Fitch affirms one class of notes issued by ABSpoke 2005-X, (ABSpoke). This affirmation is the result of Fitch's review process. The following rating action is effective immediately:
--JPY2,000,000,000 ABSpoke 2005-X notes affirmed at 'A-'.
ABSpoke 2005-X is a collateralized debt obligation (CDO) that closed Dec. 7, 2005. The transaction is a partially funded, static synthetic CDO that allows investors to achieve leveraged exposure to a diversified portfolio of Residential Mortgage Backed Securities.
Credit enhancement to the transaction is based primarily on subordination provided by the first loss amount. Since the deal closed, the reference pool has continued to exhibit stable performance. As of the December 2006 trustee report there have been no credit events.
The rating of the notes addresses 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.
Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Derivative Fitch web site at www.derivativefitch.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 4, 2006 and also available on Fitch's web site at www.derivativefitch.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.derivativefitch.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. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.