Fitch: Replacement Collateral Manager for Bristol CDO I, Ltd.; No Impact on Ratings

Fitch Ratings has been notified of a proposed collateral manager replacement and appointment of successor collateral manager for Bristol CDO I, Ltd. (Bristol).

On June 2, 2015 Fitch received notice that Vanderbilt Capital Advisors has resigned from its role as the collateral manager under the Collateral Administrative Advisory Agreement (CAAA) and designated Dock Street Capital Management LLC (Dock Street) as the replacement manager. Terms of the proposed replacement CAAA have remained almost identical with only minor differences that are not material to the ratings of the transaction.

Given that Bristol is a static pool transaction and the class B notes are rated 'Csf', Fitch does not expect the manager replacement to have any impact on the rating of the notes.

Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when the proposed transfer of asset management responsibilities is completed.

Fitch does not rate the class C notes and preference shares.

Additional information is available on www.fitchratings.com

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