S&P gives Ocean Whale notes AA-

Standard & Poor's said it assigned a preliminary AA- rating to the $200 million of capped floating-rate secured notes due in 2018 that are to be issued by Ocean Whale Funding Ltd.

The transaction employs a structure with only one dollar-denominated loan to support one class of dollar-denominated notes. The key dependency of the rating is the Export-Import Bank of China as the guarantor to the facility agreement collateralizing this transaction, the agency noted.

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