(The following was released by the rating agency)

HONG KONG/SINGAPORE, October 09 (Fitch) Fitch Ratings has downgraded and simultaneously withdrawn the rating on the notes of Corsair (Cayman Islands) No.4 Limited Series 6 due to tranche default. The transaction is a synthetic corporate CDO referencing corporate obligations mainly in the U.S. and Europe.

Corsair (Cayman Islands) No.4 Limited Series 6

AUD105m notes due March 2014 downgraded to ‘Dsf’ from ‘Csf’; rating withdrawn

The notes balance represented the original issuance amounts

The downgrade follows the settlement of the credit event for Residential Capital, LLC (ResCap) which resulted in partial loss to the notes.

As a result of the rating withdrawal, Fitch is no longer maintaining the Recovery Estimate on the notes.

About Fitch

The Fitch Group is a jointly owned subsidiary of FIMALAC and Hearst Corporation. On April 12, 2012, Hearst increased their stake in the Fitch Group to 50%.Fitch Ratings and Fitch Solutions are part of the Fitch Group.

Fitch Ratings, dual-headquartered in New York and London, was one of the three Nationally Recognized Statistical Rating Organizations (NRSRO) designated by the U.S. Securities and Exchange Commission in 1975, together with Moody’s and Standard & Poor’s. It is considered one of the “Big Three credit rating agencies” (Standard & Poor’s, Moody’s Investor Service and Fitch Ratings). ^[

The firm was founded by John Knowles Fitch on December 24, 1913 in New York City as the Fitch Publishing Company. It merged with London-based IBCA Limited in December 1997. In 2000 Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. (April) and Thomson Financial BankWatch (December). Fitch Ratings is the smallest of the “big three” NRSROs, covering a more limited share of the market than S&P and Moody’s, though it has grown with acquisitions and frequently positions itself as a “tie-breaker” when the other two agencies have ratings similar, but not equal, in scale.