Fitch: Replacement of Collateral Manager in Taberna Preferred Funding IX Does Not Impact Ratings

Fitch Ratings has been notified of a proposed collateral manager removal and appointment of successor collateral manager expected to close later this month for Taberna Preferred Funding IX, LTD./Inc.

Fitch reviewed a draft titled ASSIGNMENT AND ASSUMPTION AGREEMENT, whereby the existing Collateral Manager, Taberna Capital Management, LLC, has agreed to assign all of its rights, title and interest, and all duties and obligations to TP Management LLC.

Certain terms of the existing Collateral Management Agreement (CMA) will be amended, however, these changes are not material to ratings of the transaction.

All classes in the transaction are currently rated 'Csf'. In addition, Taberna Preferred Funding IX, Ltd./Inc. is no longer in its reinvestment period. Given the above, Fitch does not expect the novation to have any impact on the ratings of the notes.

Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from trustee reports, collateral manager reporting Web sites and the public domain.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Corporate CDOs' (July 25, 2014);

--'Global Rating Criteria for Structured Finance CDOs' (July 16, 2014);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 14, 2014).

Applicable Criteria and Related Research:

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751136

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

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