Fitch Ratings Affirms Sierra CLO I Ltd.Business Editors CHICAGO--(BUSINESS WIRE)--April 15, 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. , the international rating agency, has today 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 the following notes issued by Sierra CLO CLO See: Collateralized Loan Obligation. I Ltd.: -- $98,600,000 class A-1 notes 'AAA'; -- $227,000,000 class A-2 notes 'AAA'; -- $26,000,000 class B-1 notes 'BBB'; -- $13,000,000 class B-2 notes 'BBB'; -- $8,000,000 class C notes 'BB'. In September 2000, Sierra CLO I Ltd. issued $402 million of various classes of notes and equity and invested the proceeds in a portfolio of U.S. leveraged loans and high yield debt securities. Sierra CLO I Ltd. is a 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) managed by Centre Pacific LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Fitch has carried out a review of the transaction and its performance to date. Following the analysis of the transaction, there is still enough subordination and excess spread to withstand Fitch's stress tests. The transaction is passing all of its portfolio concentration, and coverage tests. Deal information and historical performance data for this transaction is available on FitchResearch, the Fitch Ratings subscription-based web site at 'www.fitchratings.com'. |
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