Fitch Upgrades EPOCH 2002-1, 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 upgrades four classes of notes issued by EPOCH 2002-1, Ltd. The following rating actions are the result of Fitch's review process and are effective immediately: --$40,000,000 class I notes affirmed at 'AAA'; --$22,000,000 class II notes upgraded to 'AAA' from 'AA'; --$10,000,000 class III notes upgraded to 'AA' from 'A'; --$15,000,000 class IV-A notes upgraded to 'A' from 'BBB'; --$12,000,000 class V notes upgraded to 'BBB' from 'BB'. These upgrades are the result of the transaction's reduced time to maturity and relatively stable portfolio performance. Since Fitch's previous review in November 2004, the weighted average life has reduced to 0.4 years from 2.4 years, reflecting a shorter remaining risk horizon. To date, there have not been any credit events in the reference portfolio. The Reserve Account has built up $31,022 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. the October 6, 2006 trustee note valuation report. EPOCH 2002-1, Ltd, incorporated under the laws of the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. , was created to enter into a credit default swap Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. with Morgan Stanley Credit Products, Ltd. (MSCPL MSCPL Muscle Shoals City Public Library (Muscle Shoals, AL) ) and to issue the above-referenced securities. The notes are supported by the cash flows of the collateral invested in with the proceeds of the note issuance, as well as the credit default swap premium paid by MSCPL. The credit default swap references a static portfolio of securities, consisting of predominantly senior unsecured credits. The ratings assigned to the notes address the timely payment of interest and the ultimate payment of principal. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on Fitch's web site at www.derivativefitch.com. For more information on the Fitch Default VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated October 4, 2006 and also available on Fitch's web site. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.derivativefitch.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. Fitch means Fitch, Inc., 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. , Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion