Fitch Upgrades Rabobank SPPM Structured Finance CAM Rating to 'CAM2'.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 upgraded Rabobank's Structured Product Portfolio Management's (SPPM SPPM Safety Policies and Procedures Manual SPPM Security Policies and Procedures Manual (Kentucky) SPPM System Performance Parameter Matrix ) structured finance 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 ) asset manager rating to a 'CAM2' from a 'CAM2-'. SPPM's outstanding CAM rating was re-scaled to match 2007 criteria prior to Fitch's annual review and CAM rating update. SPPM rating can be attributed to the institutional backing of Rabobank Group, the streamlining of SPPM's operations into separate portfolio management and structuring functions, and the extensive experience of the structured finance CDO's portfolio managers. Furthermore, SPPM has recently added staff dedicated to investor relations Investor relations The process by which the corporation communicates with its investors. and to maintaining the transparency of the platform. SPPM's 'CAM2' rating is based on the firm's composite score which represents a weighted average based on the scores assigned for each group of criteria factors summarized below. This composite score is used to establish a systematically applied quantitative link between its asset manager rating and Fitch's CDO rating criteria, in accordance with the approach outlined in the Fitch report 'Reviewing and Rating CDO Asset managers' dated January 2, 2007, available on the Derivative Fitch web site at www.derivativefitch.com. --Company and Management Experience '1-'; --Staffing '2+'; --Procedures and Controls '2+'; --Portfolio Management '2'; --CDO Administration '2'; --Technology '2'; --CDO Portfolio Performance '3+'. Founded in 1998, Rabobank's Structured Product Portfolio Management group manages portfolios of ABS, CDOs and other structured securities on behalf of Rabobank International and its clients. Based in New York, the group manages $17 billion in vehicles dedicated to structured assets; structured finance CDOs account for a total notional of $8 billion. SPPM is responsible for the management of the structured finance CDO platform and currently has 16 outstanding structured finance CDOs, including five proprietary, and two synthetic CDOs. SPPM also manages structured securities within conduits and Rabobank's trading books Trading Book The portfolio of financial instruments held by a brokerage or bank. The financial instruments in the trading book are purchased or sold to facilitate trading for their customers, to profit from spreads between the bid/ask spread, or to hedge against various types of . An updated profile report and full CAM rating report on SPPM will be available on the Derivative Fitch web site. Fitch rates CDO asset managers by asset class, on a scale of 1 to 5, with 1 being the highest rating. The rating scale includes plus ('+') and minus ('-') designations, along with flat ratings. These ratings are based on a standardized scorecard methodology that includes factors in each of the seven groups as noted above. 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. |
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