Fitch: Amendments to Various Corporate Synthetics with Deutsche Bank as Swap Counterparty

The series Amendments apply to the following transactions:

--$175,000,000 Camber Master Trust series 7 certificates 'B/LS2'; Outlook Negative;

--$175,000,000 Camber Master Trust series 8 certificates 'B/LS2'; Outlook Negative;

--$125,000,000 Camber Master Trust series 9 certificates 'BB/LS3'; Outlook Negative;

--$125,000,000 Camber Master Trust series 10 certificates 'BB/LS3'; Outlook Negative;

--$125,000,000 Pivot Master Trust series 1 certificates 'BB/LS3'; Outlook Negative;

--$125,000,000 Pivot Master Trust series 2 certificates 'BB/LS3'; Outlook Negative;

--$125,000,000 Pivot Master Trust series 3 certificates 'BB/LS5'; Outlook Negative;

--$125,000,000 Pivot Master Trust series 4 certificates 'BB/LS5'; Outlook Negative;

--$150,000,000 Pivot Master Trust series 5 certificates 'BBB/LS5'; Outlook Negative;

--$150,000,000 Pivot Master Trust series 6 certificates 'BBB/LS5'; Outlook Negative;

--$150,000,000 Pivot Master Trust series 7 certificates 'BBB/LS5'; Outlook Negative;

--$150,000,000 Pivot Master Trust series 8 certificates 'BBB/LS5'; Outlook Negative.

The Series Amendments, which remove Deutsche Bank's call option on the notes, in and of themselves will not affect Fitch's credit opinion of the notes with respect to the likelihood that noteholders will receive the timely payment of interest and the ultimate return of principal at maturity.

The second amendment modifies each respective Trust Instrument (the Trust Amendments) to allow for one or more noteholders to request the replacement of the underlying collateral, with 100% noteholder approval of the replacement collateral. The Trust Amendments apply to the following transactions:

--$350,000,000 Eirles Two Limited series 316 notes 'B/LS2'; Outlook Negative;

--$250,000,000 Eirles Two Limited series 319 notes 'BB/LS3'; Outlook Negative;

--$250,000,000 Coriolanus Limited series 64 notes 'BB/LS3'; Outlook Negative;

--$250,000,000 Coriolanus Limited series 68 notes 'BB/LS5'; Outlook Negative;

--$600,000,000 Coriolanus Limited series 79 notes 'BBB/LS5'; Outlook Negative.

The Trust Amendments in and of themselves will not affect Fitch's credit opinion of the notes since the replacement collateral must have the same aggregate purchase value, the same or higher coupon, and the same or earlier maturity date as the replaced collateral. The entity charged with executing the collateral replacement must have a minimum rating equal to the swap counterparty's rating. In addition, the existing asset swap between the issuer and Deutsche Bank remains in effect to protect the coupon payments due to the noteholders.

At the request of the issuer, the ratings of Eirles Two Limited, series 316 and 319 and Coriolanus Limited series 64, 68 and 79 are converted to public from private ratings.

Fitch is not a party to the transaction and therefore does not provide consent or approval for changes or additions to existing transaction documents, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when or if the proposed series and Trust Amendments are executed.

This commentary does not address whether or not the Series Amendments and Trust Amendments with respect to these transactions are permitted by the terms of the documents. This commentary does not address whether the Series Amendments and Trust Amendments are in the best interests of, or prejudicial to, some or all of the holders of these transactions.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings, New York 
Brian Vorderbrueggen, +1-212-908-9102 
Kevin Kendra, +1-212-908-0760 
Sandro Scenga, +1-212-908-0278 (Media Relations) 
sandro.scenga@fitchratings.com