Fitch Downgrades 1 Class of BAC Synthetic CLO 2000-1 Limited.NEW YORK -- Fitch Ratings has downgraded one class of notes issued by BAC BAC abbr. blood alcohol concentration Synthetic CLO CLO See: Collateralized Loan Obligation. 2000-1 Limited, a synthetic balance sheet 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) established by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Securities CLO Corporation II to provide credit protection on a $10 billion portfolio of investment grade, corporate debt obligations. The following rating action has been taken: -- $100,000,000 class D notes downgraded to 'DD' from 'C'. Bank of America has elected to terminate the swap. Under the terms of the transaction, Bank of America has the option to terminate the transaction beginning Oct. 14, 2003 and on each April and Oct. 14 thereafter. The class D notes will only receive $87,400,000. Classes A, B, and C have received their full principal, and class E was completely written down in Oct. 14, 2003. |
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