Fitch Affirms 13 CLOs From Various Vintages

NEW YORK--()--Fitch Ratings has affirmed 16 tranches from 13 collateralized loan obligations (CLOs). The rating action report, titled 'Fitch Affirms 13 CLOs From Various Vintages', dated May 1, 2015, details the individual rating actions for each rated CLO. It can be found on Fitch's website at 'www.fitchratings.com' by performing a title search or by using the link below. For further information and transaction research, please refer to 'www.fitchratings.com'.

KEY RATING DRIVERS

The affirmations on all classes included in this review are based on the stable performance of the underlying portfolios since the transactions' inceptions and the sufficient credit enhancement available to the notes. As of the most recent trustee reports, the transactions continue to pass all coverage tests and collateral quality tests. The credit quality of the underlying portfolios has remained stable, as reflected by the weighted average rating factor (WARF) levels since closing and/or the last review.

Key performance drivers for each CLO, such as credit enhancement levels and portfolio credit quality metrics, can be found in the U.S. CLO Tracker accessible on 'www.fitchratings.com' or by using the link below.

The transactions included in this rating action originated in 2012-2014 and are managed by 3i Debt Management Investments Limited, Babson Capital Management LLC; BlackRock Financial Management, Inc.; Credit Suisse Asset Management, LLC; H.I.G. WhiteHorse Capital, LLC; Hildene Leveraged Credit, LLC; LCM Asset Management LLC, Oak Hill Advisors, L.P.; and Voya Alternative Asset Management LLC. All CLOs still remain in their respective reinvestment periods.

RATING SENSITIVITIES

The ratings of the notes may be sensitive to the following: asset defaults, significant negative credit migration, lower than historically observed recoveries for defaulted assets, and breaches of concentration limitations or portfolio quality covenants. Fitch conducted rating sensitivity analysis on the closing date of each CLO in this review, incorporating increased levels of defaults and reduced levels of recovery rates, among other sensitivities.

This review was conducted under the framework described in the report 'Global Rating Criteria for Corporate CDOs' using the PCM for projecting future default and recovery levels for the underlying portfolios. Given the stable performances of each transaction, no updated cash flow modeling was completed for this review.

Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after Sept. 26, 2011 at 'www.fitchratings.com'.

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

The information used to assess these ratings was sourced from periodic servicer reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'Global Rating Criteria for Corporate CDOs' (July 25, 2014);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 14, 2014);

--'U.S. CLO Tracker - 4Q14' (Feb. 10, 2015)

Applicable Criteria and Related Research: Fitch Affirms 13 CLOs From Various Vintages

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865587

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984054

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Contacts

Fitch Ratings
Primary Analyst
Christine Choo
Director
+1-212-908-0603
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:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Christine Choo
Director
+1-212-908-0603
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:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com