Fitch Ratings Affirms Dutch Care 2001-1 B.V.Business Editors LONDON--(BUSINESS WIRE)--Nov. 25, 2002 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 af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the ratings of Dutch Care 2001-1 B.V.'s notes as follows: --Class A 'AAA'; --Class B 'A'; --Class C 'BB'. The notes are issued by the special purpose vehicle Dutch Care 2001-1 B.V. incorporated under the laws of the Netherlands. The notes assume the economic risk of a maximum reference portfolio of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.3 billion, above a first loss threshold of EUR19.5 million. The reference obligations in the portfolio are all to Dutch healthcare institutions originated by Fortis Bank. The portfolio can be replenished until November 2009 or until the loss trigger is breached. The loss trigger will be breached if losses exceed two thirds of the first loss threshold. The transaction has a maximum weighted average life of seven years. The class A notes are backed by a portfolio of eligible investments with a minimum rating of 'AA-'. Fortis Bank, rated 'AA' by Fitch fitch: see polecat. , is the repo Repo An agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price. See: Repurchase agreement. repo See repurchase agreement (RP). counterparty Counterparty The other participant, including intermediaries, in a swap or contract. for the eligible investments backing the class A notes. The class B notes are backed by a cash deposit held in a blocked account blocked account See restricted account. with Fortis Bank. Fitch has carried out a review of the transaction and its performance to date. As of the last reporting date there were no credit events. The transaction is passing all of its portfolio concentration tests including the Fitch weighted average rating factor of 2.6 (approximately 'AA') compared to a test of 5 ('A'). The portfolio also has to maintain minimum diversity levels within the health care sector. Fitch spoke to the Fortis Healthcare Division to get an update on the general performance of the sector. 'Even though there are talks about further budgetary pressure, Fitch believes that this will not be of significant impact and will not effect the ratings of the notes. To date the portfolio has consistently performed and passed all the portfolio quality tests,' said Marjan van der Weijden, Director, Fitch Ratings. Deal information and historical performance data for this transaction is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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