(The following was released by the rating agency)
HONG KONG/SINGAPORE, October 09 (Fitch) Fitch Ratings hasdowngraded and simultaneously withdrawn the rating on the notesof Corsair (Cayman Islands) No.4 Limited Series 6 due to tranchedefault. The transaction is a synthetic corporate CDOreferencing 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AUD105m notes due March 2014 downgraded to 'Dsf' from 'Csf';rating withdrawn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 forResidential Capital, LLC (ResCap) which resulted in partial lossto the notes.
As a result of the rating withdrawal, Fitch is no longermaintaining the Recovery Estimate on the notes.
Keywords: MARKETS RATINGS CORSAIR