S&PCORRECT:S&P Assigns Duke Funding IV Ltd Notes Rtgs.Business Editors Editor's note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : In the press release dated Jan. 8, 2003, the issuance amount and the weighted average maturity were incorrectly stated. A corrected version follows. NEW YORK--(BUSINESS WIRE)--Jan. 9, 2003 Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its ratings to Duke Funding IV Ltd./Duke Funding IV Inc.'s $344.5 million notes and composite securities (see list). Duke Funding IV is a 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 backed primarily by a portfolio of RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities , home equity, and manufactured housing securities Manufactured housing securities (MHS) Loans on manufactured homes-that is, factory-built or prefabricated housing, including mobile homes. and is structured as a cash flow transaction. The transaction is actively managed by Duke Funding Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and has a maximum two-month ramp-up period followed by a three-year reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. period. The ratings are based on the following: -- Adequate credit support provided by subordination, excess spread, and bond insurance on the class A-1 notes issued by CDC IXIS Financial Guaranty North America Inc.; -- Characteristics of the underlying collateral pool; -- A scenario default rate of 13.68% for class A, 9.66% for class B, 5.11% for class C, and 3.88% for the composite securities; and a break-even loss rate of 26.00% for class A, 13.50% for class B, 8.00% for class C, and 7.00% for the composite securities; -- Weighted average maturity of 7.054 years for the portfolio; -- Standard & Poor's default measure (DM) of 0.15%; -- Standard & Poor's variability measure (VM) of 0.77%; -- Standard & Poor's correlation measure (CM) of 1.41; and -- Under Standard & Poor's stresses, interest on the class C notes and the composite securities is deferred for some periods, thus, the rating on these notes addresses the ultimate payment of interest and principal. Additional information on CDOs is available on RatingsDirect, Standard & Poor's Web-based credit analysis system at www.ratingsdirect.com, and on the Standard & Poor's Web site at www.standardandpoors.com. RATINGS ASSIGNED Duke Funding IV Ltd./Duke Funding IV Inc. Class Rating Amount (mil. $) A-1 AAA 190.0 A-2 AAA 90.0 B AA 42.0 C BBB 17.5 Composite securities BBB- 5.0 Copyright 2003, Standard & Poor's Ratings Services |
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