Fitch Affirms Irvington SCDO 2004-2 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 affirms one note issued by Irvington SCDO SCDO Spondylocostal Dysostosis, Autosomal Recessive SCDO Shanghai Civil Defence Office 2004-2 Ltd., (Irvington). The affirmation is the result of Fitch's review process and the following rating action is effective immediately: --$25,000,000 class A-1 note at 'AAA'. Irvington, which closed June 10, 2004, is a static, single tranche, 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 giving investors leveraged access to the credit risk of a diverse portfolio of mostly investment-grade, corporate reference entities. The trust gains access to the credit risk of the portfolio via a credit default swap Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. between Irvington and Bear Stearns Credit Products Inc., as swap counterparty. The affirmation is the result of performing portfolio and sufficient 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 . Since closing, the reference portfolio has experienced one credit event which lowered the credit enhancement of the class A-1 note; however, the deal still has enough subordination to merit the 'AAA' rating. 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 Collateralized Debt Obligations,' dated Oct. 18, 2006 and also available on Fitch's web site at www.derivativefitch.com. As announced in Fitch's Rating Action Commentary titled 'Fitch Clarifies Position on New Issue 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 Ratings' published on its website on November 6th, 2007, Fitch is currently in the process of reviewing its rating methodology and model assumptions for all new issue CDO ratings. Investors should be aware that Fitch is reassessing its analytic views which could impact existing ratings, including the expected ratings assigned to the securities in this press release. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion