Fitch Downgrades Remaining Rated Class of Talmage 2006-4 to 'D'

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings downgrades one class of Talmage Structured Real Estate Funding 2006-4 Ltd./LLC (Talmage 2006-4). A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

No assets remain in the transaction. Since the last rating action, all assets have been sold or paid off. The realized losses of $33.2 million were in line with Fitch's expectations.

The downgrade of the class H note follows the resolution of the last assets held by the CDO, an August 2016 sale of three $33.2 million B-notes secured by Resorts International for a de mininis recovery, as expected. Approximately $200,000 remains in an expense reserve, which will be applied towards the discharge of the Indenture to cover any additional expenses, any remaining funds will be paid to the notes.

The remaining obligation to class H is $608,067. There are insufficient funds available to pay the balance of this note; as the maximum amount available from the expense reserve would be $200,000.

RATING SENSITIVITIES

The defaulted rating will be automatically withdrawn within 11 months of the date of this rating action.

DUE DILIGENCE USAGE

No third party due diligence was provided in relation to this rating action.

Fitch has downgraded the following rating:

--$608,067 class H notes to 'D' from 'C'.

Classes S and A-1 through G have paid in full. Fitch does not rate classes J, K, and the Preferred Shares.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

Surveillance Criteria for U.S. CREL CDOs (pub. 17 Nov 2015)

https://www.fitchratings.com/site/re/873275

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011878

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011878

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20160919006352/en/

Fitch Ratings
Primary Analyst
Stacey McGovern
Director
+1-212-908-0722
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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