Fitch Ratings Affirms SERVES 1999-5.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 31, 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. affirms the notes of Structured Enhanced Return Vehicle Trust, series 1999-5 (SERVES 1999-5). The transaction is a synthetic collateralized loan obligation Collateralized loan obligation (CLO) A security backed by a pool of commercial or personal loans , structured so that there are several classes of bondholders with varying maturities, called tranches. Similar in structure to Collateralized Mortgage Obligations. (CLO CLO See: Collateralized Loan Obligation. ) that enables investors to gain exposure to the economics of a reference loan portfolio via a total rate of return swap between the trust and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A., the Swap Provider, on a leveraged basis. The following security has been 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. : -- $95,000,000 notes 'BBB'. SERVES 1999-5, was establish to enter into a total rate of return swap with the Swap Provider referencing a $600 million high-yield loan portfolio. A review of the transaction has led Fitch to conclude that the 'BBB' rating of the notes are representative of the current credit risk to investors. Fitch will continue to monitor this transaction. Deal information and historical data on SERVES 1999-5 is available on Fitch Ratings' web site at 'www.fitchratings.com'. |
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