NEW YORK--(Business Wire)--
Fitch Ratings has downgraded and withdrawn its rating on one class of notes
issued by Loan Funding Corp 2003-1 (LFC 2003-1). In addition, one class has paid
in full (PIF). Details of the rating action follow at the end of this press
release.
LFC 2003-1 terminated on Oct. 15, 2009. The rating action reflects the final
distribution of the liquidation proceeds to noteholders.
As a result of the liquidation, the class A notes have been PIF, as the class
received all interest and principal that was owed to it upon termination. The
class B notes have been downgraded to 'D' as it received no proceeds upon
termination of the transaction and therefore experienced a principal and
interest default.
LFC 2003-1 was a synthetic total rate of return collateralized loan obligation
(CLO) with a market value termination trigger. The transaction initially closed
on July 10, 2003 and was managed by Guggenheim Investment Management LLC.
The following rating action is effective immediately:
--$25,000,000 class A notes PIF;
--$12,000,000 class B notes downgraded to 'D' from 'CCC'; subsequently
withdrawn.
Additional transaction information and historical data are available on the
Fitch Ratings web site at www.fitchratings.com.
Additional information is available at www.fitchratings.com.
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 Ratings, New York
Jenny Story, +1-212-908-0302
Taka Ushiroda, CFA, +1-212-908-0881
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
Copyright Business Wire 2009
