Fitch Affirms One Class of Z-1 CDO 1996-1 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 Ratings affirms one class of the notes issued by Z-1 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 1996-1 Ltd. (Z-1 CDO). The affirmation of this note is a result of Fitch's rating review process. The following rating action is effective immediately: -- $153,281,380 class A-2 notes affirm at 'AAA'; -- $21,000,000 class B notes remain at 'CC'. Z-1 CDO, a corporate collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (CDO) that closed on Oct. 31, 1996, is currently managed by Patriarch Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Patriarch). Patriarch began managing the portfolio as of May 2, 2003 for their expertise in distressed debt portfolios. The fund was originally established to invest in a portfolio of senior unsecured, subordinated, and emerging market debt securities. The class A-2 notes are wrapped by MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corp. (MBIA), rated 'AAA' by Fitch. The transaction continues to deleverage, with approximately 60% of the original class A-2 balance outstanding. As of the May 2005 payment report, there were insufficient interest proceeds to pay current interest on the class A-2 notes. The interest shortfall to the A-2 notes was paid through the application of principal proceeds. The entire class B coupon continues to be paid with principal proceeds, with the reminder of principal being applied to redeem the A-2 notes. Due to the use of principal to pay interest, the overcollaterization levels have declined since the last rating affirmation. The class B notes are projected to receive current interest until maturity with no ultimate principal recovery. Transaction information and historical data on Z-1 CDO are available on the Fitch Ratings' web site at www.fitchratings.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004, also available at www.fitchratings.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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