Fitch Rates RFC CDO I Notes 'AAA/AA/A/BBB'.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 the following ratings to RFC (Request For Comments) A document that describes the specifications for a recommended technology. Although the word "request" is in the title, if the specification is ratified, it becomes a standards document. 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 I Ltd. and RFC CDO I Corp. (RFC CDO I): --$226,800,000 class A first priority senior secured floating-rate notes, due 2039 'AAA'; --$22,500,000 class B-1 second priority senior secured floating rate notes, due 2039 'AA'; --$2,000,000 class B-2 second priority senior secured fixed-rate notes, due 2039 'AA'; --$16,200,000 class C third-priority secured floating rate deferrable interest notes, due 2039 'A'; --$12,900,000 class D fourth priority secured floating-rate deferrable interest notes, due 2039 'BBB'. The ratings of the class A, B-1, and B-2 notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings of the class C and D notes address the likelihood that investors will receive ultimate interest and deferred interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings are based upon the credit quality of the underlying assets and the credit enhancement provided to the capital structure through subordination and excess spread. The net proceeds from the issuance of the notes will be used to purchase a static, high-grade portfolio consisting of approximately 78% in residential mortgage-backed securities (RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities ), 12% in commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ), 8% in consumer asset-backed securities (ABS), and 2% in collateralized debt obligations (CDOs). The collateral supporting the structure will have a maximum Fitch-weighted average rating factor (WARF WARF Wisconsin Alumni Research Foundation WARF Wide Aperture Research Facility WARF Wartime Active Replacement Factors WARF weighted-average risk factor WARF Wartime Attrition and Replacement Factors WARF Whylie Animal Rescue Foundation ) of 5.64 ('BBB/BBB-') and represents $299,179,314. The portfolio is fully ramped up at closing. RFC CDO I Ltd. is a special purpose company, incorporated under the laws of the Cayman Islands. RFC CDO I Corp. is a limited purpose company, incorporated under the laws of the State of Delaware. |
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