Fitch Ratings Affirms Preferred Term Securities VI, 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 Preferred Term Securities VI, Ltd. (PreTSL VI). These affirmations are the result of Fitch's review process and are effective immediately: --$304,400,000 senior notes at 'AAA'; --$199,950,000 mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. notes at 'A+'. PreTSL VI 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 ), which closed June 26, 2002. PreTSL VI is a static pool composed of bank and thrift trust preferred securities. Included in this review, Fitch performed a full analysis of the collateral included in the portfolio. Since closing, the collateral has continued to perform, with a slight deterioration in the weighted average bank score as determined by the Fitch Bank Scoring Model. To date, there have been no obligors that have deferred interest payments at any time. The senior and mezzanine overcollateralization (OC) ratios have remained relatively unchanged at 171.9% and 103.7%, respectively, and are both in compliance with their performance triggers of 128.0% and 103.0%, respectively. As a result of this analysis, Fitch has determined that the current ratings assigned to the senior and mezzanine notes still reflect the current risk to noteholders. 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 Insurance Trust Preferred CDOs,' dated Feb. 2, 2005, and also available on 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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