OREANDA-NEWS. Fitch Ratings has downgraded 4 classes and withdrawn the ratings on 8 classes of G-Force CDO 2006-1 Ltd./Corp (G-Force 2006-1). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The downgrades were due to insufficient proceeds available to pay off the notes following the recent liquidation of the trust. In May 2015, Fitch received a notice of collateral liquidation with the final distribution taking place on June 4, 2015. Proceeds from the liquidation were sufficient to pay in full classes A-3, SSFL and JRSF and provide partial paydown (\$8.7 million) to class B. The transaction experienced an event of default following a default in the payment of interest on the Class E Notes in November 2009. Fitch has also withdrawn the ratings on all of the classes as a result of the liquidation.

RATING SENSITIVITIES

Since the transaction has liquidated, no sensitivities were applied.

G-Force 2006-1 is a commercial real estate collateralized debt obligation (CRE CDO) that closed on Sept. 13, 2006.

DUE DILIGENCE USAGE

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

Fitch has taken the following actions:
--\$0 Class B affirmed at 'Dsf' and withdrawn;
--\$0 Class C affirmed at 'Dsf' and withdrawn;
--\$0 Class D affirmed at 'Dsf' and withdrawn;
--\$0 Class E affirmed at 'Dsf' and withdrawn;
--\$0 Class F downgraded to 'Dsf' from 'Csf' and withdrawn;
--\$0 Class G downgraded to 'Dsf' from 'Csf' and withdrawn;
--\$0 Class H downgraded to 'Dsf' from 'Csf' and withdrawn;
--\$0 Class J downgraded to 'Dsf' from 'Csf' and withdrawn.

The class A1, A2, A3, SSFL and JRSF certificates have paid in full. The preferred shares are not rated by Fitch.