Market Overview

Fitch: ZAIS V Paid In Full After Early Termination

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has marked the following classes of notes issued by ZAIS Investment Grade Limited V (ZAIS V) as paid in full as of Feb. 22, 2013:

--Class A-1 senior secured floating-rate notes;
--Class A-2 senior secured fixed-rate notes;
--Class B-1 senior secured floating-rate notes;
--Class B-2 senior secured fixed-rate notes.

KEY RATING DRIVERS
On Feb. 12, 2013, a liquidation notice declaring the mandatory redemption of all outstanding notes was issued for ZAIS V. As a result, the remaining underlying portfolio assets have been sold and liquidation proceeds of approximately $152 million were distributed on Feb. 22, 2013. Propceeds were sufficient to pay classes A-1, A-2, B-1, and B-2 in full.

ZAIS V was a static cash flow SF CDO that closed on Dec. 19, 2002 and was monitored by ZAIS GROUP, LLC. The underlying portfolio consisted of corporate collateralized debt obligations (CDOs) and structured finance CDOs. The transaction entered an EOD on April 27, 2009, when the deal failed to maintain a class A overcollateralization ratio higher than 100%.

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.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' dated June 6, 2012;
--'Global Rating Criteria for Structured Finance CDOs' dated Oct. 3, 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

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 Ratings
Media Relations
Sandro Scenga, New York
Tel: +1 212-908-0278
Email: sandro.scenga@fitchratings.com
or
Surveillance Analyst
Felix Chen
Analyst
+1-212-908-9154
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Alina Pak, CFA
Senior Director
+1-312-368-3184

 

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