Fitch Affirms 1 Class of Irvington SCDO 2004-2 Ltd.CHICAGO -- Fitch Ratings has affirmed one class of notes issued by Irvington SCDO SCDO Spondylocostal Dysostosis, Autosomal Recessive SCDO Shanghai Civil Defence Office 2004-2 Ltd., (Irvington). The affirmation is the result of Fitch's review process and is effective immediately: --$25,000,000 class A-1 note 'AAA'. Irvington, which closed June 10, 2004, is a static, single tranche synthetic collateralized debt obligation Synthetic Collateralized Debt Obligation An artificial collateralized debt obligation that is backed by a pool of credit derivatives. Notes: Rather than the traditional pools of assets such as bonds and loans, the pools of credit derivatives that back synthetic CDOs (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 ) giving investors leveraged access to the credit risk of a diverse portfolio of mostly investment-grade, corporate reference entities. The trust gains access to the credit risk of the portfolio via a credit default swap Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. between Irvington and Bear Stearns Credit Products Inc., as swap counterparty. The affirmation is the result of performing portfolio and sufficient credit enhancement. Since closing, the reference portfolio has experienced one credit event which lowered the credit enhancement of the class A-1 note, however, the deal still has enough subordination to merit the 'AAA' rating. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Derivative Fitch web site at www.derivativefitch.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 4, 2006 and also available at www.derivativefitch.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.derivativefitch.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. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto. |
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