Fitch Ratings Affirms Six Classes of TCW GEM LIGOs I, 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 has affirmed the ratings on the following class of notes issued by TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) GEM LIGOs I, Ltd., as issuer, and TCW GEM LIGOs I Corp., as co-issuer (together TCW GEM LIGOs I): -- $210,000,000 class I senior secured floating rate notes due 2013 'AAA'; -- $25,500,000 class II-A senior secured floating rate notes due 2013 'AA+'; -- $10,000,000 class II-B senior secured fixed rate notes due 2013 'AA+'; -- $20,500,000 class III mezzanine secured fixed rate notes due 2013 'A-'; -- $13,000,000 class IV mezzanine secured fixed rate notes due 2013 'BBB'; -- $4,000,000 class V mezzanine secured fixed rate notes due 2013 'BB'. The transaction, 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 ), is predominantly supported by a portfolio of emerging market sovereign and corporate bonds. The rating actions are a result of TCW GEM LIGOs I's portfolio performance, which Fitch has deemed sufficient to maintain its current ratings. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its Aug. 13, 2004 trustee report, $9.05 million of the portfolio was defaulted per TCW GEM LIGOs I's governing documents. Fitch assigned recovery estimates to these defaults after discussions with the manager. To the extent that the expected recovery estimates are not realized, Fitch may take further action on TCW GEM LIGOs I's rated notes. In reaching its rating actions, Fitch had conversations with TCW Investment Management Company, the collateral manager, regarding the portfolio. Furthermore, Fitch reviewed the results of its cash flow model runs after running several different default timing and interest rate stress scenarios. Fitch will continue to monitor this transaction. Deal information and historical performance data for this transaction is available on the 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. web site at 'www.fitchratings.com'. |
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