Fitch Ratings currently rates the senior notes from the Goal Capital Funding Trust 2005-2 at 'AAA' and the subordinate note at 'BBB'. The transaction was structured with a principal stepdown date of Nov. 25, 2011; however, Goal Structured Solutions (GS2), the administrator, has not distributed principal to the class B note on the last two distribution dates.
Fitch is waiting for additional information from Goal regarding this situation before completing its review of the ratings on this transaction. GS2 has informed Fitch that they believe this was an isolated incident and plans to distribute the principal owed to the class B noteholders on the upcoming distribution date of May 25, 2012. Fitch's opinion is that it is a clerical error that will be reasonably remedied on the next distribution date.
Currently GS2 is the administrator for 16 trusts rated by Fitch, which includes Goal Capital Funding Trusts as well as certain First Marblehead trusts through Goal's recent acquisition of First Marblehead Data Services, Inc (FMDS).
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