Fitch Downgrades & Withdraws 1 Class of Loan Funding Corp 2003-1; 1 Class PIF

• Press Release
• Source: Fitch Ratings
• On 10:13 am EST, Friday November 6, 2009

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded and withdrawn its rating on one class of notes issued by Loan Funding Corp 2003-1 (LFC 2003-1). In addition, one class has paid in full (PIF). Details of the rating action follow at the end of this press release.

LFC 2003-1 terminated on Oct. 15, 2009. The rating action reflects the final distribution of the liquidation proceeds to noteholders.

As a result of the liquidation, the class A notes have been PIF, as the class received all interest and principal that was owed to it upon termination. The class B notes have been downgraded to 'D' as it received no proceeds upon termination of the transaction and therefore experienced a principal and interest default.

LFC 2003-1 was a synthetic total rate of return collateralized loan obligation (CLO) with a market value termination trigger. The transaction initially closed on July 10, 2003 and was managed by Guggenheim Investment Management LLC.

The following rating action is effective immediately:

--$25,000,000 class A notes PIF;

--$12,000,000 class B notes downgraded to 'D' from 'CCC'; subsequently withdrawn.

Additional transaction information and historical data are available on the Fitch Ratings web site at www.fitchratings.com.

Additional information is available at www.fitchratings.com.

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Fitch Ratings, New York
Jenny Story, +1-212-908-0302
Taka Ushiroda, CFA, +1-212-908-0881
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com