Fitch Affirms Blue Heron Funding V Ltd.CHICAGO -- Fitch affirms four classes of notes issued by Blue Heron blue heron n. Any of several varieties of heron with blue or blue-gray plumage. Funding V Ltd., (Blue Heron V). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately: -- $455,000,000 class A-1 notes at 'F1+'; -- $455,000,000 class A-2 notes at 'F1+'; -- $85,000,000 class B notes at 'A-'; -- $5,000,000 certificates at 'AAA'. Blue Heron V is a high grade 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 ) managed by Westdeutsche Landesbank Girozentrale, 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 Branch (WestLB) which closed Feb. 25, 2003. Blue Heron V is primarily composed of approximately 6% in CDOs, 39% in commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. , and 47% in residential mortgage-backed securities. Since Fitch's prior review in August 2005, Blue Heron IV has continued to experience stable performance. The weighted average rating factor has increased slightly to 1.69 ('AAA/AA+') from 1.66 ('AAA/AA+') versus a maximum test level of 2.33, with no asset on Rating Watch Negative as of the May 2006 trustee report. The class A overcollateralization (OC) ratio is materially unchanged at 106.5% and the class B OC ratio has risen to 100.23% from 99.96%. There are no defaulted assets or assets rated below 'A-' in the portfolio. The rating of the class A-1 and A-2 notes 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. The ratings of the class B notes and Certificates address the likelihood that investors will receive their stated balance of principal by the legal final maturity date. As a result of this analysis, Fitch has determined that the original ratings assigned to the class A-1, A-2 and B notes still reflect the current risk to noteholders, as do the rating assigned to the certificates. 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 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. 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, also available 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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