Fitch withdraws ratings on four classes of notes issued by Westways Funding X, Ltd. These rating actions are the result of Fitch's review process and are effective immediately.
--$435,000,000 class A notes have been paid in full;
--$30,000,000 class B notes have been paid in full;
--$10,000,000 class LB loan interests have been paid in full;
--$30,000,000 class C notes have been paid in full;
--$10,000,000 class LC loan interests have been paid in full;
--$30,000,000 class D notes rated 'C/DR5' have been withdrawn;
--$10,000,000 class LD loan interests rated 'C/DR5' have been withdrawn;
--$77,230,000 class income notes rated 'C/DR6' have been withdrawn.
The ratings of the class A, B, C and D notes and LB, LC and LD loan interests reflected the likelihood that investors would receive quarterly interest payments through the redemption date as well as their respective stated principal balances. The rating of the income notes reflected the likelihood that investors would receive aggregate payments in an amount equal to the principal amount on or prior to the redemption date.
Westways X was a mortgage market value collateralized debt obligation (CDO) managed by TCW Asset Management Co. (TCW). This transaction had violated over-collateralization tests and its portfolio was liquidated. The asset portfolio had floating rate 'AAA' mortgage-backed securities and agency collateral with over half of the portfolio having been in agency securities. The liquidation proceeds were sufficient to pay class A, B, LB, C, LC in full and class D and LD partially. The recovery on class D, LD notes was in 'DR5' range (10%-30%). Class Income notes suffered a complete loss. Class Income notes recovery (includes all distributions to Class Income notes) was in 'DR6' range (< 10%).
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. 18, 2006 and also available on Fitch's website at www.derivativefitch.com. Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is 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 website, 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.