Ratings Withdrawn In SME CLO Transaction Bankinter 2 PYME Following Early Liquidation

OVERVIEW

  • We have withdrawn our ratings on Bankinter 2 PYME's class B, C, and D notes following the transaction's early liquidation.
  • At the same time, we have affirmed our 'D (sf)' rating on the class E notes. We will withdraw our rating on this class of notes 30 days following this downgrade.
  • Bankinter 2 PYME is a single-jurisdiction cash flow CLO transaction backed by SME loans.
LONDON (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings today withdrew 
its credit ratings on Bankinter 2 PYME, Fondo de Titulizacion de Activos' 
class B, C, and D notes. At the same time, we have affirmed our 'D (sf)' 
rating on the class E notes, which we will withdraw in 30 days time (see list 
below). 

Today's rating actions follow the transaction's early liquidation. According 
to the trustee report, the class B, C, and D notes were fully repaid on Nov. 
16, 2018. We have therefore withdrawn our ratings on these classes of notes.

The class E notes were not fully repaid and remain in default. Consequently, 
we have affirmed our 'D (sf)' rating on this class of notes. 

Bankinter 2 PYME is a single-jurisdiction cash flow collateralized loan 
obligation (CLO) transaction backed by small and midsize enterprise (SME) 
loans.