Fitch Downgrades & Withdraws 5 Classes of South Street CBO 2000-1.NEW YORK New York, state, United StatesNew 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Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings has downgraded and withdrawn the ratings of five classes of notes issued by South Street CBO CBO See: Collateralized Bond Obligation. 2000-1 Ltd./Corp. (South Street CBO 2000-1) as follows: --$12,136,423 class A-4L notes to 'Dsf' from 'Csf'; --$4,854,569 class A-4A notes to 'Dsf' from 'Csf'; --$6,068,211 class A-4C notes to 'Dsf' from 'Csf'; --$15,000,000 class B-1 notes to 'Dsf' from 'Csf'; --$4,198,658 class B-2 notes to 'Dsf' from 'Csf'. The transaction's final maturity date was May 30, 2012. At that time, total available proceeds of approximately $51,000 were used to pay senior fees and expenses. No class of notes received any payments at the final maturity date. The remaining classes of notes referenced above have each defaulted since they have not received their full principal balances by the final maturity date. Fitch has withdrawn the ratings due to the defaults of these tranches. According to the trustee reports, one defaulted bond and 12 equity positions remained in the portfolio after the final maturity date. Future recoveries on these assets are possible, though likely minimal. Fitch will not maintain any further surveillance on the transaction. South Street CBO 2000-1 was a cash flow collateralized bond obligation Collateralized Bond Obligation (CBO) Investment-grade bonds backed by a collection of junk bonds with different levels of risk, called tiers, that are determined by the quality of junk bond involved. (CBO) that closed on May 3, 2000. Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. The information used to assess these ratings was sourced from trustee reports, note valuation reports, and the public domain. Applicable Criteria and Related Research: --'Global Structured Finance Rating Criteria' (Aug. 4, 2011); --'Global Rating Criteria for Corporate CDOs' (Aug. 10, 2011). Applicable Criteria and Related Research: Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923 Global Rating Criteria for Corporate CDOs http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=641789 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, 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 WEBSITE '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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