Fitch Assigns Final Ratings To Hohensyburg Class A-1 & B-1 Notes

Business Wire, July 11, 2005

LONDON & NEW YORK -- Fitch Ratings, the international rating agency, has today assigned final ratings to Hohensyburg Plc's (Hohensyburg) Class A-1 and B-1 secured credit-linked notes (CLNs) due 2012. The transaction represents a synthetic securitisation of credit default swap (CDS) obligations. Hohensyburg is an SPV incorporated under the laws of Ireland.

-- EUR63,000,000 Class A-1 secured floating-rate CLNs 'AAA';

-- EUR20,000,000 Class B-1 secured fixed-rate CLNs 'AA'.

The ratings are based on the credit quality of the reference portfolio, the available credit enhancement, the credit quality of the charged assets, and the sound legal and financial structure of the transaction. Credit enhancement for the Class A-1 notes is 3.35% and B-1 notes 0.55%.

Dresdner Bank AG London Branch (Dresdner Bank) is buying protection on a portfolio comprising six CDS obligations, each of which has a weighting of 4%, and 38 asset-backed securitisation (ABS) assets, each with a weighting of 2%. Each CDS obligation references a portfolio of 80 mainly investment-grade, geographically and industrially diverse corporate and sovereign entities.

To fund its obligations under the master CDS agreements Hohensyburg is issuing EUR63 million Class A-1 and EUR20m Class B-1 CLNs. It is investing the note proceeds in eligible collateral assets under an exchange agreement with Dresdner Bank.

The transaction is to be lightly managed by Collineo Asset Management GMBH. The portfolio manager may replace reference entities within the reference portfolio in accordance with the terms of the credit default swap and the portfolio management agreement.

Deal information for this transaction is available on the Fitch web site at www.fitchratings.com.

Fitch's rating definitions are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.