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Fitch Ratings-New
York-October 20, 2003:
1. Fitch Ratings upgrades the class B notes of ACAS Business Loan Trust 2000-1
(ACAS 2000-1).
2. Fitch Ratings affirms one class and upgrades one class of ACAS Business
Loan Trust 2002-1 (ACAS 2002-1).
3. Fitch Ratings affirms two classes of ACAS Business Loan Trust 2002-2
(ACAS 2002-2)
1.
Fitch Ratings upgrades the class B notes of ACAS Business Loan Trust
2000-1 (ACAS 2000-1). The class A notes issued by ACAS 2000-1 have
been paid in full. This rating action is effective immediately.
$39,468,238 class B notes to 'AA' from 'A+'.
ACAS Business Loan Trust 2000-1 is a collateral loan obligation
(CLO) that closed on Dec. 20, 2000. The servicer is American Capital
Strategies (Nasdaq: ACAS), based in Bethesda, Maryland. The rated
liabilities are supported by the cash flows of a static portfolio
of high-yield loans to middle market U.S. businesses, a majority
of which are privately owned. The loans were made for the purpose
of working capital, growth, acquisitions, and recapitalizations.
The loan obligors operate in several industries including retail,
industrial and consumer productions, and information technology.
A majority of the loans are subordinate loans with the remaining
balance divided between senior unsecured and senior secured obligations.
It is important to highlight that the portfolio is a static pool,
with no discretionary trading. Substitution is limited to defined
circumstances not to exceed 15% of the original portfolio balance.
To date, there have been three substitutions of the original loan
investments.
As of the most recently available servicer report dated September
20, 2003, ACAS 2000-1 has paid down all of the class A notes and
15% of the original balance of the class B notes or 49% of the total
liability structure. The portfolio has amortized significantly since
inception, of the original $153,866,762 of portfolio investments,
51% or $77,935,000 remains in the portfolio today. There has been
some credit migration of the portfolio investments since ACAS 2000-1
closed. It is important to note, however, that the overall credit
quality of the investments remains sound as determined by an extensive
collateral review process conducted by Fitch analysts.
Based on the strong pre-payment of the notes and the stable performance
of the collateral, Fitch has upgraded the class B notes of ACAS
2000-1. Fitch will continue to monitor and review the performance
of ACAS 2000-1 for future rating adjustments. Additional information
and historical data are available on the Fitch Ratings web site
at www.fitchratings.com. Contact: Elizabeth Russotto +1-212-908-0585, Ashleigh Bischoff
+1-212-908-0201 or Alla Zaydman +1-212-908-0542, New York.
Media Relations: Matt Burkhard +1-212-908-0540, New York.
2.
Fitch Ratings affirms one class and upgrades one class of ACAS Business
Loan Trust 2002-1 (ACAS 2002-1). These rating actions are effective
immediately.
$10,815,432 class
A notes affirmed at 'AAA';
$49,099,000 class
B notes upgraded to 'AA-' from 'A+'.
ACAS Business
Loan Trust 2002-1 is a collateral loan obligation (CLO) that closed
on March 15, 2002. The servicer is American Capital Strategies (Nasdaq:
ACAS), based in Bethesda, Maryland. The rated liabilities are supported
by the cash flows of a static portfolio of high-yield loans to middle
market U.S. businesses, a majority of which are privately owned.
The loans were made for the purpose of working capital, growth,
acquisitions, and recapitalizations. The loan obligors operate in
several industries including industrial and consumer manufacturing,
retail, and services. A majority of the loans are subordinate loans,
with the remaining balance divided between senior unsecured and
senior secured obligations.
It is important
to highlight that the portfolio is a static pool, with no discretionary
trading. Substitution is limited to defined circumstances not to
exceed 20% of the original portfolio balance. To date, there has
been one substitution of the original loan investments.
As of the most
recently available servicer report dated Sept. 20, 2003, ACAS 2002-1
has paid down 89% of the class A notes or 44% of the total liability
structure. The portfolio has amortized significantly since inception,
of the original $196,397,068 of portfolio investments, 66% or $109,014,500
remains in the portfolio today. There has been some credit migration
of the portfolio investments since ACAS 2002-1 closed. It is important
to note, however, that the overall credit quality of the investments
remains sound, as determined by an extensive collateral review process
conducted by Fitch analysts.
Based on the
strong pre-payment of the notes and the stable performance of the
collateral, Fitch has affirmed the class A notes and upgraded the
class B notes of ACAS 2002-1. Fitch will continue to monitor and
review the performance of ACAS 2002-1 for future rating adjustments.
Additional information and historical data are available on the
Fitch Ratings web site at www.fitchratings.com.
Contact: Elizabeth
Russotto +1-212-908-0585, Ashleigh Bischoff +1-212-908-0201 or Alla
Zaydman +1-212-908-0542, New York.
Media Relations:
Matt Burkhard +1-212-908-0540, New York.
3.
Fitch Ratings affirms two classes of ACAS Business Loan Trust 2002-2
(ACAS 2002-2). These rating actions are effective immediately.
--$57,074,261
class A notes 'AAA'; --$52,625,000 class B notes 'A+'. ACAS Business
Loan Trust 2002-2 is a collateral loan obligation (CLO) that closed
on Aug. 8, 2002. The servicer is American Capital Strategies (Nasdaq:
ACAS), based in Bethesda, Maryland. The rated liabilities are supported
by the cash flows of a static portfolio of high-yield loans to middle
market U.S. businesses, a majority of which are privately owned.
The loans were made for the purpose of working capital, growth,
acquisitions, and recapitalizations. The loan obligors operate in
several industries including industrial and consumer manufacturing,
transportation and services. A majority of the loans are subordinate
loans with the remaining balance divided between senior unsecured
and senior secured obligations.
It is important
to highlight that the portfolio is a static pool, with no discretionary
trading. Substitution is limited to defined circumstances not to
exceed 20% of the original portfolio balance. To date, there has
been one substitution of the original loan investments.
As of the most
recently available servicer report dated Sept. 20, 2003, ACAS 2002-2
has paid down 46% of the class A notes or 23% of the total liability
structure. The portfolio has amortized significantly since inception,
of the original $210,500,000 of portfolio investments, 77% or $162,324,261
remains in the portfolio today. There has been some credit migration
of the portfolio investments since ACAS 2002-2 closed. It is important
to note, however, that the overall credit quality of the investments
remains sound, as determined by an extensive collateral review process
conducted by Fitch analysts.
Based on the
stable performance of the collateral, Fitch has affirmed the rated
liabilities of ACAS 2002-2. Fitch will continue to monitor and review
the performance of ACAS 2002-2 for future rating adjustments. Additional
information and historical data are available on the Fitch Ratings
web site at www.fitchratings.com.
Contact: Elizabeth
Russotto +1-212-908-0585, Ashleigh Bischoff +1-212-908-0201 or Alla
Zaydman +1-212-908-0542, New York.
Media Relations:
Matt Burkhard +1-212-908-0540, New York.
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