OREANDA-NEWS. Fitch Ratings expects to assign the following ratings to Madison Park Funding XVII, Ltd./LLC:

--\$200,000,000 class A-1 notes 'AAAsf'; Outlook Stable;
--\$200,000,000 class A-2 notes 'AAAsf'; Outlook Stable;
--\$109,350,000 class A-3 notes 'AAAsf'; Outlook Stable.

Fitch does not expect to rate the class A-1-F, A-2-F, A-3-F, B, B-F, C, C-F, D, D-F, E, E-F, F, F-F, or subordinated notes.

TRANSACTION SUMMARY
Madison Park Funding XVII, Ltd. (the issuer) and Madison Park Funding XVII, LLC (the co-issuer) together comprise an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Credit Suisse Asset Management, LLC (CSAM). Net proceeds from the issuance of the secured and subordinated notes will be used to purchase a portfolio of approximately \$800 million of primarily senior secured leveraged loans. The CLO will have a four-year reinvestment period.

KEY RATING DRIVERS
Sufficient Credit Enhancement: Credit enhancement (CE) of 36.3% for the class A-1, A-2, and A-3 (together, class A) notes, in addition to excess spread, is sufficient to protect against portfolio default and recovery rate projections in an 'AAAsf' stress scenario. The level of CE for class A notes is in line with the average for recent CLO issuances.

'B/B-' Asset Quality: The average credit quality of the indicative portfolio is 'B/B-', which is comparable to recent CLOs. Issuers rated in the 'B' rating category denote relatively weak credit quality; however, in Fitch's opinion, the class A notes are unlikely to be affected by the foreseeable level of defaults. The class A notes are robust against default rates of up to 58.9%.

Strong Recovery Expectations: The indicative portfolio consists of 96.5% senior secured loans, of which about 91.4% have strong recovery prospects or a Fitch-assigned Recovery Rating of 'RR2' or higher and the base case recovery assumption is 76.6%. In determining ratings for the class A notes, Fitch stressed the indicative portfolio by assuming a higher concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses resulting in a 36.4% recovery rate assumption in Fitch's 'AAAsf'.

RATING SENSITIVITIES
Fitch evaluated the structure's sensitivity to the potential variability of key model assumptions, including decreases in recovery rates and increases in default rates or correlation. Fitch expects the class A notes to remain investment grade even under the most extreme sensitivity scenarios. Results under these sensitivity scenarios ranged between 'A-sf' and 'AAAsf' for the class A notes.

The expected ratings are based on information provided to Fitch as of April 30, 2015. Sources of information used to assess these ratings were provided by the arranger, Wells Fargo Securities, LLC, and the public domain. Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report.

The presale report is available to investors on Fitch's web site at www.fitchratings.com. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.