Fitch Withdraws Ratings on Soloso CDO 2005-1 Ltd.

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the ratings on all classes of notes in Soloso CDO 2005-1 Ltd. as follows:

--$64,153,907 class A-1LA notes 'Dsf';

--$106,279,783 class A-1L notes 'Dsf';

--$39,000,000 class A-1LB notes 'Dsf';

--$47,095,487 class A-2L notes 'CCsf';

--$44,121,587 class A-3L notes 'Csf';

--$21,628,473 class A-3A notes 'Csf';

--$20,957,754 class A-3B notes 'Csf';

--$36,751,151 class B-1L notes 'Csf'.

KEY RATING DRIVERS

Soloso 2005-1 entered an Event of Default (EOD) on April 24, 2013. On June 7, 2013 Fitch was notified that the requisite noteholders declared the aggregate principal amount of the notes to be immediately due and payable. The requisite noteholders have directed the sale and liquidation of collateral on August 2015. Some junior noteholders filed a complaint in the United States District Court in which they have contended that there was a pre-existing Event of Default that precludes the trustee from liquidating the Trust Estate without the consent of 100% of the noteholders.

As of October 2015, the Court ordered that the trustee can continue with the liquidation, but the liquidation proceeds should be held by the trustee in the escrow pending further order of the Court.

Fitch has withdrawn the ratings on these notes as they are no longer considered by Fitch to be relevant to the agency's coverage because of their distressed rating levels, ongoing liquidation, and uncertainty regarding the resolution of the litigation.

RATING SENSITIVITIES

Following a liquidation and withdrawal of the ratings, rating sensitivities do not apply.

DUE DILIGENCE USAGE

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

Additional information is available at www.fitchratings.com.

Sources of Information:

The information used to assess these ratings was sourced from trustee reports, collateral manager reporting web sites and the public domain.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Surveillance Criteria for Trust Preferred CDOs (pub. 05 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878874

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1004383

Endorsement Policy

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

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160512006163/en/

Fitch Ratings, Inc.
Primary Analyst
Azadeh Sharif
Associate Director
+1-212-908-0874
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Alina Pak
Senior Director
+1-312-368-3184
or
Media Relations
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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