Fitch Ratings

Fitch Downgrades Liberty Lighthouse's 'AAA' Rated MTNs to 'BB'

Published in Health Business Week, August 14th, 2009

Fitch Ratings downgrades Liberty Lighthouse U.S. Capital Company, LLC's U.S. Medium Term Notes (MTNs) and Liberty Lighthouse Capital Company Euro's MTNs to 'BB' from 'AAA'. The rating remains on Rating Watch Negative. The action reflects the credit and market value deterioration in the underlying collateral pool and the likelihood of forced asset sales to meet remaining MTN maturities on a timely basis.

Fitch notes that the MTNs benefit from significant levels of overcollateralization, totaling more than 47% of book value. However, a large exposure to a counterparty not rated by Fitch comprises approximately 40% of the total collateral pool. Further, it is anticipated...

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Source: Health Business Week (2009-08-14)

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