Fitch: Replacement Collateral Manager for Reservoir Funding Ltd.

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings was notified on April 22, 2015 that Reservoir Funding Ltd. (Reservoir) intends to remove the incumbent collateral manager (Cutwater Asset Management Corp. formerly known as MBIA Capital Management Corp.) at the direction of the holders of a majority of the controlling class.

Reservoir has selected Cairn Capital North America Inc. as the successor collateral manager. The appointment will become effective on or about May 22 pending the satisfaction of certain requirements. Terms of the proposed replacement collateral manager agreement have remained almost identical with only minor differences that are not material to Fitch's ratings of the transaction.

Reservoir is no longer in its reinvestment period. Given the above, Fitch does not expect the novation to have any impact on the ratings of the notes.

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 the proposed transfer of asset management responsibilities is completed.

The information used to assess these ratings is from the trustees reports.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'Global Rating Criteria for Structured Finance CDOs' (July 16, 2014);

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

Applicable Criteria and Related Research:

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751136

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

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Fitch Ratings
Primary Surveillance Analyst:
Emmett O'Brien, +1-212-908-0648
Analyst
Fitch Ratings, Inc.
33 Whitehall Street
New York, New York, 10004
or
Committee Chairperson:
Alina Pak, CFA, +1-312-368-3184
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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