Fitch Rates SALS B 2005-1 $9MM Floating-Rate Notes 'BB'.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 'BB' rating to SALS B 2005-1 $9,000,000 floating-rate notes due 2012. UBS AG issues credit-linked notes providing investors leveraged access to the credit risk of a static portfolio of 100 investment-grade credit default swaps 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. . There is a first loss component providing investors credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing . This trade has a scheduled maturity date of June 20, 2012. The rating of the notes addresses the likelihood that investors will receive full and timely payments of interest and ultimate receipt of principal by the scheduled maturity date. The ratings are based upon the credit quality of the reference portfolio, the financial strength of UBS AG (rated 'F1+/AA+' by Fitch), and the level of credit enhancement. Fitch will monitor the performance of this transaction. Deal information and historical data on SALS B 2005-1 is available on the Fitch Ratings web site at www.fitchratings.com. |
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