Fitch Ratings has been notified by the agents of Taberna Preferred Funding VI, Ltd./Inc. (Taberna VI) that Deutsche Bank Trust Company Americas (rated 'A+/F1+', Outlook Stable by Fitch) has been appointed as the successor to Bank of New York Mellon Trust Company, N.A. (rated 'AA-/F1+', Outlook Stable), as Trustee.
Fitch does not expect the proposed appointment in and of itself to have any impact on the existing ratings on the above referenced transaction. Based on its current rating by Fitch, Deutsche Bank is an eligible counterparty for the transaction under Fitch's criteria 'Counterparty Criteria for Structured Finance Transactions'.
The current 'Counterparty Criteria for Structured Finance Transactions' is under review and is subject to an exposure draft consultation. The exposure draft was published on March 12, 2012, and its proposals - if adopted into criteria - are not expected to result in rating actions on these transactions. However, this cannot be entirely precluded if the final criteria differ materially from the exposure draft proposals.
Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when or if the proposed appointment documents are executed either in part or in their entirety.
Additional information is available at 'www.fitchratings.com'.
The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 16, 2010);
--'Global Surveillance Criteria for Trust Preferred CDOs' (July 12, 2011);
--'Counterparty Criteria for Structured Finance Transactions' (March 12, 2012);
--'Counterparty Criteria for Structured Finance Transactions: Derivative Addendum' (March 12, 2012);
--'Exposure Draft: Counterparty Criteria for Structured Finance Transactions' (March 12, 2012).
Applicable Criteria and Related Research:
Counterparty Criteria for Structured Finance Transactions: Derivative Addendum
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667930
Counterparty Criteria for Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667929
Exposure Draft: Counterparty Criteria for Structured Finance
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=673497
Global Surveillance Criteria for Trust Preferred CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=643950
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
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