OREANDA-NEWS.  Fitch Ratings has assigned Cadogan Square CLO VI B.V.'s notes final ratings as follows:

EUR219.3m class A-1: 'AAAsf'; Outlook Stable
GBP8.4m class A-2: 'AAAsf'; Outlook Stable
EUR5m class A-3: 'AAAsf'; Outlook Stable
EUR10.8m class B-1: 'AAsf'; Outlook Stable
GBP1.6m class B-2: 'AAsf'; Outlook Stable
EUR32m class B-3: 'AAsf'; Outlook Stable
EUR24m class C-1: 'Asf'; Outlook Stable
GBP0.9m class C-2: 'Asf'; Outlook Stable
EUR23.3m class D-1: 'BBBsf'; Outlook Stable
GBP0.9m class D-2: 'BBBsf'; Outlook Stable
EUR25.8m class E-1: 'BBsf'; Outlook Stable
GBP1m class E-2: 'BBsf'; Outlook Stable
EUR9.6m class F-1: 'B-sf'; Outlook Stable
GBP0.4m class F-2: 'B-sf'; Outlook Stable
EUR43.3m class M-1: not rated
GBP1.6m class M-2: not rated

KEY RATING DRIVERS

Unhedged FX Exposure
The manager may invest up to 10% in unhedged sterling obligations, which are naturally hedged by 5% in sterling liabilities. Also, they may invest up to 5% in unhedged and FX forward hedged non-euro assets not denominated in sterling. The total amount of unhedged and principal hedged obligations cannot be more than 10%. Unhedged assets other than sterling may only be purchased if, after a haircut of 50%, the portfolio notional is still above target par.

Portfolio Credit Quality
Fitch has public ratings or credit opinions on 105 of the 109 obligors in the identified portfolio and expects the average credit quality to be in the 'B' to 'B-' range. The weighted average rating factor of the identified portfolio is 33.94.

High Expected Recoveries
At least 90% of the portfolio will comprise senior secured obligations. Fitch has assigned Recovery Ratings to 105 of the 109 obligations. The weighted average recovery rating of the identified portfolio is 71.1%.

Diversified Asset Portfolio
Unlike other post-crisis transactions, this deal contains a covenant that limits the top 10 obligors in the portfolio to 20% of the portfolio balance. This ensures that the asset portfolio will not be exposed to excessive obligor concentration.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a downgrade of up to three notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a downgrade of up to four notches for the rated notes.

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

DATA ADEQUACY
The majority of the underlying assets have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant Fitch groups and/or other rating agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis:
-Indicative asset-by-asset data provided by the portfolio manager as at 5 March 2015

REPRESENTATIONS AND WARRANTIES
A comparison of the transaction's Representations, Warranties & Enforcement Mechanisms to those typical for the asset class is available by accessing the appendix that accompanies the initial new issue report. In addition refer to the special report "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions" dated 26 March 2015 available on the Fitch website."