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Fitch: AMMC CLO XIV, Limited's Ratings Unaffected by Amendment to Initial Required Equity Investment

January 21, 2014

NEW YORK --(BUSINESS WIRE)-- According to Fitch Ratings, the rating of the class A delayed draw notes of AMMC CLO XIV, Limited will not be affected by the decrease in the initial required equity investment to $15 million from $30 million . Fitch has reviewed the amendment documentation and the updated indicative portfolio and determined that the initial higher concentration does not materially impact the rating factors considered in its initial analysis. AMMC CLO XIV, Limited is a term facility that closed in December 2013 to fund purchases of broadly syndicated loans. Key rating drivers and rating sensitivities are outlined in Fitch's original press release dated Dec. 18, 2013 . Fitch currently rates the class A notes as follows: -- $240,000,000 class A delayed draw notes 'Asf'; Outlook Stable. Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties. Additional information is available at ' www.fitchratings.com '. Applicable Criteria and Related Research : --'Fitch Rates AMMC CLO XIV, Limited' ( Dec. 18, 2013 ); --'AMMC CLO XIV, Limited -- Appendix' ( Dec. 18, 2013 ). ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Erika Tsang , CFA, +1 212-908-0817 Director Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 or Derek Miller , +1 312-368-2076 Senior Director or Media Relations: Sandro Scenga , +1 212-908-0278 sandro.scenga@fitchratings.com Source: Fitch Ratings


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