Fitch Downgrades and Withdraws $116MM from Visage CDO I, Ltd. on EOD and Liquidation
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NEW YORK--(BUSINESS WIRE)--
Fitch Ratings has downgraded and withdrawn its ratings on three classes of notes issued by Visage CDO I, Ltd. (Visage I). All the classes on Rating Watch Negative are removed. The following rating actions are effective immediately:
-- $56,000,000 Class A to 'C/DR6' from 'CCC;
-- $40,000,000 Class B to 'C/DR6' from 'CC;
-- $20,000,000 Class C to 'C/DR6' from 'CC'.
Visage I is a managed hybrid collateralized debt obligation (CDO) that closed on July 28, 2006 and references a portfolio of mezzanine and high-grade asset-backed securities (ABS) CDO tranches and commercial real estate CDO tranches, with both funded and unfunded liabilities. The portfolio is managed by TCW Investment Management Company. Visage I and has entered into a total return swap (TRS) with Credit Suisse International (CSI), the TRS counterparty, wherein CSI makes total return payments to Visage I in exchange for credit protection on the reference portfolio.
These rating actions reflect an Event of Default (EOD) under Condition 11 of the Notes on March 3, 2008 and proposed collateral enforcement in accordance with Condition 12 of the Notes, as requested by the TRS Counterparty in its capacity as the Controlling Class on March 6, 2008. The EOD was declared because the Class A Par Value Ratio was less than 100%. As of the May 8th post-enforcement distribution, all proceeds have been realized and distributed. No principal or interest due and payable on the rated notes were paid as of the final distribution.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
Source: Fitch Ratings
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