NEW YORK--(BUSINESS WIRE)--Fitch Ratings has withdrawn the ratings on two classes of FMC Real Estate CDO 2005-1, Ltd. (FMC 2005-1). A full list of the withdrawn classes follows at the end of this press release.
KEY RATING DRIVERS
The rating withdrawals are the result of partial note cancellations. According to the asset manager, Five Mile Capital, the noteholders surrendered a portion of the class E and class F notes to the trustee for cancellation.
The transaction has been liquidated at the August 2015 payment date pursuant to an optional redemption. All classes have either been paid in full or cancelled.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch has withdrawn the following ratings:
--Class E at 'CCCsf';
--Class F at 'CCCsf'.
The class A-1, A-2, B, C and D certificates have paid in full. The ratings on classes G and H were previously withdrawn. Fitch does not rate the preferred shares.
Additional information is available at 'www.fitchratings.com'.
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
Surveillance Criteria for U.S. CREL CDOs (pub. 24 Nov 2014)