Fitch Affirms and Withdraws Ratings on 10 Classes from Duke Funding High Grade III, Ltd.

NEW YORK--()--Fitch Ratings has taken the following rating actions on 10 classes from Duke Funding High Grade III, Ltd.:

--$382,386,308 class A-1A notes affirmed at 'Csf' and withdrawn;

--$1,126,466,090 class A-1B1 notes affirmed at 'Csf' and withdrawn;

--$1,126,466,090 class A-1B2 (IO) notes affirmed at 'Csf' and withdrawn;

--$102,000,000 class A-2 notes affirmed at 'Csf' and withdrawn;

--$8,533,136 class B-1 notes affirmed at 'Dsf' and withdrawn;

--$8,535,487 class B-2 notes affirmed at 'Dsf' and withdrawn;

--$57,060,080 class C-1 notes affirmed at 'Csf' and withdrawn;

--$58,447,629 class C-2 notes affirmed at 'Csf' and withdrawn;

--$19,681,368 class D notes affirmed at 'Csf' and withdrawn;

--$32,000,000 subordinated Notes affirmed at 'Csf' and withdrawn.

KEY RATING DRIVERS

The class B-1 and B-2 notes from Duke Funding High Grade III, Ltd. are non-deferrable classes, which continue to experience interest shortfalls due to an acceleration that began in January 2009. As such, these two classes were affirmed at 'Dsf'. The remaining eight classes are undercollateralized. These notes were affirmed at 'Csf' as default is inevitable. 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remain outstanding until the deal's legal maturity or liquidation in accordance with the Indenture, the ratings are withdrawn as they are no longer considered analytically meaningful.

Duke Funding High Grade III, Ltd. is a cash flow CDO that closed in Aug. 2005 and is managed by Dock Street Capital Management LLC.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 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=978843

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Contacts

Fitch Ratings
Primary Surveillance Analyst
Emmett O'Brien
Analyst
+1 212-908-0648
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
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
Emmett O'Brien
Analyst
+1 212-908-0648
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
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