Fitch Affirms Eight Classes of Abacus 2005-CB1.CHICAGO -- Fitch affirms eight classes of notes issued by Abacus 2005-CB1, Ltd. (Abacus 2005-CB1). The following rating actions are effective immediately: -- $132,187,500 class A-1 notes at 'AAA'; -- $22,500,000 class A-2 notes at 'AAA'; -- $22,500,000 class B notes at 'AA'; -- $23,437,500 class C notes at 'A'; -- $6,562,500 class D notes at 'A'; -- $15,000,000 class E-1 notes at 'BBB+'; -- $6,562,500 class E-2 notes at 'BBB'; -- $9,375,000 class F notes at 'BBB'. Abacus 2005-CB1 is a 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 ) created to enter into credit default swaps with Goldman Sachs Capital Markets synthetically referencing portfolio comprised of residential mortgage-backed securities (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ), commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ), and asset-backed securities (ABS). These affirmations are a result of stable reference portfolio performance and the financial strength of the counterparties and their guarantors. Since the deal closed in December 2005 there have been no credit events in the reference portfolio. Further, Fitch's Weighted Average Rating Factor (WARF WARF Wisconsin Alumni Research Foundation WARF Wide Aperture Research Facility WARF Wartime Active Replacement Factors WARF weighted-average risk factor WARF Wartime Attrition and Replacement Factors WARF Whylie Animal Rescue Foundation ) remains stable at 'BBB'/'BBB-'. The ratings of all 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 stated balance of principal by the legal final 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's web site at www.derivativefitch.com. For more information on the Fitch Default VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 4, 2006, also available on Fitch's web site. 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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