Fitch Affirms 27 U.S.-Linked CDO Classes

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed at 'AAAsf' 27 U.S. CDO classes across 19 transactions with credit ratings linked to the U.S. Sovereign rating. The Rating Outlook is Stable.

KEY RATING DRIVERS

The rating actions are part of an annual review of 19 U.S. sovereign linked transactions. The United States of America's Issuer Default Rating (IDR) is currently 'AAA' with a Stable Outlook (affirmed Sept. 19, 2014 by Fitch). The categories of debt affected include:

--Debt backed by bonds issued or guaranteed by a government-sponsored entity (GSE);

--Debt obligations whose payments are guaranteed by the NCUA, whose obligations are backed by the full faith and credit of the United States as an agency of the executive branch of the U.S. government.

RATING SENSITIVITIES

Given the relationship of each class' rating to the U.S. Sovereign IDR, any further rating action on the U.S. Sovereign IDR would be applied to each transaction affected by today's rating action.

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

Applicable Criteria & Related Research:

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

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

--'Surveillance Criteria for Trust Preferred CDOs' (April 21, 2014);

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

--'Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes' (March 9, 2015).

Applicable Criteria and Related Research: Fitch Affirms 27 U.S.-Linked CLN Classes

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863731

Global Structured Finance Rating Criteria

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

Global Rating Criteria for Structured Finance CDOs

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

Surveillance Criteria for Trust Preferred CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=745339

Counterparty Criteria for Structured Finance and Covered Bonds

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

Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863276

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981493

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 Surveillance Analyst
Shashi Srikantan
Director
+1 212-908-0393
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1 212-908-0156
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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