Fitch Withdraws Rating on Cloverie Plc 2006-3

November 5, 2009 5:21 PM EST

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the rating on the class of notes issued by Cloverie Plc 2006-3 (Cloverie 2006-3).

This rating action is a result of an early termination of the transaction's underlying credit default and interest rate swaps on Oct. 15, 2009. Accordingly, the rating has been withdrawn. The notes were previously downgraded to 'D/RR6' as a result of multiple Credit Events with respect to obligations within the reference portfolios of Cloverie 2006-3.

Cloverie 20006-3 was a partially funded, static synthetic collateralized debt obligation (CDO) that closed in January 2006. The transactions represented leveraged exposure to diversified portfolios of asset-backed securities. The note proceeds collateralized credit default swaps with Citigroup Global Markets Limited as the Swap Counterparty. A modified 'Pay-As-You-Go' template was utilized to define the terms of the credit default swap.

Fitch has withdrawn the following rating:

--$40,000,000 class D notes rated 'D/RR6'.

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

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.

    Source: Fitch Ratings

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