Fitch Affirms All Classes of Blue Heron Funding VI Ltd.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 all classes of notes issued by Blue Heron blue heron n. Any of several varieties of heron with blue or blue-gray plumage. Funding VI, Ltd. (Blue Heron VI). The following rating actions are effective immediately: --$1,113,750,000 class A-1 notes affirmed at 'AAA'; --$25,000,000 class A-2 notes affirmed at 'AAA'; --EUR 89,936,000 class B notes affirmed at 'A'; --EUR 89,936,000 class B additional interest affirmed at 'BBB-' (interest only); --$5,693,781 certificates (principal only) affirmed at 'AAA'. Since the deal closed in December 2005 the underlying portfolio has continued to perform. The Fitch weighted average rating factor has improved from 0.49, as of January 2006 trustee report, down to 0.44 as of December 2006 but remains in the 'AAA'/'AA+' bucket. Further, all overcollateralization (OC) and interest coverage (IC) tests are meeting their corresponding covenants. Since the deal closed in December 2005 the Certificates have received interest distributions in the amount of $ 0.56 million, which for the purposes of this review are considered principal repayments. The long-term rating assigned to the Certificates is based on the rating of the certificate protection assets, which are comprised of U.S. government backed RefCorp strips. The ratings on the classes A-1 and A-2 notes address the timely payment of interest and the ultimate repayment of principal by the stated maturity Stated maturity For the CMO tranche, the date the last payment would occur at zero CPR. date. The rating on the class B notes addresses the ultimate repayment of principal and the ultimate payment of interest at a rate equal to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). by the stated maturity date. The rating on the class B additional interest addresses the ultimate payment of class B interest at a rate equal to 1.5% per annum Per annum Yearly. on the outstanding rated balance of the class B notes and the ratings on the certificates address the ultimate repayment of principal only by the stated 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.derivativefitch.com). (For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 18, 2006, available on Fitch's web site 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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