Poland Without Euro Is Still Dependent on ECB, Vujcic Says
Euro holdout Poland is dependent on decisions taken by the European Central Bank whether it joins the single currency region or stays out, a Governing Council member said.
Speaking at a seminar in Warsaw, Croatia's central bank Governor Boris Vujcic said Poland — the European Union's biggest economy outside the euro area — would benefit from lower credit costs if it ditched the zloty.
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KBRA Assigns Preliminary Ratings to Tikehau CLO XI DAC
LONDON, June 06, 2025--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to six classes of notes issued by Tikehau CLO XI DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans. Tikehau CLO XI DAC is a €407.4 million European cash flow CLO managed by Tikehau Capital Europe Limited ("Tikehau" or the "collateral manager"), a wholly owned subsidiary of Tikehau Capital. The CLO originally closed in September 2023. This transaction will reset the terms of the CLO, including the stated maturity, non-call period, reinvestment period, note interest rates and notional balances. The CLO will have a 4.5-year reinvestment period and a 12.5-year legal final. The ratings reflect initial credit enhancement levels, coverage tests including par value and interest coverage tests, excess spread, and a reinvestment overcollateralisation test. This is the first Tikehau CLO to be rated by KBRA. 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A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating's endorsement status is available on its rating page at Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA's Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here. About KBRA UK Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. 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