OREANDA-NEWS. November 11, 2015. Fitch Ratings has marked one class as paid-in-full (PIF), affirmed or downgraded and subsequently withdrew the ratings on the remaining four classes of notes issued by MMCapS Funding XIX, Ltd./Corp. (MMCapS XIX), as follows:

--Class A-1 notes marked as PIF;
--\\$6,769,161 class A-2 notes downgraded to 'Dsf' from 'BBsf', Outlook Stable and withdrawn;
--\\$33,893,662 class B notes affirmed at 'Dsf' and withdrawn;
--\\$84,846,825 class C notes downgraded to 'Dsf' from 'Csf' and withdrawn;
--\\$30,686,669 class D notes downgraded to 'Dsf' from 'Csf' and withdrawn.


MMCapS XIX entered an Event of Default (EOD) on July 20, 2009 as a result of a missed timely interest payment to the class B notes due to the failure of the class A Principal Coverage Test. On June 2, 2015, the class A noteholders, voted to accelerate the transaction and directed the Trustee to declare the principal of the notes to be immediately due and payable. The public sale of the collateral was conducted on July 29, 2015, and resulted in total principal proceeds of \\$183,626,475. Final total proceeds of \\$187,578,167 including accrued interest were distributed to the noteholders on Aug. 28, 2015 and were only sufficient to repay the class A-1 notes in full, while the class A-2 notes received 74% of their original \\$26,000,000 principal balance. Class C and D notes did not receive any liquidation proceeds.


Following a liquidation and withdrawal of the ratings, rating sensitivities do not apply.

No third party due diligence was reviewed in relation to this rating action.