Fitch Ratings has downgraded six classes to 'Dsf' and affirmed one class at 'Dsf' and withdrawn the ratings on the notes issued by Newcastle CDO VII, Limited (Newcastle VII).
On Dec. 3, 2009, the trustee notified noteholders of an event of default (EOD) due to the Class I Par Value Ratio falling below the 103% threshold. On April 21, 2011, the holders of the majority of the controlling class directed to accelerate the notes and the trustee was directed to sell and liquidate the collateral. On June 24, 2011 all liquidation proceeds were distributed according to the transaction documents. The class I-A notes received 51.5% of their outstanding balance. The remaining classes have been completely written off due to insufficient liquidation proceeds.
Fitch has taken the following actions:
--$0 Class I-A notes downgraded to 'Dsf' from 'Csf' and withdrawn;
--$0 Class I-B notes downgraded to 'Dsf' from 'Csf' and withdrawn;
--$0 Class II notes affirmed at 'Dsf' and withdrawn;
--$0 Class III notes downgraded to 'Dsf' from 'Csf' and withdrawn;
--$0 Class IV-FL notes downgraded to 'Dsf' from 'Csf' and withdrawn;
--$0 Class IV-FX notes downgraded to 'Dsf' from 'Csf' and withdrawn;
--$0 Class V notes downgraded to 'Dsf' from 'Csf' and withdrawn.
Additional information is available at 'www.fitchratings.com'. The information used to assess these ratings was sourced from note valuation reports, and the public domain.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);
--'Global Rating Criteria for Structured Finance CDOs' (Oct. 15, 2010).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
Global Rating Criteria for Structured Finance CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564895
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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
Primary Surveillance Analyst
Matthew McGowan,
+1-212-908-0733
Analyst
Fitch, Inc.
One State Street Plaza
New
York, NY 10004
or
Secondary Analyst
Scarlett Shao,
+1-212-908-9169
Associate Director
or
Committee
Chairperson
Karen Trebach, +1-212-908-0215
Senior Director
or
Media
Relations:
Brian Bertsch, New York, +1-212-908-0549
brian.bertsch@fitchratings.com