Fitch Downgrades & Withdraws Ratings on Boston Light SERVES Trust I.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Ontario and the Canadian province of -- Fitch Ratings has downgraded, assigned a Distressed Recovery (DR) 6 rating, and withdrawn the ratings on the classes of notes issued by Boston Light Structured Enhanced Return Vehicle Trust I (Boston Light SERVES). The following rating action is effective immediately: --$13,000,000 class A-1 downgraded to 'C/DR6' from 'CCC'; --$25,666,000 class A-2 downgraded to 'C/DR6' from 'CCC'; --$4,667,000 class B-1 downgraded to 'C/DR6' from 'CCC'; --$20,000,000 class B-2 downgraded to 'C/DR6' from 'CCC' All classes are withdrawn. Boston Light SERVES was a total rate of return collateralized loan obligation Collateralized loan obligation (CLO) A security backed by a pool of commercial or personal loans , structured so that there are several classes of bondholders with varying maturities, called tranches. Similar in structure to Collateralized Mortgage Obligations. (CLO CLO See: Collateralized Loan Obligation. ) with a market value liquidation trigger. The liquidation trigger was breached and uncured, resulting in an early termination event. Fitch expects minimal recovery on the notes. 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. |
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