Fitch Ratings Affirms TPref Funding III, 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 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 four classes of notes issued by TPref Funding III, Ltd., (TPref III). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately: E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]--$115,000,000 class A-1 senior notes affirm at 'AAA'; E[acute accent]--$80,000,000 class A-2 senior notes affirm at 'AAA'; E[acute accent]--$24,250,000 class B-1 senior subordinate notes affirm at 'A-'; E[acute accent]--$114,750,000 class B-2 senior subordinate notes affirm at 'A-'. E[acute accent]TPref III is 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 ), which closed Dec. 19, 2002. TPref III is a static pool composed primarily of bank and thrift trust preferred securities. Included in this review, Fitch performed a full analysis of the collateral included in the portfolio. E[acute accent]Since closing the collateral has continued to perform, with a slight improvement in the weighted average bank score as determined by the Fitch Bank Scoring Model. To date, there have been no obligors that have deferred interest payments at any time. Four institutions totaling 11.3% of the initial portfolio have been acquired by separate institutions not previously included in the portfolio, allowing obligor The individual who owes another person a certain debt or duty. The term obligor is often used interchangeably with debtor. obligor (ah-bluh-gore) n. exposure to remain unchanged. The senior and subordinate overcollateralization (OC) ratios are currently at 181.6% and 106.01% respectively, and are both in compliance with their performance trigger of 125% and 106%. E[acute accent]As a result of this analysis, Fitch has determined that the current ratings assigned to the senior and mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. notes still reflect the current risk to noteholders. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on Fitch's approach to rating CDOs of trust preferred securities, see the special report, 'Rating Criteria for U.S. Bank and Insurance Trust Preferred CDOs' dated Feb. 2, 2005 and also available at www.fitchratings.com. |
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