Fitch Ratings Affirms Bushnell Loan Fund, 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 two classes of notes issued by Bushnell Loan Fund, Ltd., (Bushnell). The following rating actions are effective immediately: --$38,300,000 class A notes at 'A'; --$25,000,000 class B notes at 'BBB'. Bushnell, which closed Oct. 21, 2004, is managed by Hartford Investment Management Company (HIMCO HIMCO Hartford Investment Management Company ) and will exit its reinvestment period in October 2013. HIMCO is assigned a bank loan 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 ) asset manager rating of 'CAM2' by Fitch. Bushnell is a synthetic CDO that provides investors with leveraged exposure to a diversified pool of high yield loans. These affirmations are the result of stable performance of the individual assets comprising the portfolio. There has been mild negative credit migration since the deal closed. According to the Jan. 31, 2006 trustee report, the weighted average rating factor has deteriorated to 22.0 from 21.5, remaining in the 'BB-'/'B+' range and below its maximum permitted level of 23.5 ('B+'/'B'). The weighted average spread has decreased slightly to 2.3% from 2.5%. Bushnell continues to pass both its Permitted Aggregate Notional Amount and Net Collateral Value thresholds with cushion. The weighted average market price of the loans remains above par and the leverage factor remains at 6.25 times (x). The ratings of the class A and B notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final 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 the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004 and also available on Fitch's web site at www.fitchratings.com. 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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