Fitch Ratings Affirms Ratings of MassMutual/Darby CBO LLC.Business Editors CHICAGO--(BUSINESS WIRE)--March 21, 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 two tranches Tranches A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". of MassMutual/Darby CBO CBO See: Collateralized Bond Obligation. that were originally placed on Rating Watch Negative in October of last year. This transaction consists primarily of U.S. high-yield and emerging market bonds. Fitch modeled this 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 to quantify its ability to absorb additional defaults. Although the class B notes are currently PIKing, Fitch is comfortable in affirming the rating of that particular tranche because the PIKing was triggered by a mechanism (collateral default rate trigger) in the transaction which causes the most senior OC ratio to increase from 125% to 140% during periods when there are excess defaults. In Fitch's cash flow modeling, the class B notes will ultimately pay full principal and cumulative interest by the final maturity date. The following ratings have been affirmed and taken off Rating Watch Negative: MassMutual/Darby CBO LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control -- class A-2 senior secured notes, affirmed at 'AA'; -- class B senior secured notes, affirmed at 'BBB-'. |
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