Abridged from a report by Roger Merritt, managing director, and Mitchell Lench, senior director, Fitch

For more information on Fitch's rating methodologies for Synthetic CDOs and Credit Derivatives, see Synthetic CDOs: A Growing Market for Credit Derivatives at www.fitchresearch.com or contact Roger Merritt 212-908-0636 in New York or Mitch Lench 44-20-7417-6324 in London.

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