Textainer Marine Containers VII Ltd. Series 2019-1 Notes Assigned Ratings


  • Textainer Marine Containers VII Ltd.'s issuance is an ABS transaction backed by an approximately $412.178 million (net book value) portfolio containing 105,968 containers. The issuer has the right to net lease revenues from the portfolio and any residual cash flows from the sale of containers.
  • We assigned our ratings to the class A and B notes.
  • The ratings reflect our view of the transaction's structure and portfolio characteristics, among other factors.
NEW YORK (S&P Global Ratings) April 24, 2019--S&P Global Ratings today 
assigned its ratings to Textainer Marine Containers VII Ltd.'s fixed-rate 
asset-backed notes series 2019-1 (see list).

The note issuance is an asset-backed securities transaction backed by an 
approximately $412.178 million (net book value) portfolio containing 105,968 
containers. The issuer has the right to net lease revenues from the portfolio 
and any residual cash flows from the sale of containers.

The ratings reflect:
  • The likelihood that timely interest and ultimate principal payments will be made on or before the legal final maturity date;
  • The initial and future lessees' estimated credit quality;
  • The transaction's structure;
  • The portfolio characteristics, including the asset quality and lease terms;
  • The manager's experience and management team; and
  • Certain compliance tests, concentration limitations, and early amortization events included in the transaction documents.
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