Fitch Ratings Affirms ALESCO Preferred Funding III, Ltd.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. affirms four classes of notes issued by ALESCO Preferred Funding III, Ltd., (ALESCO III). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately: --$160,000,000 class A-1 notes 'AAA'; --$70,000,000 class A-2 notes 'AAA'; --$40,500,000 class B-1 notes 'A-'; --$63,500,000 class B-2 notes 'A-'. ALESCO III is a collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (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 ) managed by Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Financial Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ., which closed March 25, 2004. ALESCO III is composed of bank and thrift trust preferred securities. Included in this review, Fitch discussed the current state of the portfolio with the asset manager and their portfolio management strategy going forward. Since closing the collateral has continued to perform, with a slight improvement in the weighted average bank score as determined by the Fitch Bank Scoring Model. The class A and class B overcollateralization (OC) ratios remained unchanged at 152.1% and 104.8% respectively, and are both currently passing their performance test triggers of 130% and 101.7%. There are currently no defaulted or deferring securities in the portfolio. The ratings on the class A-1 and A-2 notes address the likelihood that investors will receive timely payment of interest and ultimate payment of principal by the stated maturity date. The ratings on the class B-1 and B-2 notes address the likelihood that investors will receive ultimate payment of interest and ultimate payment of principal by the stated maturity date. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on Fitch's approach to rating CDOs of trust preferred securities, see the special report, 'Rating Criteria for Bank and Trust Preferred CDOs' dated July 31, 2002 and available on the Fitch Ratings web site at www.fitchratings.com. |
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