Correction - Fitch Affirms 5 Classes of Magnetite Asset Investors 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 is a correction for a press release issued on Friday, October 13, 2006. It contains the correct amount of the senior credit facility notes.) 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. affirms five classes of notes issued by Magnetite magnetite (măg`nətīt), lustrous black, magnetic mineral, Fe3O4. It occurs in crystals of the cubic system, in masses, and as a loose sand. Asset Investors L.L.C./Magnetite Asset Investors, Inc. These affirmations are the result of Fitch's review process. The following rating actions are effective immediately: --$180,000,000 Senior Credit Facility affirmed at 'AA+'; --$163,000,000 class A notes are 'PIF'; --$50,000,000 class B notes affirmed at 'A+'; --$75,000,000 class C notes affirmed at 'BBB+'; --$30,000,000 class D notes affirmed at 'BB+'; --$25,000,000 class E notes affirmed at 'B+'. Magnetite Asset Investors L.L.C. is a market value collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (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 ) that closed December 29, 1998. The fund is managed by BlackRock Financial Management, Inc., a subsidiary of BlackRock Inc., a New York based investment manager with approximately $1 trillion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of September 20, 2006 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for the recently completed merger between BlackRock and Merrill Lynch Investments Managers. Kelso & Company, a private equity specialist, advises Magnetite on the mezzanine and special situation portion of the portfolio. The collateral has continued to exhibit stable performance since the last rating action. These affirmations are the result of the growing overcollateralization (OC) cushion. The OC levels have increased to 216.98% from 137.70% for the senior credit facility, 179.48% from 130.90% for the class B notes, 142.50% from 121.40% for the class C notes, 133.10% from 118.10% for the class D notes and 127.20% from 114.80% for the class E notes. Magnetite Asset Investors L.L.C. is currently passing its minimum net worth test well above its covenanted trigger. The ratings on Magnetite Asset Investors L.L.C. addresses the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004 and also available on Fitch's web site at www.fitchratings.com. 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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