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Article: Fitch Affirms 2 and Downgrades 3 Classes of Sankaty High Yield Partners II.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Fitch Ratings has downgraded three and affirmed two classes of notes issued by Sankaty High Yield Partners II, L.P. (Sankaty II). A detailed list of rating actions follows at the end of this press release.
Sankaty II experienced an Event of Default (EOD) on Oct. 24, 2008. The trustee subsequently provided an Acceleration Notice, and Sankaty Advisors, LLC (the manager) has been winding down the portfolio with the consent of the controlling note class. The rating actions taken by Fitch reflect the EOD acceleration status of the transaction, market value subordination levels of the notes, the collateral remaining in the portfolio, and the length of the exposure ...