News Column

Fitch Publishes CLO Indenture Abstract for Cedar Funding Ltd./Corp.

February 17, 2014

Fitch Ratings has published the CLO Indenture Abstract for Cedar Funding Ltd./Corp. (Cedar Funding).

Link to Fitch Ratings' Report: Cedar Funding Ltd./Corp. - CLO Indenture Abstract

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=729757

Fitch's CLO Indenture Abstract describes important features of a CLO indenture and provides commentary on how these features work and comparisons with other recently issued CLOs. The report includes Fitch's commentary related to:

--Collateral quality tests;

--Concentration limitations;

--Coverage tests;

--Priority of payments;

--Conditions to reinvestment;

--Events of default;

--Manager replacement provisions;

--Call provisions;

--Indenture amendments; and

--Reporting requirements.

The Fitch CLO Indenture Abstract for Cedar Funding is available at 'fitchratings.com' or by clicking on the link above.

Additional information is available at 'fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Global Rating Criteria for Corporate CDOs' (Aug. 8, 2013);

--'Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds' (Jan. 23,);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 13, 2013);

--'Cedar Funding Ltd. New Issue Report' (June 25, 2012);

--'Cedar Funding Ltd. -- Appendix' (June 25, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=708661

Global Rating Criteria for Corporate CDOs

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=715492

Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=725537

Counterparty Criteria for Structured Finance and Covered Bonds

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=707155

Cedar Funding Ltd.

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=682504

Cedar Funding Ltd.

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=682008

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