Fitch Ratings affirmed eight classes of notes issued by
Newcastle CDO VI, Ltd. / Corp, (Newcastle VI) as follows:
-- $323,000,000 class I-MM notes at 'AAA';
-- $59,000,000 class I-B notes at 'AAA';
-- $33,000,000 class II notes at 'AA';
-- $15,000,000 class III-FL notes at 'A';
-- $5,000,000 class III-FX notes at 'A';
-- $9,600,000 class IV-FL notes at 'BBB';
-- $2,400,000 class IV-FX notes at 'BBB'.
Newcastle VI is a managed collateralized debt obligation (CDO), which closed April 19, 2005. The portfolio is composed of approximately 65.1% commercial mortgage-backed securities (CMBS), 22.5% residential mortgage-backed securities (RMBS), 3.0% bank loans, and 9.4% real estate investment trust securities (REIT). Newcastle Investment Corp., which is rated 'CAM1' by Fitch selected the initial collateral and serves as the collateral administrator.
The affirmations are due to the stable performance of the transaction. Although approximately 2.5% of the pool has been upgraded and 0.0% has been downgraded since issuance, the weighted average rating of the assets has remained stable at 'BBB/BBB-'. Each of the overcollateralization (OC) and interest coverage tests have remained stable since issuance. There are no defaulted assets in the portfolio.
The rating of the class I notes addresses the likelihood that investors will receive timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings of the class I-B, II, III, IV and V notes address the likelihood that investors will receive ultimate interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated 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, 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.
-- $323,000,000 class I-MM notes at 'AAA';
-- $59,000,000 class I-B notes at 'AAA';
-- $33,000,000 class II notes at 'AA';
-- $15,000,000 class III-FL notes at 'A';
-- $5,000,000 class III-FX notes at 'A';
-- $9,600,000 class IV-FL notes at 'BBB';
-- $2,400,000 class IV-FX notes at 'BBB'.
Newcastle VI is a managed collateralized debt obligation (CDO), which closed April 19, 2005. The portfolio is composed of approximately 65.1% commercial mortgage-backed securities (CMBS), 22.5% residential mortgage-backed securities (RMBS), 3.0% bank loans, and 9.4% real estate investment trust securities (REIT). Newcastle Investment Corp., which is rated 'CAM1' by Fitch selected the initial collateral and serves as the collateral administrator.
The affirmations are due to the stable performance of the transaction. Although approximately 2.5% of the pool has been upgraded and 0.0% has been downgraded since issuance, the weighted average rating of the assets has remained stable at 'BBB/BBB-'. Each of the overcollateralization (OC) and interest coverage tests have remained stable since issuance. There are no defaulted assets in the portfolio.
The rating of the class I notes addresses the likelihood that investors will receive timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings of the class I-B, II, III, IV and V notes address the likelihood that investors will receive ultimate interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated 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, 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.