Black Diamond CLO 2015-1 Designated Activity Company -- Moody's upgrades the ratings on EUR 80.8m CLO notes of Black Diamond CLO 2015-1 Designated Activity Company

Black Diamond CLO 2015-1 Designated Activity Company – Moody’s upgrades the ratings on EUR 80.8m CLO notes of Black Diamond CLO 2015-1 Designated Activity Company

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Rating Action: Moody’s upgrades the ratings on EUR 80.8m CLO notes of Black Diamond CLO 2015-1 Designated Activity CompanyGlobal Credit Research - 21 Jan 2022Moody’s also affirms the ratings on EUR 90.1m and USD 13.7m of notesLondon, 21 January 2022 – Moody’s Investors Service (“Moody’s”) has upgraded the ratings on the following notes issued by Black Diamond CLO 2015-1 Designated Activity Company (“Black Diamond CLO 2015-1”):….EUR 22,900,000 Refinancing Class C Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to Aaa (sf); previously on Jul 12, 2021 Upgraded to Aa1 (sf)….EUR 24,800,000 Refinancing Class D Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to A1 (sf); previously on Jul 12, 2021 Affirmed A3 (sf)….EUR 23,600,000 Refinancing Class E Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to Ba1 (sf); previously on Jul 12, 2021 Affirmed Ba2 (sf)….EUR 9,500,000 Class F Senior Secured Deferrable Floating Rate Notes due 2029, Upgraded to B1 (sf); previously on Jul 12, 2021 Upgraded to B2 (sf)Moody’s has also affirmed the ratings on the following notes:….EUR 176,300,000 (current outstanding amount EUR 35,793,804) Refinancing Class A-1 Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf); previously on Jul 12, 2021 Affirmed Aaa (sf)….USD 67,200,000 (current outstanding amount USD 13,706,671) Refinancing Class A-2 Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf); previously on Jul 12, 2021 Affirmed Aaa (sf)….EUR 24,300,000 Refinancing Class B-1 Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf); previously on Jul 12, 2021 Affirmed Aaa (sf)….EUR 30,000,000 Refinancing Class B-2 Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf); previously on Jul 12, 2021 Affirmed Aaa (sf)Black Diamond CLO 2015-1, issued in September 2015 and refinanced in January 2018, is a multi-currency collateralized loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European and US loans. The portfolio is managed by Black Diamond CLO 2015-1 Adviser, L.L.C. (the “Manager”). The transaction’s reinvestment period ended in October 2019.RATINGS RATIONALEThe rating upgrades on the Class C, D, E and F Notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in July 2021.The Class A Notes have paid down by approximately EUR 97 million (or 38% of Class A original balance) since the last rating action in July 2021 and by approximately EUR 127 million (or 50% of Class A original balance) in the last 12 months. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated 20 December 2021 [1] the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 182.6%, 154.6%, 132.5%, 116.6% and 111.3% compared to the last rating action in July 2021 the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 154.4%, 137.8%, 123.4%, 112.3% and 108.4% [2]. Moody’s notes that as per the trustee report dated 20 December 2021 [1], there were approximately EUR 24 million in the principal account; OC ratios across the capital structure are expected to increase further once these principal proceeds are distributed towards redemption of the Class A notes as of the January 2022 note payment date. Moody’s has assumed in its analysis that the EUR 24 million principal proceeds will be used to redeem the Class A notes.The rating affirmations on the Class A-1, A-2, B-1 and B-2 Notes reflect the expected losses of the notes continuing to remain consistent with their current ratings after taking into account the CLO’s latest portfolio, its relevant structural features and its actual over-collateralization levels as well as applying Moody’s revised CLO assumptions.The key model inputs Moody’s uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee’s reported numbers.In its base case, Moody’s used the following assumptions:Performing par and principal proceeds balance: EUR 178.2 million and USD 33.8 millionDefaulted Securities: NoneDiversity Score: EUR pool 30 and USD pool 13Weighted Average Rating Factor (WARF): EUR pool 2970 and USD pool 4360Weighted Average Life (WAL): EUR pool 3.8 years and USD pool 3.0 yearsWeighted Average Spread (WAS) (before accounting for Euribor floors): EUR pool 3.2% and USD pool 4.9%Weighted Average Recovery Rate (WARR): EUR pool 46.1% and USD pool 43.4%Par haircut in OC tests: 0.7%The default probability derives from the credit quality of the collateral pool and Moody’s expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager’s latitude to trade collateral are also relevant factors. Moody’s incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing.Moody’s notes that the 20 December 2021 trustee report was published at the time it was completing its analysis of the 6 December 2021 data. The incremental EUR 3.9 million of principal proceeds reported in 20 December 2021, was taken into account in our model runs. Key portfolio metrics such as WARF, diversity score, weighted average spread and life, and OC ratios exhibit little or no change between these dates.Methodology Underlying the Rating Action:The principal methodology used in these ratings was “Moody’s Global Approach to Rating Collateralized Loan Obligations” published in December 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1293730. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Counterparty Exposure:Today’s rating action took into consideration the notes’ exposure to relevant counterparties, such as account bank, using the methodology “Moody’s Approach to Assessing Counterparty Risks in Structured Finance” published in May 2021. Moody’s concluded the ratings of the notes are not constrained by these risks.Factors that would lead to an upgrade or downgrade of the ratings:This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the note, in light of uncertainty about credit conditions in the general economy. In particular, the length and severity of the economic and credit shock precipitated by the global coronavirus pandemic will have a significant impact on the performance of the securities. CLO notes’ performance may also be impacted either positively or negatively by (1) the manager’s investment strategy and behaviour and (2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities.Additional uncertainty about performance is due to the following:** Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes’ ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority.** Foreign currency exposure: The deal has significant exposures to non-EUR denominated assets. Volatility in foreign exchange rates will have a direct impact on interest and principal proceeds available to the transaction, which can affect the expected loss of rated tranches.In addition to the quantitative factors that Moody’s explicitly modelled, qualitative factors are part of the rating committee’s considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager’s track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody’s analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody’s evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.Moody’s quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody’s weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.REFERENCES/CITATIONS[1] Trustee report 20-December-2021[2] Trustee report 7-June-2021Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Julie Ng Asst Vice President - Analyst Structured Finance Group Moody’s Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Ian Perrin Associate Managing Director Structured Finance Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody’s Investors Service Ltd. 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A 555.55-carat black diamond believed to come from space is going on sale

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Isabelle Jani-Friend, CNN

A 555.55-carat black diamond that is truly from out of this world has been unveiled by auction house Sotheby’s Dubai.

The rare gem, which Sotheby’s has dubbed “The Enigma,” is believed to have come from outer space — either created from a meteoric impact or from a “diamond-bearing” asteroid that collided with Earth.

A natural faceted black diamond of this size is an “extremely rare occurrence,” according to Sotheby’s, which expects it to sell for as much as £5 million ($6.8 million) when it goes under the hammer in February in London, after being exhibited in Dubai and Los Angeles.

Black diamonds, also known as Carbonado diamonds, can be dated to between 2.6 to 3.8 billion years ago and have trace amounts of nitrogen and hydrogen — elements found in interstellar space. They also contain osbornite, a mineral present in meteorites.

Nikita Binani, a jewelry specialist at Sotheby’s in London, called the diamond “a true natural phenomenon.”

“Its sale represents a once-in-a-lifetime opportunity to acquire one of the rarest, billion-year-old cosmic wonders known to humankind,” she said in press release Monday.

The shape of the diamond is inspired by the Middle Eastern palm symbol of the Hamsa, a sign of protection, which means five in Arabic. The theme of five runs throughout the stone, according to the auctioneer. In addition to its 555.55 carats, it also contains exactly 55 facets, or faces.

Black diamonds that are faceted have sold in the past at prices surpassing £10,000 ($13,600) per carat, Sotheby’s told CNN.

The diamond will be open for bidding online from February 3 to 9, and the auction house said it will accept cryptocurrency as payment.

The move follows the sale of a 101-carrat diamond, dubbed “The Key 10138,” which became the most expensive jewel ever purchased with cryptoccurency when it sold last year, according to Sotheby’s.

The pear-shaped gemstone sold for the equivalent of $12.3 million, after the auctioneer announced it was accepting offers in bitcoin and ethereum, in addition to traditional forms of payment. Sotheby’s would not disclose which of the two cryptocurrencies had been used to make the purchase.

A number of auction houses have begun welcoming cryptocurrencies for big-ticket items, which have included paintings and NFTs — the blockchain-backed tokens increasingly used to transfer ownership of digital artworks and collectibles. Sotheby’s CEO Charles Stewart told CNN’s Julia Chatterley last April that he believed NFTs and crypto were opening up the art market.

The-CNN-Wire

CNN’s Megan C. Hills contributed reporting.

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The time is now to stock up on Girl Scout cookies. (WBOY Image)

MORGANTOWN, W.Va. — Girl Scout cookie season is back! The Black Diamond Council got things kicked off on Saturday with a cookie palooza at the Chestnut Ridge Church in Morgantown.

Girl Scouts from all over West Virginia met at the church for the event. There, they learned about what to expect this cookie season, including the pillars of things they will learn while out selling cookies. In addition, they were introduced to the Adventureful, the newest addition to the Girl Scout cookie line.

“The Adventureful is our brand new cookie this season. It is a brownie inspired cookie that has caramel cream on top. It is in high demand,” said Candace Wilson, the Black Diamond Council’s marketing director.

Unfortunately, due to supply chain issues, there had been issues getting the Adventureful out, so the demand has been much higher than the supply. Fortunately, cookie season is just underway, and will run through April.

Kanye West Makes a Monochromatic Moment in Black Balaclava Mask, Leather Jacket and Black Diamond Boots in LA

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All products and services featured are independently chosen by editors. However, FN may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.

Kanye West continues to prove that all-black ensembles look sleek and refined.

The “All Falls Down” rapper was spotted in Los Angeles while having an outside meeting yesterday. For the outfit, ‘Ye opted for a baggy black leather jacket that tied the rest of his getup together. Underneath, he slipped on a neutral-colored T-shirt that was barely visible due to him zipping the jacket all the way up. He paired these items with skinny black jeans that added a nice contrast with the leather. He accessorized with a black balaclava that hid his face.

Kanye West has an outdoor meeting in Los Angeles while wearing an all-black outfit on Jan. 18, 2022. CREDIT: SplashNews.com

A closer look at Kanye West’s tall black boots by Black Diamond. CREDIT: SplashNews.com

When it came down to the shoes, West slipped on a pair of tall black boots by Black Diamond that featured an embossed print on the front upper of the shoes and a treaded toe cap, which made the shoes appear more rugged. They also incorporated two handgrips on each side to help with putting them on.

Related Kanye West Goes Monochrome in All-Black With His Favorite Red Wing Boots, Skinny Jeans and Leather Jacket The Adidas Yeezy Boost 350 V2 CMPCT ‘Slate Red’ Gets a First Look Hailey Bieber Stuns in Nude Mini Dress & Matching Pointy Booties for New Jimmy Choo Campaign

West has an edgy aesthetic that continues to set trends in multiple worlds within the fashion industry. He is a designer who creates new sneaker trends and styles that are beloved on Instagram feeds and streetwear pics alike. His favorite silhouettes include slouchy T-shirts, supple leathers and cozy hoodies. For shoes, he typically wears sneakers and boots from brands like Red Wing, Maison Margiela and other labels that all mesh well with his tastes.

West has a sharp eye for fit and style and has been the creative director of his own brand, Yeezy, for years. He recently collaborated with Gap.

Put on a pair of tall black boots for a unified moment.

Flip through the gallery to see West’s shoe style through the years.

CREDIT: Irish Setter Boots

To Buy: Irish Setter by Red Wing Ironton 17-Inch Safety Boots, $120.

CREDIT: L.L. Bean

To Buy: L.L. Bean Lacrosse Insulated Alphaburly Pro Boots, $190.

CREDIT: Shoebacca

To Buy: Muck Boot Chore Classic Steel Toe Work Boots, $145.

🌱 Black Diamond Visits L.A. + Project Roomkey Runs Out Of Rooms

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Hey, neighbors, and happy National Winnie the Pooh Day ! Sylvia here with your brand-new issue of the Los Angeles Daily.

A 555.55-carat black diamond is visiting L.A. Also, the no-camping ordinance collides with a lack of hotel rooms . Finally, a man was found dead near the Leeward Bay Marina .

The Enigma is a 555.55-carat black diamond that will be auctioned off at Sotheby’s in February. However, journalists in Los Angeles will have a chance to look at it more closely between Monday and Wednesday next week. This diamond is said to have extraterrestrial origins and may sell for close to $7 million. Sotheby’s will accept cryptocurrency. (Barron’s, AP) Los Angeles has run out of FEMA-funded Project Roomkey hotel rooms for individuals experiencing homelessness, we learned Monday. This means that “the city only had congregate beds available” but no individual housing options. At the same time, the City now has a new “anti-camping ordinance.” With “918 people experiencing homelessness testing positive for COVID-19” in the first week of the year, dispersing them is a bad idea, the CDC says. It is now “up to individual councilmembers in their respective districts” to decide on a course of action. (Spectrum News 1) Authorities found a dead man “in the water near the Leeward Bay Marina in Wilmington” on Sunday afternoon. The LAFD believes him to be around 60 years old. The man was seen alive an hour before. (KTLA) We learned Sunday that there was a break-in at the L.A. home of actress Lori Loughlin and fashion designer Mossimo Giannulli. There’s no information how the burglars entered the home. The family was out at the time and a housekeeper discovered the burglary. (NBC) Local developer Redcar Properties has big plans for the industrial buildings at 1635-1639 North Main Street. The finished project could bring “140,000 square feet of offices and 10,000 square feet of retail and restaurant space in a campus-like setting” to the location. If all goes as planned, the project will start up in the fall and finish up in 2024. The property is near the L.A. State Historic Park. (Urbanize)

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