Fitch Affirms One Tranche of HYPPCO Finance Company 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 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. affirms one tranche of HYPPCO Finance Company Ltd. as follows: --$115,671,026 class A-2 notes 'CCC-'. HYPPCO Finance Company Ltd. (HYPPCO) 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 ) managed by Delaware Investment Advisors, Inc. The CBO CBO See: Collateralized Bond Obligation. was established in February 1996, to issue approximately $322 million in notes and equity. Payments are made semi-annually in March and September and the reinvestment period ended in September, 2000. The ratings of the class A-2 notes address the timely payment of interest and the ultimate payment of principal. Fitch reviewed the credit quality of the individual assets comprising the portfolio. Since Fitch's last rating action in January 2002, the portfolio continues to experience negative performance through impaired and defaulted assets, along with a negative change to the weighted average rating factor. The class A-1 notes have paid-in-full, while the class A-2 notes have paid down approximately 61% of its original note balance and all tranches are receiving current interest. Accordingly, as a result of its analysis, Fitch has determined that the assigned ratings to all rated notes reflect the current risk to noteholders. Fitch will continue to monitor and review this transaction for future rating adjustments as needed as needed prn. See prn order. . Additional deal information and historical data is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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