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CHICAGO--([ BUSINESS WIRE ])--Fitch Ratings has downgraded and withdrawn the ratings of two classes of notes issued by Solar Investment Grade CBO I, Ltd./Corp. (Solar I) as follows:

--$25,194,566 class III-A notes downgraded to 'Dsf' from 'Csf' and withdrawn;

--$9,519,929 class III-B notes downgraded to 'Dsf' from 'Csf' and withdrawn.

The transaction's final payment and maturity date occurred on Sept. 1, 2012. The class III notes have defaulted due to failure to receive their full return of principal at maturity. Fitch has withdrawn its ratings on the class III notes due to the default at maturity.

Solar I has long-dated and defaulted assets remaining in its portfolio that may provide additional funds to the class III notes. However, recoveries from liquidation of this collateral will remain insufficient to repay the full principal balance of the notes.

Solar I was a cash flow collateralized debt obligation (CDO) that closed on Aug. 31, 2000. The portfolio of Solar I was originally selected and monitored by Sun Capital Advisors, Inc.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Global Rating Criteria for Corporate CDOs' (Aug. 8, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923 ]

Global Rating Criteria for Corporate CDOs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683910 ]

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