Fitch Downgrades 2 Classes of Triaxx Funding High Grade I, 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 -- Fitch has downgraded the following two classes of notes from Triaxx Funding High Grade I, Ltd. effective immediately: --$80,000,000 class B-1 mezzanine floating-rate notes to 'BB' from 'AA'; --$41,000,000 class B-2 mezzanine floating-rate notes to 'B' from 'BB'. All the classes remain on Rating Watch Negative. The ratings of the class B-1 and class B-2 notes reflect the likelihood that investors will receive periodic interest payments through the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. as well as their respective stated principal balances. Triaxx Funding High Grade I Ltd. invests in 'AAA' rated residential mortgage backed securities (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ) assets using proceeds raised by issuing notes and equity and using repo Repo An agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price. See: Repurchase agreement. repo See repurchase agreement (RP). funding. The credit quality of the underlying assets has remained stable but the market prices have continued to drop. The downgrades are due to concerns about potential margin calls by the repo counterparty if there is a further drop in market prices. For earlier ratings actions see the press releases below, which are available on the Derivative Fitch web site at www.derivativefitch.com. --'Fitch Downgrades 4 Classes of Triaxx Funding High Grade I, Ltd.' (Nov. 6, 2007); --'Fitch Places 1 Class of Triaxx Funding High Grade I Ltd. On Rating Watch Negative' (Nov. 2, 2007); --'Fitch Downgrades 3 Classes of Triaxx Funding High Grade I Ltd.' (Oct. 4, 2007); --'Fitch Places 2 Classes from Triaxx Funding High Grade I Ltd. on Rating Watch Negative' (Sept. 18, 2007). Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Derivative Fitch web site at www.derivativefitch.com. 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.derivativefitch.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. Fitch means Fitch, Inc., 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. , Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto. |
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