Fitch Rates Armor MCP 2005-1 L.P.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 rates the securities of Armor MCP (1) See Microsoft certification. (2) (MultiChip Package) A chip package that contains two or more chips. It is essentially a multichip module (MCM) that uses a laminated, printed-circuit-board-like substrate (MCM-L) rather than ceramic (MCM-C). 2005-1 L.P., as indicated below. The rating on the securities addresses the timely payment of interest and ultimate repayment of principal upon maturity. --$12,810,000 class B-1 notes, 'AA+'; --$5,693,000 class B-2 notes, 'AA'; --$4,270,000 class B-3 notes, 'AA-'; --$4,270,000 class B-4 notes, 'A+'; --$3,558,000 class B-5 notes, 'A'; --$2,135,000 class B-6 notes, 'A-'; --$2,135,000 class B-7 notes, 'BBB+'; --$2,562,000 class B-8 notes, 'BBB'; --$996,000 class B-9 notes, 'BBB-'; --$1,851,000 class B-10 notes, 'BB+'; --$1,423,000 class B-11 notes, 'BB'; --$1,423,000 class B-12 notes, 'BB-'; --$1,424,000 class B-13 certificates, 'B+'; --$996,000 class B-14 certificates, 'B'; --$1,423,000 class B-15 certificates, 'B-'. The transaction is a synthetic balance sheet securitization that references a $1.42 billion diversified portfolio of primarily jumbo, A-quality, first lien residential mortgage loans of which approximately 68% pay variable rate. The ratings are based upon the credit quality of the reference portfolio, the credit enhancement provided by subordination for each tranche, the financial strength of LaSalle Bank Corporation (LaSalle), as the swap counterparty, yield on deposits placed at an 'F1+' rated deposit bank, or net return through a hedge agreement with a hedge counterparty rated 'F1+', and the sound legal structure of the transaction. The reference portfolio consists of mortgage loans originated and serviced by ABN AMRO Mortgage Group, Inc. The issuers have entered into a credit default swap Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. (CDS) with LaSalle, documented under an International Swaps and Derivatives Association The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York, and has created a standardized contract (the ISDA Master Agreement) to enter agreement, and receive a premium in return for credit protection on the reference portfolio. The proceeds from the issuance of the securities will be deposited in a U.S. dollar-denominated demand deposit account maintained by ABN AMRO and governed by the deposit account agreement. The deposit bank will be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay interest in arrears Interest in Arrears Interest that is due only at the maturity date rather than periodically over the life of the loan. at an annual rate equal to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). minus 0.08%. If at any time, the deposit bank fails to satisfy Fitch's minimum rating for a deposit bank, the trustee will be required to withdraw all funds from the deposit account and reinvest the principal amount of such funds at the direction of the CDS counterparty in other eligible investments consisting of short-term government securities and/or agency securities within five business days after such failure. The collateral, in the form of the demand deposit or eligible investments, is pledged first to the counterparty to reimburse for credit losses on the reference portfolio during the term of the CDS and second to the noteholders for repayment of principal at maturity. Interest earned on the collateral during the term of the CDS is used in combination with the premium from LaSalle to make monthly security payments. 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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