Fitch Affirms NewStar Commercial Loan Trust 2006-1.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 has affirmed six classes of notes issued by NewStar Commercial Loan Trust 2006-1, (NewStar 2006-1). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately: --$320,000,000 class A-1 notes affirm at 'AAA'; --$12,000,000 class A-2 notes affirm at 'AAA'; --$22,500,000 class B notes affirm at 'AA'; --$35,000,000 class C notes affirm at 'A'; --$25,000,000 class D notes affirm at 'BBB'; --$13,750,000 class E notes affirm at 'BBB-'. NewStar 2006-1 is a 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 ) that closed June 8, 2006 and is managed by NewStar Financial, Inc which is currently rated 'CAM2' by Fitch. NewStar 2006-1 is secured by a portfolio composed of 85.7% traditional middle market loans, 8.8% large middle-market loans, 3.2% broadly syndicated loans, and 2.3% structured loans. NewStar 2006-1 will exit its reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. period in June 2011. Included in this review, Fitch updated the shadow ratings on all underlying loans in the portfolio. These affirmations are the result of the stable credit quality of the underlying collateral. Since close, the transaction continues to remain in compliance with all collateral criteria. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the most recent September 13, 2007 quarterly performance report, the weighted average rating factor has decreased to 23.0 ('B/B+') from 26.6 ('B/B+') as of December 13, 2006. During this same time period, the weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. has remained at 13.8% and the weighted average spread has declined to 3.9% from 4.09%. Currently there are no charged off or delinquent loans in the collateral pool. The rating of the class A-1 and A-2 notes addresses the likelihood investors will receive full and timely payments of interest, as well as the stated balance of principal by the legal final maturity date, as per the governing documents. The ratings of the class B, C, D, and E notes address the likelihood that investors will receive ultimate and compensating interest payments, as well as the stated balance of principal by the legal final maturity date, as per the governing documents. 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. 18, 2006 and also 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 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. , Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto. |
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