Fitch Ratings Affirms South Street CBO 2000-1 Ltd.Business Editors CHICAGO--(BUSINESS WIRE)--Dec. 8, 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 nine classes of notes issued by South Street CBO CBO See: Collateralized Bond Obligation. 2000-1 Ltd. (South Street 2000), a collateralized bond obligation Collateralized Bond Obligation (CBO) Investment-grade bonds backed by a collection of junk bonds with different levels of risk, called tiers, that are determined by the quality of junk bond involved. (CBO) backed by high yield bonds. The following affirmations are effective immediately: -- $68,717,623 class A-1L notes 'AAA'; -- $95,000,000 class A-2L notes 'AAA'; -- $15,000,000 class A-3L notes 'BB+'; -- $30,000,000 class A-3 notes 'BB+'; -- $20,000,000 class A-4L notes 'CC'; -- $8,000,000 class A-4A notes 'CC'; -- $10,000,000 class A-4C notes 'CC'; -- $15,000,000 class B-1 notes 'C'; -- $4,779,240 class B-2 notes 'C'. 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 Oct. 17, 2003 trustee report, the South Street 2000 portfolio collateral includes a par amount of $13.2 million (5.3%) of defaulted assets. The deal also contains 22.0% of assets rated 'CCC+' or below, excluding defaults. The senior class A, the class A and class B overcollateralization (OC) tests are failing at 119.87%, 100.47% and 90.99%, versus their triggers of 120%, 110% and 103%, respectively. In determining this rating action, a credit committee reviewed the results of cash flow model runs, incorporating several different default and interest rate stress scenarios. Also, Fitch discussed with Colonial Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal Inc., the investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , their expectations and opinions of the portfolio. The investment advisor's ability to trade has been eliminated due to the class B OC test falling below 90% of the required ratio. Fitch maintains that South Street 2000's performance is commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with its assigned ratings. Fitch is concerned with the elimination of the investment advisor's ability to trade. Fitch will continue to monitor the performance of the transaction along with the status of the investment advisor's trading ability. Deal information and historical data on South Street 2000 is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion