Fitch Withdraws Ratings for 7 Classes of TORO ABS CDO II, LTD./LLC

CHICAGO--()--Fitch Ratings has taken the following actions on seven classes of TORO ABS CDO II, LTD./LLC. (TORO II):

--$527,170,903 Class A-1 notes affirmed at 'Dsf' and withdrawn;

--$55,899,748 Class A-2 notes affirmed at 'Dsf' and withdrawn;

--$23,957,035 Class B notes affirmed at 'Dsf' and withdrawn;

--$6,987,469 Class C notes affirmed at 'Dsf' and withdrawn;

--$10,502,286 Class D notes affirmed at 'Csf' and withdrawn;

--$13,152,617 Class E notes affirmed at 'Csf' and withdrawn;

--$6,464,239 Class F notes affirmed at 'Csf' and withdrawn.

KEY RATING DRIVERS

Fitch's rating action follows the sale of the remaining debt securities in the transaction's portfolio in June 2014. Previously, in August 2013 the non-deferrable class A-1, A-2, B and C notes defaulted on their accrued interest payments. Although the notes will remain outstanding until the deal's legal maturity or liquidation in accordance with the Indenture, the ratings are withdrawn as they are no longer considered analytically meaningful.

Toro II is a collateralized debt obligation (CDO) that closed on April 27, 2006. The initial portfolio was selected by Merrill Lynch Investment Managers (MLIM) and is currently managed by Vertical Capital LLC.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'Global Rating Criteria for Structured Finance CDOs' (July 16, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751136

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=867574

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.

Contacts

Fitch Ratings
Primary Surveillance Analyst
Geoffrey Ostosh
Analyst
+1 312-368-2072
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Alina Pak, CFA
Senior Director
+1 312-368-3184
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Surveillance Analyst
Geoffrey Ostosh
Analyst
+1 312-368-2072
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Alina Pak, CFA
Senior Director
+1 312-368-3184
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com