News Column

Fitch Downgrades and Withdraws Rating on ABSpoke Series 2005-1A Ltd.

June 25, 2014



CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has taken the following rating actions on one class issued by ABSpoke Series 2005-1A Ltd.:

--$0 class ABSpoke 2005-1A floating rate notes downgraded to 'Dsf' from 'Csf' and withdrawn.

KEY RATING DRIVERS

The rating action follows the exercise of the Optional Termination on June 5, 2014. As a result of the termination, approximately $17.3 million in principal proceeds were distributed to the ABSpoke 2005-1A floating rate notes. Fitch does not consider this final distribution to be a full repayment of the class' initial rated balance as prior to the exercise of the Optional Termination, the notes were experiencing writedowns.

ABSpoke Series 2005-1A was a partially funded, synthetic collateralized debt obligation (CDO), which closed in April 2005. The transaction allowed investors to achieve leveraged exposure to a diversified portfolio of asset-backed securities.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Global Rating Criteria for Structured Finance CDOs' (Sept. 12, 2013);

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

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718027

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=836550

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

Primary Analyst

Geoffrey Ostosh, +1-312-368-3184

Analyst

Fitch Ratings, Inc.

70 W. Madison

Chicago, IL 60602

or

Committee Chairperson

Alina Pak, CFA, +1-312-368-3184

Senior Director

or

Media Relations

Sandro Scenga, New York, +1 212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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