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.
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.
notes that Putnam's contributions have significantly diminished since market timing allegations surfaced in late 2003.
has a surveillance team of four professionals dedicated to CRE CDOs.
has affirmed the following Golden State Tobacco Securitization Corporation tobacco settlement asset backed bond, series 2003A (tax-exempt):
estimates pro forma leverage and interest coverage metrics relative to EBITDA, cash flow from operations, and free cash flow excluding any previously paid dividends.
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.
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.
does not view resolution of current capital shortfalls as being a challenge, since each company will have various capital management solutions to help improve its Matrix results,' said Thomas Abruzzo, Managing Director, Fitch
believes that the enterprise value of the company, and thus, recovery rates for its creditors, will be maximized in a restructuring scenario (going concern) rather than a liquidation scenario.