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Fitch Assigns Final Ratings to Westways Funding VIII, 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
 -- Westways Funding VIII, Ltd (Westways VIII) is rated by 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.
 as follows:

--$301,250,000 class A-1 floating-rate senior notes 'AAA';

--$25,000,000 class A-2 fixed-rate senior notes 'AAA';

--$22,500,000 class B floating-rate senior subordinate notes 'AA';

--$22,500,000 class C floating-rate subordinate notes 'A';

--$22,500,000 class D floating-rate junior subordinate notes 'BBB';

--$56,250,000 income notes 'BB';

--$5,000,000 class LC subordinate loan interests 'A';

--$12,000,000 class LD junior subordinate loan interests 'BBB'.

Westways VIII will issue $5,000,000 of the aggregate principal amount that would otherwise be issued as class C Notes as the class LC loan interests, and $12,000,000 of the aggregate principal amount that would otherwise be issued as class D notes as the class LD loan interests. The initial principal amount of these securities that would have been class C and D notes, but are instead issued as class LC and LC loan interests, are a part of the maximum aggregate principal amount of the class C and D notes.

The ratings for classes A-1, A-2, B, C, D, LC and LD reflect the likelihood that investors will receive periodic interest payments through the redemption date as well as their respective stated principal balances. The rating of the income notes only reflects the likelihood that investors will receive their stated principal balances upon the legal final maturity date.

The proceeds of the all classes of notes will be used to purchase a diversified portfolio of primarily floating-rate agency and 'AAA' rated private-label 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). The portfolio can be levered using reverse repurchase agreements equivalent to up to 6 times (x) capital. The portfolio interest rate duration and spread duration will vary with portfolio size. A fully levered portfolio will be limited to a minimum interest rate duration of -0.71 years to a maximum of 0.71 years, maximum spread duration of 3 years, and minimum convexity Convexity

A measure of the curvature in the relationship between bond prices and bond yields.

Notes:
Positive convexity corresponds to curvature that opens upward. Negative convexity corresponds to curvature that opens downward.
 of -2.5 years.

The investment manager, TCW TCW Total Carat Weight
TCW Temporal Cold War (Star Trek Enterprise)
TCW Troop Carrier Wing
TCW Turnbuckle Championship Wrestling
TCW Tasty Coma Wife (Scrubs episode) 
 Asset Management Co. (TCW), will actively manage the investments on behalf of the issuer, Westways VIII, a special purpose company incorporated under the laws of the Cayman Islands. TCW will manage the portfolio in accordance with specific investment policies, restrictions, and guidelines reviewed by Fitch.

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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Sep 28, 2006
Words:454
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