Mediaboss Marketing

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed two classes of notes issued by Solar Investment Grade CBO I, Ltd./Corp. (Solar I) and revised the recovery estimates (RE) as follows:

--$27,112,389 class III-A notes at 'Csf'; RE 10%

--$10,198,804 class III-B notes at 'Csf'; RE 10%

Solar I's remaining $5.8 million portfolio is insufficient to repay the class III-A and III-B notes (together, class III) in full on the maturity date, and default remains inevitable. An event of default was declared in April 2012 due to the aggregate principal balance of collateral and eligible investments being less than the balance of outstanding senior-most notes.

Since Fitch's last rating action in May 2011, the class II-A and II-B notes (together, class II) were paid in full. Maturities on the underlying portfolio resulted in a total principal reduction to the class II notes of $29.8 million over the last two semi-annual payment dates. During the same period, the class III notes received a $3 million reduction in principal.

Solar I is a collateralized bond obligation (CBO) that closed in August 2000. Solar I's portfolio is managed by Sun Capital Advisers LLC (as successor to Sun Capital Advisers, Inc.), and the performing portfolio is currently composed of one bond and two structured finance obligations totaling $5.8 million. The transaction is scheduled to mature in September 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from the trustee reports and the public domain.

Applicable Criteria and Related Research:

Read the original here:
Fitch Affirms Solar Investment Grade CBO I, Ltd.