Fitch Downgrades PPM America High Grade CBO I, Ltd./Corp; Ratings Withdrawn

CHICAGO--(BUSINESS WIRE)--

Fitch Ratings has downgraded and withdrawn one class of notes issued by PPM America High Grade CBO I, Ltd./Corp. (PPM HG I) as follows:

--$8,800,262 class C notes to 'Dsf' from 'Csf'; rating withdrawn.

The downgrade and withdrawal are due to a failure to repay the rated balance of the notes on the maturity date in January 2012.

This review was conducted under the framework described in the reports 'Global Structured Finance Rating Criteria' and 'Global Rating Criteria for Corporate CDOs'. Fitch did not utilize the Portfolio Credit Model (PCM) or a cash flow model in this analysis due to the transaction reaching its maturity date.

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:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Global Rating Criteria for Corporate CDOs' (Aug. 8, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690203

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