(The following was released by the rating agency)
HONG KONG/SINGAPORE, October 09 (Fitch) Fitch Ratings has downgraded and simultaneously withdrawn the rating on the notes of Corsair (Cayman Islands) No.4 Limited Series 6 due to tranche default. The transaction is a synthetic corporate CDO referencing corporate obligations mainly in the U.S. and Europe.
Corsair (Cayman Islands) No.4 Limited Series 6
AUD105m notes due March 2014 downgraded to 'Dsf' from 'Csf'; rating withdrawn
The notes balance represented the original issuance amounts
The downgrade follows the settlement of the credit event for Residential Capital, LLC (ResCap) which resulted in partial loss to the notes.
As a result of the rating withdrawal, Fitch is no longer maintaining the Recovery Estimate on the notes.
Keywords: MARKETS RATINGS CORSAIR