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Fitch Downgrades 4 Classes of South Coast Funding VI, Ltd.; Assigns LS Ratings.

Publication: Business Wire
Publication Date: 29-JUL-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch Ratings has downgraded four classes of notes issued by South Coast Funding VI, Ltd. (South Coast VI) and assigned Loss Severity (LS) ratings.

These rating actions are the result of continued credit deterioration experienced since Fitch's last rating action. Approximately 69.8% of the portfolio carries a Fitch derived rating below investment grade, with 50.1% rated in the 'CCC' category or lower. These are up from 30% rated below investment grade and 8% rated 'CCC' and lower at the last review.

Beginning with the December 2008 payment date, interest proceeds available for distribution in the interest waterfall have been...

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