NEW YORK (HedgeWorld.com)–Man Glenwood Alternative Strategies I, a structured hedge fund of funds, received ratings from both Standard & Poor’s and Moody’s for its US$374 million in debt tranches.
The collateralized fund obligation is one of the first to receive a public rating and had received preliminary ratings in May, Previous HedgeWorld Story.
The deal came in 10% larger than originally expected, with US$550 million in assets, said Yvonne Fu, senior vice president and analyst on the deal for Moody’s. In addition, one of the tranche’s ratings from Moody’s was a notch higher than planned.
S&P and Moody’s assigned ratings of AAA and Aaa, respectively, for the first tranche, which has US$242 million in assets, according to an S&P statement. The second US$33 million tranche was assigned ratings of AA and Aa2 and the third US$41.25 million tranche was rated A and A1, though Moody’s originally had assigned a preliminary rating of A2. The fourth US$57.75 million tranche was rated BBB/Baa2, and the final US$176 million equity tranche is unrated.