Fitch Affirms PIMCO's Structured Finance CDO Asset Manager Rating at 'CAM2'.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 PIMCO's structured finance 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 ) asset manager rating at 'CAM2'. PIMCO's rating can be attributed to the depth and experience of its structured finance portfolio managers, their strong internal control environment, and their commitment to consistent and ongoing asset surveillance and CDO administration, particularly in addressing the specialized monitoring requirements of ABS derivatives. Further, PIMCO's allocation of additional resources to their CDO platform, specifically the hiring of additional staff in their client servicing area, highlights PIMCO's attention to building their CDO business. PIMCO's 'CAM2' rating is based on the firm's composite score which represents a weighted average based on the scores assigned for each group of criteria factors summarized below. This composite score is used to establish a systematically applied quantitative link between its asset manager rating and Fitch's CDO rating criteria, in accordance with the approach outlined in the Fitch report 'Reviewing and Rating CDO Asset managers' dated January 2, 2007, available on the Derivative Fitch web site at www.derivativefitch.com. --Company and Management Experience '1'; --Staffing '1-'; --Procedures and Controls '1-'; --Portfolio Management '2+'; --CDO Administration '2'; --Technology '1-'; --CDO Portfolio Performance '3+'. Founded in 1971, Pacific Investment Management Company (PIMCO PIMCO Pacific Investment Management Company ) is headquartered in Newport Beach, California Newport Harbor redirects here. For the MTV reality series, see . Newport Beach, incorporated in 1906, is a city in Orange County, California, 10 miles south of downtown Santa Ana. . PIMCO has been managing dedicated structured credit portfolios since 1993 and as of September 30, 2006, managed $29.3 billion of structured credit through their global structured credit platform. Of their structured credit portfolio, CDOs account for approximately $6.6 billion. PIMCO has sourced collateral for 40 deals across six asset classes since their entree into CDO management in 1996. PIMCO is the collateral manager for seven outstanding structured finance CDOs -- Pacific Coast CDO, Ltd., Pacific Shores CDO, Ltd., Euro Multi Credit, Pacific Bay CDO, Ltd., Crystal Cove CDO, Ltd., Laguna CDO, Ltd., and Costa Bella CDO, Ltd. An updated profile report and full CAM rating report on PIMCO will be available on the Derivative Fitch web site. Fitch rates CDO asset managers by asset class, on a scale of 1 to 5, with 1 being the highest rating. The rating scale includes plus ('+') and minus ('-') designations, along with flat ratings. These ratings are based on a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. scorecard methodology that includes factors in each of the seven groups as noted above. 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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