September 17, 2012 / 4:42 PM / 5 years ago

TEXT-Fitch: Declaration's ratings unaffected by management changes

Sept 17 - Fitch Ratings has received a notice regarding the replacement of
key management personnel at Declaration Management & Research LLC (Declaration),
a collateral manager of the five structured finance CDOs listed below. 

Three managers specified in the transactions' documents as key management 
personnel of the collateral manager are no longer employed by Declaration. The 
collateral manager proposed to replace these key management personnel with three
employees of Manulife Asset Management LLC, an affiliate of Declaration, with 
the effective date of the proposal Aug. 31, 2012. Holders of at least 75% of the
Aggregate Outstanding Amount of all notes may within 30 days of this proposal 
object to any of the officer replacements. 

Since all of the affected transactions are currently static and are no longer 
actively managed by Declaration, Fitch does not expect this change in personnel 
to have any impact on the existing ratings of the notes in each of the 
transactions. 

The affected transactions are:

--Independence I CDO, Ltd./Inc.

--Independence II CDO, Ltd./Inc.

--Independence IV CDO, Ltd./Inc.

--Independence V CDO, Ltd./Inc.

--Straits Global ABS CDO I, Ltd./Inc.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from the issuer, 
periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and

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