Fitch Affirms 1 Cls from Man Glenwood Alternative Strategies II Ltd.; 3 Classes Remain on Watch Neg.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 -- 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 one tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. from Man Glenwood Alternative Strategies II Ltd. and three tranches remain on Rating Watch Negative. --$250,000,000 class A at 'AA', removed from Rating Watch Negative; --$40,000,000 class B 'AA', remains on Rating Watch Negative; --$15,000,000 class C 'A', remains on Rating Watch Negative; --$43,750,000 class D 'BBB', remains on Rating Watch Negative. These rating actions reflect the fund's performance as of the end of September based upon updated Fitch cash flow analysis along with expectations of further stress in the coming months for the hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" sector. Class A notes are removed from Rating Watch Negative given the class' ability to perform even with significant losses to the underlying portfolio. Classes B through D remain on Rating Watch Negative as Fitch is still reassessing its approach for analyzing HF CFOs given the recent market environment and in consideration of higher observed market volatility, reduced liquidity, and limited transparency in underlying hedge funds. Additional transaction 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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