Fitch Affirms 1 & Upgrades 2 Classes of MCG Commercial Loan Trust 2004-1.CHICAGO -- The following rating actions are a result of the 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. review process and are effective immediately: MCG Commercial Loan Trust 2004-1 (MCG 2004-1) -- $17,586,817 class A-2 notes affirmed at 'AAA'; -- $43,500,000 class B notes upgraded to 'AA' from 'A'; -- $15,800,000 class C notes upgraded to 'A' from 'BBB'. MCG 2004-1 is a 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 ) which closed on Sept. 30, 2004. The collateral is composed of middle market loans and widely syndicated loans. Since the deal closed in September 2004 it has been quickly deleveraging thus increasing credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing levels for all classes. Further, class A-1 final paydown took place in April 2006. The collateral has continued to perform. There are no defaulted or distressed assets in the portfolio. The structure is passing all of its overcollateralization (OC) tests according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. April 17, 2006 Trustee report. The rating of the class A-2 notes addresses the likelihood that investors will receive full and timely payments of interest, as well as the stated balance of principal by the legal final maturity date, as per the governing documents. The ratings of classes B and C address the likelihood that investors will receive ultimate and compensating interest payments, as well as the stated balance of principal by the legal final maturity date, as per the governing documents. 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. 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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