Fitch Places CCN (Orchard Park) LLC' 'F1' Rating on Rating Watch Evolving

2008-09-19 23:25:03 -

- Fitch Ratings has placed the 'F1' rating of the collateralized callable notes (CCN) issued by CCN (Orchard Park) LLC on Rating Watch Evolving. The proceeds of the CCNs were used to purchase the Orchard Park, Ltd and Orchard Park, Inc. class A-1 (series 1) and class A-1 (series 2) notes, respectively. CCN (Orchard Park) LLC entered into a put

agreement with AIG Financial Products (AIG-FP) whose payment obligations are absolutely and unconditionally guaranteed by American International Group (rated 'A/F1' Rating Watch Evolving.) The action taken on the CCNs is the result of Fitch revising its Rating Watch on American International Group, Inc's to Evolving from Negative. Fitch previously downgraded the CCNs in May/2008 to 'F1' from 'F1+' based on the underlying class A-1 notes being downgraded to 'A+'.

For further information on the rating actions taken on AIG, please see 'Fitch Discusses AIG Rating Watch Revision in Light of Federal Reserve Actions' dated Sep 17, 2008 and available on the Fitch Ratings web site www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

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