Fitch Assigns Ratings to Westways Funding VI, Ltd.

NEW YORK -- Fitch rates Westways Funding VI, Ltd's (Westways VI) issuances as follows:

-- $130,000,000 class A-1A floating-rate senior notes 'AAA';

-- $20,000,000 class A-1B fixed-rate senior notes 'AAA';

-- $67,500,000 class A-2 floating-rate senior notes 'AAA';

-- $30,000,000 class P-1 notes 'AAA';

-- $15,000,000 class B floating-rate senior subordinated notes 'AA';

-- $15,000,000 class C floating-rate subordinated notes 'A';

-- $15,000,000 class D floating-rate junior subordinated notes 'BBB';

-- $10,000,000 class L loan interests 'BBB';

-- $37,500,000 income notes 'BB'.

Westways VI will issue $10,000,000 of the aggregate principal amount that would otherwise be issued as class D Notes as the class L loan interests. The initial principal amount of these securities is a part of the maximum aggregate principal amount of the class D notes. The class P-1 notes will consist of a component representing $9,900,000 of income notes and a component representing a $30,000,000 (notional principal amount) Fannie Mae (FNMA) STRIP due Feb. 28, 2014. The initial principal amount of the income notes comprising a component of the class P-1 notes is a part of the initial aggregate principal amount of the income notes.

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

The proceeds of the all classes of notes, except for class P-1, will be used to purchase a diversified portfolio of primarily floating-rate agency and 'AAA' rated private-label residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), 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 convexity of -2.5 years.

The investment manager, TCW Asset Management Co. (TCW), will actively manage the investments on behalf of the issuer, Westways VI, 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 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 are also available from the 'Code of Conduct' section of this site.