MOODY'S RATES PASADENA CDO LTD.
Moody's Investors Service announced today that, on June 21, 2002, it assigned ratings to three classes of notes issued by Pasadena CDO Ltd. and brought to market by Deutsche Bank Securities.
The assigned ratings are: Aaa to $387,000,000 Class A Floating Notes; Aa2 to $66,500,000 Class B Floating Rate Notes; Baa2 to $26,500,000 Class C Floating Rate Notes. Pasadena CDO Ltd. also issued $20,000,000 of Preference Shares, which were not rated by Moody's. The Moody's ratings reflect consideration of the characteristics of the underlying multi-sector collateral, the transaction's structure in relation to various default scenarios and related stress-test analyses, the legal documentation, and the abilities of the collateral manager, Western Asset Management Company.
The collateral manager, Western Asset Management Company (Western Asset) was established in 1971. As of December 31, 2000 Western Asset had $94.2 billion of assets under management, including $8.4 billion of asset-backed securities, $30.1 billion of mortgage-backed securities, and $21.6 billion of investment grade corporate debt. Pasadena is Western Asset's second CDO.
Moody's Investors Service
Vice President - Senior Credit Officer
Moody's Investors Service
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