Fitch Affirms Malibu Loan Fund, LLC

NEW YORK--(Business Wire)--
Fitch Ratings has affirmed the $110,800,000 class B notes issued by Malibu Loan
Fund, LLC at 'CCC'.

The affirmation reflects Fitch's analysis of both the market value (MV) and the
credit risk of the portfolio. The market value risk was analyzed by comparing
the distance to trigger metric of 7% to the advance rate ranges published in
Fitch's Markey Value Structures criteria and further supplemented in 'Fitch
Update: Application of Revised Market Value Structure Criteria to TRR CLOs',
published in May 2008. Based on Fitch's classification of the assets, the market
value trigger is in line with Fitch's 'CCC' advance rates for this structure.

The reference portfolio is comprised of a diverse pool of senior secured loans.
Therefore, the credit risk of the portfolio was analyzed using the Portfolio
Credit Model (PCM), as described in Fitch's Corporate CDO criteria (this and the
other aforementioned criteria are cited at the bottom of this press release).
Based on Fitch's PCM analysis, the par subordination of the notes (approximately
10%) was in line with a 'CCC' rating loss rate.

Malibu Loan Fund, LLC is a synthetic total rate of return collateralized loan
obligation (CLO) with a market value termination trigger. The transaction closed
on Sept. 30, 2005 and is managed by Aegon USA Investment Management. The notes
began to experience negative net asset value coverage in 2008, but subsequently
benefited from cash infusions which were designed to increase the distance to
the MV trigger.

This rating action reflects the application of Fitch's current criteria which
are available at www.fitchratings.com and specifically include the following
reports:

--'Fitch Update: Application of Revised Market Value Structure Criteria to TRR
CLOs', dated May 15, 2008.

--'Rating Market Value Structures', dated April 18, 2008.

--'Global Rating Criteria for Corporate CDOs', dated April 30, 2008.

Additional information is available at www.fitchratings.com.

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND
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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, +1-212-908-0881
or
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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