Fitch Affirms 11 CLOs From Various Vintages

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 18 tranches from 11 collateralized loan obligations (CLOs). The rating action report, titled 'Fitch Affirms 11 CLOs From Various Vintages', dated March 5, 2015, details the individual rating actions for each rated CLO. It can be found on Fitch's website at 'www.fitchratings.com' by performing a title search or by using the link below. For further information and transaction research, please refer to 'www.fitchratings.com'.

KEY RATING DRIVERS

The affirmations on all classes included in this review are based on the stable performance of the underlying portfolios since the transactions' inceptions and the sufficient credit enhancement available to the notes. As of the most recent trustee reports, the transactions continue to pass all coverage and collateral quality tests. The credit quality of the underlying portfolios has remained stable, as reflected by the decreased weighted average rating factor (WARF) levels since closing and/or the last review.

Key performance drivers, such as credit enhancement levels and portfolio credit quality metrics, for each CLO can be found in the U.S. CLO Tracker accessible on 'www.fitchratings.com' or by using the link below.

The transactions included in this rating action originated in 2012 - 2014 and are managed by Ares CLO Management XXIX, L.P., Sankaty Advisors, LLC, Octagon Credit Investors, LLC, Napier Park Global Capital, Sound Point Capital Management, LP, Symphony Asset Management LLC, and Voya Alternative Asset Management LLC. All CLOs still remain in their respective reinvestment periods.

RATING SENSITIVITIES

The ratings of the notes may be sensitive to the following: asset defaults, significant negative credit migration, lower than historically observed recoveries for defaulted assets, and breaches of concentration limitations or portfolio quality covenants. Fitch conducted rating sensitivity analysis on the closing date of each CLO in this review, incorporating increased levels of defaults and reduced levels of recovery rates, among other sensitivities.

This review was conducted under the framework described in the report 'Global Rating Criteria for Corporate CDOs' using the PCM for projecting future default and recovery levels for the underlying portfolios. Given the stable performances of each transaction, no updated cash flow modeling was completed for this review.

Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after Sept. 26, 2011 at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from periodic servicer reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Global Rating Criteria for Corporate CDOs' (July 25, 2014);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 14, 2014);

--'U.S. CLO Tracker - 4Q14' (Feb. 10, 2015).

Applicable Criteria and Related Research: Fitch Affirms 11 CLOs From Various Vintage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863403

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

U.S. CLO Tracker - 4Q14

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861672

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980836

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
Primary Analyst
Felix Chen
Associate Director
+1-212-908-9154
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Alina Pak, CFA
Senior Director
+1-312-368-3184
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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