Fitch Affirms Dunloe 2005-1, Ltd.CHICAGO -- Fitch affirms all classes of notes issued by Dunloe 2005-1, Ltd. These affirmations are the result of Fitch's review process. The following rating actions are effective immediately: --$35,000,000 class A Notes affirmed at 'AAA'; --$45,000,000 class B Notes affirmed at 'AA-'; --$20,000,000 class C Notes affirmed at 'A-'. Dunloe 2005-1 is a partially funded, synthetic static 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 March 23, 2005. The portfolio is comprised of RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities , CMBS CMBS See: Commercial Mortgage Backed Securities , CDO, and Consumer ABS. The portfolio notional amount has decreased as a result of paid off assets. These amortization amounts were used to reduce the Super Senior Class amount and consequently, 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 have improved. The portfolio has experienced limited credit migration and there have been no credit events. The ratings of all three classes of notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the aggregate principal amount 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 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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