While the outcome of these claims are uncertain,
Fitch believes the relationship between these entities has clearly been strained and the outcome of this dispute increases event risk and re-financing risk for lenders and is a negative rating factor despite all currently contemplated debt offerings maturing prior to the 2017 PLA expiration.
Approximately half of the portfolio is fixed-rate assets which
Fitch expects to amortize slower than the reduction in the notional of the interest rate swap, which terminates in March 2012.
Fitch believes there will be significant synergies realized from the proposed merger, including large expense savings, increased capital efficiency, and a better focused international expansion effort.
Overall, the year-end statistics are strong:
Fitch upgraded 196 tranches in 39 CRE CDOs and ReREMICs and downgraded only three tranches in two transactions.
However,
Fitch notes that Putnam's contributions have significantly diminished since market timing allegations surfaced in late 2003.
Fitch has a surveillance team of four professionals dedicated to CRE CDOs.
Fitch has affirmed the following Golden State Tobacco Securitization Corporation tobacco settlement asset backed bond, series 2003A (tax-exempt):
Fitch estimates pro forma leverage and interest coverage metrics relative to EBITDA, cash flow from operations, and free cash flow excluding any previously paid dividends.
Fitch will continue to monitor ORHS's performance and will assess the impact of additional indebtedness in future years to its financial profile at time of issuance.
Fitch believes this new methodology will better match self-pay revenues with costs associated with treating self-pay volumes.
2 CDO2 analytics include two models from Reoch Credit Ltd, whose credit derivatives analytics business was acquired by Derivative
Fitch in July 2006.
The ratings above have been initiated by
Fitch as a service to investors.
