Fitch Rates 3 Classes of Dunloe 2005-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 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. assigns a rating to three classes of securities issued under Dunloe 2005-I (Dunloe). The transaction is a partially funded, synthetic collateralized debt obligation Synthetic Collateralized Debt Obligation An artificial collateralized debt obligation that is backed by a pool of credit derivatives. Notes: Rather than the traditional pools of assets such as bonds and loans, the pools of credit derivatives that back synthetic CDOs (CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the ) that allows investors to achieve leveraged exposure to a diversified portfolio of asset-backed securities. Fitch rates the following Dunloe 2005-I, Ltd. securities: -- US$35,000,000 class A notes due July 25, 2041 'AAA'; -- US$45,000,000 class B notes due July 25, 2041 'AA-'; -- US$20,000,000 class C notes due July 25, 2041 'A-'. The structural features of Dunloe 2005-I are sufficient to attain the above ratings based upon Fitch's criteria for rating synthetic CDOs. Credit enhancement to the transaction is based primarily on subordination provided by the first loss amount. Fitch will continue to monitor this transaction. |
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