Fitch Ratings Affirms R.F Alts Finance I Ltd. Series 1 & 2.Business Editors CHICAGO--(BUSINESS WIRE)--Oct. 10, 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 the ratings on the following classes of notes issued by R.F. Alts Finance I Ltd., Series 1 and 2: R.F Alts Finance I Ltd. Series 1: -- GBP GBP In currencies, this is the abbreviation for the British Pound. 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. 7,125,000 class A 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 2010 'BB-'; -- GBP4,500,000 class B floating-rate notes due 2010 'B-'; -- GBP3,000,000 class C floating-rate notes due 2010 'C'. R.F Alts Finance I Ltd. Series 2: -- 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. 23,750,000 class A floating-rate notes due 2010 'BB-'; -- EUR15,000,000 class B floating-rate notes due 2010 'B-'; -- EUR10,000,000 class C floating-rate notes due 2010 'C'. Both transactions are collateralized debt obligations Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (CDOs). The portfolios for both transactions contain credit-linked notes A credit linked note (CLN) is a form of funded credit derivative. It is structured as a security with an embedded credit default swap allowing the issuer to transfer a specific credit risk to credit investors. (CLNs) referencing emerging market sovereign debt, emerging market corporate debt, and U.S. corporate debt. Losses on the CLNs for both deals will be realized on the later of the March 2005 payment date or the valuation date. This feature allows all classes to remain current on interest payments until March 2005. While credit events had already been determined prior to Fitch's previous rating action on the notes on November 25, 2002, no new credit events have been called since. The portfolio has since performed as expected. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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