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Article: Fitch Downgrades CCN Orchard Park LLC to 'C' from 'F1'.
- Article from:
- Investment Weekly News
- Article date:
- August 15, 2009
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Fitch Ratings has downgraded the short-term rating for CCN (Orchard Park) LLC's collateralized callable notes (CCNs) to 'C' from 'F1'. The proceeds of the CCNs were used to purchase the Orchard Park, Ltd and Orchard Park, Inc. class A-1 (series 1) and class A-1 (series 2) notes, respectively. The action taken on the CCNs is the result of the underlying Class A-1 notes being downgraded to 'CCC' from 'A+'. The 'C' rating represents that default is a real possibility.
CCN (Orchard Park) LLC entered into a put agreement with AIG Financial Products whose payment obligations are absolutely and unconditionally guaranteed by American International Group (rated 'BBB/F1' ...