Structured Finance SME CLOs
Outlook: No Trend
Action date: 10/22/2021
Rating action: Affirmed

Alhambra SME Funding 2019-1 DAC Class B

Axesor Rating ( Axesor ) has affirmed the rating of the Class A notes at AAA (sf), the rating of the Class B notes at AA (sf) and downgraded the rating of the Class C notes to B- (sf) from B+ (sf) . Axesor did not assign ratings to the Classes D, E, Z1 and Z2 notes. Alhambra SME Funding 2019-1 DAC is a securitization transaction collateralized by a static portfolio of primarily unsecured loans granted to Spanish SME and mid-cap corporates. The loans were originated by Be Spoke Capital (Ireland) Limited (BCI). Previously, the loans were warehoused by Be-Spoke Loan Funding DAC (the Seller ) which in November 2019 assigned the loans to the Issuer. At the issue date, the portfolio consisted of 52 loans (and 48 borrowers), with outstanding loans of EUR 274.98 million.


ISIN: XS2074551305
Date last rating: 10/22/2021
Date first rating: 11/21/2019