Brazil's MSF Funding continues to perform well, untroubled by the bankruptcy that has hobbled the originator's parent, DVI. Last week, Standard & Poor's removed the ratings of four tranches from creditwatch negative. Class A notes, with a meager $1.53 million outstanding, were affirmed at A'. The subordination on the senior piece is currently 84%. Including an equity piece, the total size of the deal is $9.81 million.
Fitch Ratings, meanwhile, has kept the notes on negative watch, with the A tranche at BBB'. Still, "the deal's been performing consistently considering it's accelerated," said Jennifer Connor, an analyst at the agency. Moody's Investors Service confirmed the rating on all the notes in March, with the A' tranche at Baa2'.