Moody's rates Barclays EUR837m Spanish CLO

Moody's Investors Service has assigned provisional ratings to two classes of notes that will be issued by TDA Corporativos, a newly formed limited liability Spanish entity.

This is a static collateralised loan obligation (CLO) related to a EUR 837.1 million par value portfolio (expected on 20 November 2009) of loans granted by Barclays Bank PLC and Barclays Bank S.A. denominated in Euros, Moody's said.

Of the two classes of notes, TDA's EUR669.7m Series A notes has been rated Aaa and EUR167.45m Series B notes has been rated A1. The notes will be used to finance the purchase of the corporate loans at par.

The provisional ratings for the portfolio of small, medium and large corporate loans address the expected loss posed to investors by the legal final maturity (October 2028), the rating agency added.