Fitch Rates Fairway Outdoor Funding, LLC Secured Billboard Rev Notes, Series 2012-1
Fitch Ratings has assigned the following ratings to Fairway Outdoor Funding, LLC secured billboard revenue notes, series 2012-1:
--$10,000,000 class A-1* 'A-sf'; Outlook Stable;
--$175,000,000 class A-2 'A-sf'; Outlook Stable;
--$72,000,000 class B 'BB-sf'; Outlook Stable.
*Variable funding note.
The transaction represents a securitization in the form of notes backed by approximately 10,095 outdoor advertising sites with 19,956 billboard faces.
A detailed description of Fitch's rating analysis including key rating drivers, stresses, rating sensitivity, analysis, model, criteria application and data adequacy is available in Fitch's New Issue Report.
Additional information is available to all investors on Fitch's web site 'www.fitchratings.com'.
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.
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 21, 2012);
--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (May 30, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011);
--'Criteria for Rating Caps in Global Structured Finance Transactions' (Aug. 2, 2012).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
Criteria for Rating Caps in Global Structured Finance Transactions
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