NEW YORK & LONDON--(BUSINESS WIRE)--Fitch Ratings has reviewed documents relating to proposed amendments to hedge agreements in three structured finance (SF) transactions with derivative counterparty exposure to Bank of America or Merrill Lynch related entities.
The proposed amendments involve the novation of existing hedge agreements from Merrill Lynch International Bank Limited (MLIB) to Merrill Lynch International (MLI) for the transactions listed below:
--Ludgate Funding PLC Series 2007-FF1
--Newgate Funding PLC Series 2007-1 (Classes Bb, Cb, Db, Mb)
--Newgate Funding PLC Series 2007-2 (Classes Bb, Cb, Db)
MLI is rated is rated 'A/F1' Outlook Negative by Fitch. This rating is consistent with Fitch's counterparty criteria. As a result, Fitch concludes that the novations (and their related amendments), in and of themselves, will have no impact upon the current note ratings.
Additional information is available at 'www.fitchratings.com'.