Fitch Ratings has affirmed six classes of notes issued
by CoLTS 2005-1 Ltd. and CoLTS 2005-1 Corp. (collectively, CoLTS
2005-1). These affirmations are the result of Fitch's review process
and are effective immediately:
-- $178,928,645 class A-1 notes 'AAA';
-- $3,505,556 class A-2 notes 'AAA';
-- $14,911362 class B notes 'AA';
-- $20,333,092 class C notes 'A';
-- $16,266,474 class D notes 'BBB';
-- $6,777,484 class E notes 'BB+'.
CoLTS 2005-1 is a cash flow middle-market collateralized loan obligation (CLO) that closed March 3, 2005 and is managed by Wachovia Bank, N.A. CoLTS 2005-1 has a static portfolio composed of traditional and large middle market loans and widely syndicated loans.
These affirmations are the result of stable credit enhancement levels and performance of the collateral. According to the most recent loan tape reported on May 6, 2006, 59% of the initial loan balance remains in the portfolio. There has been no servicer advances to date, nor has there been any loan delinquencies. As of the most recent servicer's report dated March 19, 2006, classes A through F (class F is the unrated equity portion) received principal pro rata payments since close. The deal will pay sequentially (class A-1 and A-2 paid pro rata), however, when a default or downgrade event occurs or when 45% of the initial aggregate loan balance is left.
The ratings of the class A-1 and A-2 notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class B, C, D, and E notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date.
Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004 and also available at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.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 are also available from the 'Code of Conduct' section of this site.
-- $178,928,645 class A-1 notes 'AAA';
-- $3,505,556 class A-2 notes 'AAA';
-- $14,911362 class B notes 'AA';
-- $20,333,092 class C notes 'A';
-- $16,266,474 class D notes 'BBB';
-- $6,777,484 class E notes 'BB+'.
CoLTS 2005-1 is a cash flow middle-market collateralized loan obligation (CLO) that closed March 3, 2005 and is managed by Wachovia Bank, N.A. CoLTS 2005-1 has a static portfolio composed of traditional and large middle market loans and widely syndicated loans.
These affirmations are the result of stable credit enhancement levels and performance of the collateral. According to the most recent loan tape reported on May 6, 2006, 59% of the initial loan balance remains in the portfolio. There has been no servicer advances to date, nor has there been any loan delinquencies. As of the most recent servicer's report dated March 19, 2006, classes A through F (class F is the unrated equity portion) received principal pro rata payments since close. The deal will pay sequentially (class A-1 and A-2 paid pro rata), however, when a default or downgrade event occurs or when 45% of the initial aggregate loan balance is left.
The ratings of the class A-1 and A-2 notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class B, C, D, and E notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date.
Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004 and also available at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.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 are also available from the 'Code of Conduct' section of this site.