OREANDA-NEWS. Fitch Ratings affirms 21 tranches from 15 collateralized loan obligations (CLOs). The rating action report, 'Fitch Affirms 15 CLOs from Various Vintages', dated Aug. 13, 2015, details the individual rating actions for each rated CLO. It can be found on Fitch's website at 'www.fitchratings.com' by performing a title search or by using the link below. For further information and transaction research please refer to 'www.fitchratings.com'.

KEY RATING DRIVERS

The affirmations on all classes included in this review are based on the stable performance of the underlying portfolios since the transactions' inceptions and the sufficient credit enhancement (CE) available to the notes. The credit quality of the underlying portfolios has remained relatively stable, as reflected by the weighted average rating factor (WARF) levels since closing and/or the last review.

Two transactions, ECP CLO 2014-6, Ltd. and Silver Spring CLO Ltd., managed by Silvermine Capital Management LLC, have experienced slight credit deterioration due to the default of one loan (from the same obligor) in each portfolio (0.38% and 1% of the total par balance, respectively). However, the overall credit quality of the portfolios and CE available to the rated notes are deemed to be adequate to affirm the notes at their current ratings.

The transactions included in this rating action originated in 2012-2014 and are managed by Arrowpoint Asset Management, LLC, Babson Capital Management LLC, Carlyle Investment Management L.L.C., GoldenTree Asset Management LP, ICG Debt Advisors LLC, KKR Financial Advisors II, LLC, MJX Asset Management LLC, Och-Ziff Loan Management LP, Octagon Credit Investors, LLC, Prudential Investment Management, Inc., Sankaty Advisors, LLC and Silvermine Capital Management LLC. All CLOs still remain in their respective reinvestment periods.

Fitch publishes a quarterly report titled "U.S. CLO Tracker" that provides information on key performance metrics for Fitch-rated CLOs. The report is available at 'www.fitchratings.com' and the most recent Tracker can be accessed by using the link below.

RATING SENSITIVITIES
The ratings of the notes may be sensitive to the following: asset defaults, significant negative credit migration, lower than historically observed recoveries for defaulted assets, and breaches of concentration limitations or portfolio quality covenants. Fitch conducted rating sensitivity analysis on the closing date of each CLO in this review, incorporating increased levels of defaults and reduced levels of recovery rates, among other sensitivities.

This review was conducted under the framework described in the report 'Global Rating Criteria for CLOs and Corporate CDOs' using Fitch's PCM for projecting future default and recovery levels for the underlying portfolios. Given the stable performances of each transaction, no updated cash flow modeling was completed for this review.

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