Derivative Fitch Affirms Preferred Term Securities IX, Ltd.
Derivative Fitch affirms six classes of notes issued by Preferred Term Securities IX, Ltd. (PreTSL IX). These affirmations are the result of Fitch's review process and are effective immediately:
--$245,000,000 senior A-1 notes 'AAA';
--$42,000,000 senior A-2 notes 'AAA';
--$33,000,000 senior A-3 notes 'AAA';
--$86,000,000 mezzanine B-1 notes 'A';
--$16,250,000 mezzanine B-2 notes 'A';
--$66,250,000 mezzanine B-3 notes 'A'.
PreTSL , a collateralized debt obligation (CDO) that closed March 26, 2003, is a static pool composed of bank and thrift trust preferred securities. Included in this review, Derivative Fitch performed an analysis of the collateral included in the portfolio.
Since closing, the collateral has continued to perform, with a slight improvement in the weighted average bank score as determined by the Fitch Bank Scoring Model. To date, there have been no obligors that have deferred interest payments at any time. The senior overcollateralization (OC) ratio has remained relatively unchanged at 158.7%, and is currently in compliance with its performance trigger of 128%.
As a result of this analysis, Fitch has determined that the current ratings assigned to the senior and mezzanine notes still reflect the current risk to noteholders. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Derivative Fitch web site at www.derivativefitch.com. For more information on Fitch's approach to rating CDOs of trust preferred securities, see the special report, 'Rating Criteria for US Bank and Insurance Trust Preferred CDOs', dated Feb. 2, 2005 and also available on the Derivative Fitch web site.
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.
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