Global Diversified Investment Grade Income Trust - Amendments to the Credit Default Swaps with MMAI-I Trust



    MONTREAL, Nov. 13 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that it has entered into
an amendment (the "Amendment") to its three Credit Default Swaps with MMAI-I
Trust ("MMAI").
    As a result of the Amendment, Global DIGIT will not experience any loss
under any Credit Default Swap pursuant to credit events under mortgage-backed
security, asset-backed security and other fixed income security included in
the portfolio of reference obligations related to such Credit Default Swap
until the synthetic corporate exposures in such portfolio have all defaulted
and their notional amount has been reduced to zero.
    In addition, pursuant to the Amendment the eligibility criteria for
reference obligations in each portfolio (other than synthetic corporate
exposures) have been tightened, including a requirement that all such
reference obligations have a minimum rating of AA+ or Aa1 when added to a
portfolio.
    The Trustees of Global DIGIT consider these amendments to be beneficial
to Global DIGIT and its unitholders since, in particular, they will minimize
the impact on Global DIGIT of any defaults in reference obligations which are
mortgage-backed securities (including sub-prime mortgages), asset-backed
securities and other fixed income securities.
    The previously announced suspension of distributions and redemptions will
continue until conditions otherwise allow for their resumption, which is the
objective of the Trustees of Global DIGIT.

    About Global DIGIT

    Global DIGIT provides an economic interest in a mezzanine tranche of
credit default swaps in respect of portfolios of synthetic corporate
exposures, mortgage-backed securities, asset-backed securities and structured
finance securities.

    About MMAI

    MMAI is a special purpose vehicle rated R-1(high) (short-term) and AAA
(long-term) by DBRS that funds the purchase of eligible assets by issuing
asset-backed commercial paper, extendible commercial paper and floating rate
notes.




For further information:

For further information: François Rivard, (514) 879-6405;
http://info.fbn.ca/trusts

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Global Diversified Investment Grade Income Trust

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