2010 European CLO gets a Moody's upgrade

Moody’s yesterday upgraded ICG EOS Loan Fund, one of the few European CLOs to emerge onto the scene since the financial crisis. The rating agency upgraded the €1.4 billion deal’s class B notes from Aa2 to Aaa, as part of its rating sweep.

ICG EOS Loan Fund was structured to finance a €1.4 billion portfolio of loans sold by RBS to London-based manager ICG. The deal also consists of a €790 million triple-A tranche as well as €571.8 million of unrated preferred and subordinated notes.

The CLO closed in August last year and its two year reinvestment period runs out next August. After the reinvestment period expires, the deal will have another 12 years to run before it hits its maturity date.