Fitch Ratings affirms all of the rated notes issued by
Rosemont CLO, Ltd. (Rosemont). The affirmation of these notes is a
result of Fitch's rating review process.
The following rating actions are effective immediately:
-- $252,000,000 class A senior secured notes affirmed at 'AAA';
-- $18,000,000 class B-1 senior secured notes affirmed at 'A';
-- $7,000,000 class B-2 senior secured notes affirmed at 'A';
-- $13,200,000 class C senior secured notes affirmed at 'BBB+';
-- $12,000,000 class D participating notes affirmed at 'BBB'.
Rosemont, a collateralized loan obligation (CLO) that closed on January 8, 2002, is managed by Deerfield Capital Management LLC (Deerfield). The CLO was established to invest in a portfolio of primarily senior secured loans.
According to the May 31, 2006 trustee report, all overcollateralization (OC) and interest coverage (IC) tests were in compliance. The portfolio experienced some credit migration with the WARF increasing to 51 ('B+/B') from 49 ('BB-') on July 7, 2004.
The rating of the class A notes addresses the likelihood that investors will receive full and timely payments of interest on scheduled interest payment dates, as well as the stated balance of principal on the legal final maturity date. The ratings of the class B, class C, and class D notes address the ultimate payments of interest and 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 '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 on the Fitch Ratings web site 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.
The following rating actions are effective immediately:
-- $252,000,000 class A senior secured notes affirmed at 'AAA';
-- $18,000,000 class B-1 senior secured notes affirmed at 'A';
-- $7,000,000 class B-2 senior secured notes affirmed at 'A';
-- $13,200,000 class C senior secured notes affirmed at 'BBB+';
-- $12,000,000 class D participating notes affirmed at 'BBB'.
Rosemont, a collateralized loan obligation (CLO) that closed on January 8, 2002, is managed by Deerfield Capital Management LLC (Deerfield). The CLO was established to invest in a portfolio of primarily senior secured loans.
According to the May 31, 2006 trustee report, all overcollateralization (OC) and interest coverage (IC) tests were in compliance. The portfolio experienced some credit migration with the WARF increasing to 51 ('B+/B') from 49 ('BB-') on July 7, 2004.
The rating of the class A notes addresses the likelihood that investors will receive full and timely payments of interest on scheduled interest payment dates, as well as the stated balance of principal on the legal final maturity date. The ratings of the class B, class C, and class D notes address the ultimate payments of interest and 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 '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 on the Fitch Ratings web site 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.