(The following statement was released by the rating agency)
June 05 -
Summary analysis -- Alte Liebe 1 Ltd. ----------------------------- 05-Jun-2012
CREDIT RATING: None. Please see issue list. Country: Jersey
Primary SIC: Special Purpose
The 'B-' issue rating on the EUR102 million senior secured notes issued by Alte Liebe 1 Ltd. reflects the underlying credit quality of these notes, discussed below.
The notes have an unconditional and irrevocable guarantee of payment of scheduled interest and ultimate principal from Ambac Assurance U.K. Ltd. (Ambac; not rated), the controlling creditor. Under our criteria, a rating on monoline-insured debt reflects the higher of the rating on the monoline (in case it is rated) or Standard & Poor's underlying rating (SPUR). Therefore, the debt rating on the notes reflects the SPUR.