Fitch Withdraws Ratings on Sydney Street Finance Limited

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has taken the following actions on nine classes from Sydney Street Finance Limited (Sydney) and subsequently withdrew the ratings:

--EUR70,000,000 class A1 floating rate notes marked as PIF;

--EUR49,087,885 class A2 floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class B floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class C floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class D floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class E floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class F floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class G floating rate notes affirmed at 'Dsf' and withdrawn;

--EUR0 class H floating rate notes affirmed at 'Dsf' and withdrawn.

KEY RATING DRIVERS

Fitch received a notice that the portfolio credit swap counterparty chose to terminate the portfolio credit swap on July 7, 2015 in accordance with the provisions included in the transaction's closing documents.

As a result of the termination, both the class A1 and class A2 notes received payments. The class A1 notes were paid their full principal balance of EUR70,000,000 along with the accrued and unpaid interest. The class A2 notes were repaid EUR49,087,885 in principal and approximately EUR76,683 in accrued and unpaid interest. This class began experiencing writedowns of its principal in 2013. Since then, the notes' original balance has been reduced by approximately EUR17,612,115.

Principal balances of classes B-H notes were written down to zero prior to 2013. Since the class A2 through H notes have not received their principal in full, they were affirmed at 'Dsf' prior to their ratings being withdrawn.

RATING SENSITIVITIES

Not Applicable.

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 sources of information used to assess these ratings were periodic trustee reports and the public domain.

Applicable Criteria

Global Rating Criteria for CLOs and Corporate CDOs (pub. 30 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868908

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

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

Global Surveillance Criteria for Structured Finance CDOs (pub. 13 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867800

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=991832

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991832

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/20151005006706/en/

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

Source: Fitch Ratings

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