Anthracite CDO II Rated 'AAA/AA/A-/BBB/BBB-/BB' By Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 10, 2002 Anthracite anthracite (ăn`thrəsīt'): see coal. anthracite or hard coal Coal containing more fixed carbon than any other form of coal and the lowest amount of volatile (quickly evaporating) material, giving it the CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the II, Ltd. and Anthracite CDO II, Corp. (the co-issuers) $158.8 million class A floating-rate notes Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. floating-rate note An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a are rated 'AAA' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . In addition, Fitch rates the $13 million class B fixed-rate notes 'AA', $31 million class B-FL floating-rate notes 'AA', $43 million class C fixed-rate notes 'A-', $5 million class C-FL floating-rate notes 'A-', $20 million class D fixed-rate notes 'BBB', $10 million class E fixed-rate notes 'BBB-', $12.9 million class F fixed-rate notes 'BBB-' and $21 million class G fixed-rate notes 'BB'. The rating on the class A, class B and class B-FL notes address the timely payment of interest and ultimate repayment of principal. The ratings on the class C, class C-FL, class D, class E, class E, class F and class G notes address the ultimate payment of interest and ultimate repayment of principal. The rating is based upon the capital structure of the transaction, the quality of the collateral, and the experience and capabilities of BlackRock Financial Management, Inc. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from issuance are used to purchase a $363.4 million pool of commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. , real estate investment trust securities and mortgage loans. The credit quality of the collateral pool is bound by the covenanted Fitch weighted-average rating factor (WARF WARF Wisconsin Alumni Research Foundation WARF Wide Aperture Research Facility WARF Wartime Active Replacement Factors WARF weighted-average risk factor WARF Wartime Attrition and Replacement Factors WARF Whylie Animal Rescue Foundation ) of 35.5, which is in the 'BB+/BBB-' rating level. The current WARF at closing is approximately 34.0. The class A note has a stated final maturity date in December 2017, while classes B, B-FL, C, C-FL, D, E, F and G have a stated legal final maturity in December 2037. Monthly payments for classes A, B, B-FL, C, C-FL, D, E and F start Jan. 24, 2003 and quarterly payments for class G starts March 24, 2003. For a detailed description of Fitch's rating analysis, please see the report titled 'Anthracite CDO II', dated November 15, 2002 and available on Fitch's web site at 'www.fitchratings.com'. |
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