Moody's Investors Service has just withdrawn its provisional rating of 'Baa2 (sf)' on the secured notes, Series 2011-1 that were to be issued by Drug Royalty LP 1, a subsidiary of Toronto-based DRI Capital. Credit Suisse is lead managing the deal.
The $200 million securitization was backed by 18 drug royalty streams generated from the global sales of 14 drugs. The deal is comprised of Class A-1 floating-rate notes and Class A-2 fixed-rate notes, which rank pari-passu for all purposes.
Moody's withdrew its ratings for the deal's Class A-1 and Class A-2 notes that were both assigned a 'Baa2 (sf)' rating.
The provisional ratings were originally assigned by Moody's on Nov. 2.
The rating agency cited its own business reason for withdrawing its ratings from the transaction. The issuer has also informed Moody's that the issuance of the notes is not currently scheduled to close.
For ASR's coverage of the transaction, please click this link.