Fitch Assigns 'CAM2' CREL CDO Asset Manager Rating to Wachovia Bank.
Wachovia SFG's scores for each group of criteria factors are summarized as follows:
--Company and Management Experience 1.75;
--Procedures and Controls 1.50;
--Portfolio Management 2.00;
--CDO Administration 2.00;
--Performance Not Scored
Wachovia SFG's composite score of 2.25 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 as outlined in the criteria report on 'Reviewing and Rating CDO Asset Managers,' dated Jan. 27, 2006, available on the Fitch Ratings's website at www.fitchratings.com.
Fitch rates CDO asset managers by asset class, on a scale of 1 to 5, with 1 being the highest rating. These ratings are based on a standardized scorecard methodology that includes factors in each of the seven groups as noted above. Also available on the Fitch Ratings website at a later date will be an expanded report on Wachovia SFG, detailing the factors which contributed to its rating.
Wachovia SFG is a business unit within Wachovia Bank, National Association's corporate and investment banking group, and is specifically located within the fixed income division's real estate capital markets group. Established in 1998, Wachovia SFG is currently staffed by 19 experienced professionals, and focuses on providing non-recourse, transitional and high leverage capital to the bank's commercial real estate customer base. The unit's lending activities are supported by bank's commercial mortgage loan servicing units. Wachovia SFG's forthcoming CREL CDO is intended to demonstrate the liquidity of its CREL portfolio, and the unit's ability to self-fund.
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|Date:||May 4, 2006|
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