Fitch Ratings has downgraded, assigned a Distressed Recovery (DR) rating, and withdrawn the ratings on two classes of notes issued by Rivendell Loan Fund, LLC. The following rating actions are effective immediately:
--$28,750,000 class A notes to 'C/DR6' from 'CCC';
--$18,750,000 class B notes to 'C/DR6' from 'CCC'.
Rivendell Loan Fund, LLC was a synthetic total rate of return collateralized loan obligation (CLO) with a market value termination trigger. Following large declines in the secondary market pricing of leveraged loans, Rivendell Loan Fund's liquidation trigger breached in November 2008. The trigger event was uncured and resulted in termination of the transaction. Both classes of notes experienced a complete loss.
Additional transaction information and historical data are 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.
Contacts:
Fitch Ratings, New York
Jenny Story, 212-908-0302
Louis
Lazzara, 212-908-0284
Taka Ushiroda, 212-908-0881
or
Media
Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com