Correction: Fitch Downgrades & Withdraws Ratings on CENT Income Opportunity Fund I, LLC.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This amends a press release originally issued on Friday Jan. 16 and contains corrected information on the description of the structure, information on the liquidation trigger breach and the original amount of income notes issued.) 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. has downgraded and withdrawn the ratings on the income notes issued by CENT Income Opportunity Fund I, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The following rating actions are effective immediately: -- $100,000,000 income notes to 'C' from 'CCC' and withdrawn. CENT Income Opportunity Fund I was an open-ended loan fund that used the proceeds from the issuance of the notes to gain exposure to a portfolio of high yield bank loans. Through a total return swap Total Return Swap Any swap in which the non-floating rate side is based on the total return of an equity or fixed income instrument with a life longer than the swap. Notes: Total return swaps are most common in equity or physical commodity markets. , the income note investors obtained up to five times leverage. The fund was negatively impacted by the continued decline in loan prices in the secondary market. The liquidation trigger was breached in October, 2008 and was uncured, resulting in an early termination event on November 14, 2008. The fund issued approximately $95 million of income notes out of the $100 million permitted at the fund's inception. Approximately 70% of this amount was redeemed prior to the early termination event at varying net asset values. Of the $29 million income notes remaining at the time of the termination event, there was zero recovery. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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