Fitch Ratings Affirms Tullas CDO Ltd.CHICAGO -- 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 the ratings on three classes of notes issued by Tullas 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 Ltd. (Tullas): -- $267,487,273 class A notes affirmed at 'BB-'; -- $6,000,000 class B notes affirmed at 'B-'; -- $8,000,000 class C notes affirmed at 'CC'; -- $14,000,000 class D notes remain at 'C'; -- $8,000,000 class E notes remain at 'C'; -- $10,000,000 class F notes remain at 'C'. Furthermore, the class A and B notes are removed from Rating Watch Negative. Tullas is comprised of a static portfolio of assets held physically, as well as a series of assets that are referenced through a credit linked note (CLN CLN Clean CLN Community Learning Network CLN Colon CLN Celsion Corporation CLN Class Library for Numbers CLN Credit Linked Note CLN Comitato di Liberazione Nazionale (Committee of National Liberation) CLN Corn Lethal Necrosis ). Assets held physically consist of corporate bonds and sovereign debt, while asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. (ABS) are referenced through the CLN. Since the previous rating action on Jan. 13, 2004, negative performance by certain assets has been mitigated by improved performance from other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and principal repayments to the class A notes allowing Tullas' performance to remain stable. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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