The transaction structure supports LMI-independent ratings for the class A1a
, A1b and A2 notes.
Franchisees keep their existing brand and simply add the A1A
logo to gain nationwide recognition.
The model is based on the all-new 2016 Optima and has received its inspiration from Florida's A1A
Matanzas boaters can launch at Devil's Elbow Marina about four miles north of the pass, off A1A
. Motels are widely available in St.
"With the Dynasty, you can weld much more quickly," says Derek Grundler, A1A
Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, in Fitch Ratings' opinion, class A1A
and A1B notes are unlikely to be affected by the foreseeable level of defaults.
Further analysis provides an insight into the model-implied sensitivities the transaction faces when recovery-rate assumption stresses are increased to a level that is required to reduce the rating of the class A1a
, A1b, A1c and A2 notes (i) by one full category, (ii) to non-investment grade and (iii) to 'CCCsf'.
For more than 20 years, A1A
has been recognized not only as the official Jimmy Buffet Tribute Show, but also as the original tribute band.
Cash-Flow Analysis: Credit enhancement of 35.0% for the class A1a
, A1b and A1c notes and 10.2% for class A2 notes and structural features, such as a liquidity facility sized at 2.0% of the total invested note balance and a guarantee fee reserve that is available to cover losses and shortfalls, support the transaction and can withstand all relevant Fitch 'AAAsf' stresses applied in our cash-flow analysis.
Sufficient Credit Support: The class A1a
notes are paid prior to any pro rata allocation to the A1b and A1c notes and benefit from 35.0% credit enhancement (CE) provided by the subordinate notes A2, B, C, D, E, F and G notes, while the A2 notes benefit from 11.2% CE provided by the class B, C, D, E, F and G notes.