Fitch Affirms North Street 2002-4 Reference Linked Notes, 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 affirmed six classes of notes issued by North Street Referenced Linked Notes, 2002-4 Ltd. (North Street 2002-4). These affirmations are the result of Fitch's review process and are effective immediately: --$353,000,000 class A notes at 'AAA'; --$40,000,000 class B notes at 'AA'; --$46,000,000 class C notes at 'A'; --$61,000,000 class D notes at 'BBB+'; --$25,000,000 class E notes at 'BBB'; --$49,000,000 income notes at 'BB+'. North Street 2002-4 is a partially funded 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 ) that closed March 15, 2002 and was created to enter into 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. with UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Bank. North Street 2002-4 has a reference portfolio composed of corporate debt obligations, 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). Fitch's affirmation of the ratings is a result of the stable credit quality of the reference portfolio, with the weighted average rating factor of 10 ('BBB+') both as of the most recent trustee report dated Oct. 31, 2006 and at the time of Fitch's last review. Assets rated at or below 'BBB' represented 34.51% as of the most recent trustee report available and 35.3% at the time of Fitch's last review, below the allowed maximum of 50%. The referenced portfolio has experienced no credit events to date. The ratings of the class A, B, C and D notes address the credit quality of the reference pool and the likelihood of the applicable class of notes having to make credit protection payments under the credit default swap. The rating of the class E 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 rating of the income notes addresses the likelihood that investors will receive ultimate payments of interest, at the rated coupon of 7.5%, 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 Fitch's 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 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.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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