Fitch Rates Orient Point CDO, Ltd. 'AAA/AAA/AAA/AAA/AA/A/A-/BBB'

Business Wire, Oct 25, 2005

NEW YORK -- Fitch Ratings assigns the following ratings to Orient Point CDO, Ltd. and Orient Point CDO, Inc. (Orient Point):

--$250,000 class A-1V first priority senior secured voting floating-rate notes due 2045 'AAA';

--$647,250,000 class A-lNVA first priority senior secured non-voting floating-rate delayed draw notes due 2045 'AAA';

--$650,000,000 class A-lNVB first priority senior secured non-voting floating-rate notes due 2045 'AAA';

--$99,250,000 class A-2 second priority senior secured floating-rate notes due 2045 'AAA';

--$47,000,000 class B third priority senior secured floating-rate notes due 2045 'AA';

--$12,000,000 class C fourth priority mezzanine deferrable secured floating-rate notes due 2045 'A';

--$19,000,000 class D fifth priority mezzanine deferrable secured floating-rate notes due 2045 'A-';

--$14,500,000 class E sixth priority mezzanine deferrable secured floating-rate notes due 2045 'BBB'.

Orient Point is an arbitrage cash flow collateralized debt obligation (CDO) managed by Fortis Investment Management USA, Inc. (Fortis Investments USA).

The ratings of the class A-1V, class A-1NVA, class A-1NVB, class A-2 and class B notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings of the class C, class D, and class E notes address the likelihood that investors will receive ultimate interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date.

The ratings are based upon the credit quality of the underlying assets, 75% of which will be purchased prior to the transaction's close, in addition to available subordination, excess spread, and protections incorporated in the structure.

Proceeds from the issuance will be invested primarily in a portfolio of residential mortgage-backed securities (RMBS) and CDOs. The collateral supporting the capital structure will have a maximum Fitch weighted average rating factor (WARF) of 1.53 ('AA-/A ').

Orient Point CDO, Ltd. will have a four year reinvestment period during which principal proceeds will be used to reinvest in additional collateral or pay down notes. Depending on the amount of overcollateralization (OC), discretionary trading is limited to 15%, 7.5% or 0% of the net outstanding collateral balance each year during the reinvestment period.

Fortis Investments USA, based in Boston, MA and New York, NY, will select and monitor the assets in Orient Point. Fortis Investments, the parent of Fortis Investments USA, is an independent asset management subsidiary of the Fortis Group. Globally the Fortis Group has $98.7 billion in assets under management. These assets span a wide range of open funds, dedicated funds, structured credit funds, CDOs and segregated mandates. The company's current CDO portfolios total approximately $7 billion. These include synthetic investment-grade credits, CDOs of CDOs, emerging market CDOs, and Euro asset-backed securities CDOs.

Orient Point CDO, Ltd. is a Cayman Islands exempted company. Orient Point CDO, Inc. is a Delaware corporation.

For more information, please see the presale report titled 'Orient Point CDO, Ltd.', available on the Fitch Ratings web site at www.fitchratings.com. Additional information about the collateral manager is also available at www.fitchratings.com.

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.