Scotland PLC (A/Stable/A-1), confirms that the class A notes repaid in full on the April 2012 interest payment date.
The collateral backing the remaining loans in the transaction comprises a mixture of retail and office properties in the U.K.
Epic (Culzean) is a commercial mortgage-backed securities (CMBS) transaction that closed in February 2007, with a scheduled note maturity in October 2019. At closing, the transaction had notes totaling GBP548.65 million. The current outstanding balance of the notes is GBP94.46 million.
RELATED CRITERIA AND RESEARCH
-- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012
-- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012
-- Ratings On 122 Tranches In 65 European CMBS Transactions Placed On CreditWatch Negative After Bank Rating Actions, Jan. 31, 2012
-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
-- Rating Lowered On Class F Notes In Epic (Culzean) Due To Increased Risk Of Principal Loss; Classes A To E Affirmed, Sept. 8, 2011
-- S&P Resolves 99 European Structured Finance Counterparty Criteria CreditWatch Placements (June 27, 2011 Review), June 27, 2011
-- Principles Of Credit Ratings, Feb. 16, 2011
-- Methodology: Credit Stability Criteria, May 3, 2010
-- Use Of CreditWatch And Outlooks, Sept. 14, 2009
-- Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009
-- European Legal Criteria For Structured Finance Transactions, Aug. 28, 2008
-- New Issue: Epic (Culzean) PLC, Nov. 27, 2007
-- Framework For Credit Analysis In European CMBS Transactions, May 21, 2007
-- Technical Challenges In European CMBS Structures, Feb. 16, 2006
-- European CMBS Loan Level Guidelines, Sept. 1, 2004
Epic (Culzean) PLC
GBP548.65 Million Commercial Mortgage-Backed Floating-Rate Notes
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