Fitch Ratings Affirms 5 Tranches of EPOCH 2002-1 Ltd.Business Editors NEW YORK--(BUSINESS WIRE)--July 28, 2003 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. has affirmed five tranches of EPOCH 2002-1, Limited (EPOCH 2002-1), a static pool, 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 enables investors to gain credit exposure to a diversified portfolio of corporate reference entities. The following securities have been affirmed: -- $40,000,000 class I secured floating-rate notes Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. floating-rate note An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a due 2007 'AAA'; -- $22,000,000 class II secured floating-rate notes due 2007 'AA'; -- $10,000,000 class III secured floating-rate notes due 2007 'A'; -- $15,000,000 class IV secured floating-rate notes due 2007 'BBB'; -- $12,000,000 class V secured floating-rate notes due 2007 'BB'. EPOCH 2002-1 was created to enter into a partially funded 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. referencing an equally weighted, $1 billion portfolio of 100 predominantly senior unsecured bonds. Fitch will continue to monitor this transaction. Deal information and historical data on EPOCH 2002-1 is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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