Global Diversified Investment Grade Income Trust - Recent announcement by Standard and Poor's on residential mortgage-backed securities



    MONTREAL, Oct. 23 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that, on October 19,
2007, Standard and Poor's Rating Services ("S&P") issued a press release
disclosing that S&P has downgraded $22 billion of securities issued between
the fourth quarter of 2005 and the fourth quarter of 2006 and backed by first
lien subprime home mortgages.
    As at October 3, 2007, the reference portfolios of Global DIGIT contained
4 of the securities downgraded by S&P. Those securities are identified in the
table below.

    
    -------------------------------------------------------------------------
                                            Port-  Rating   Rating  Exposure
    Issuer Name    Series     ISIN          folio  Before   Now     ('000)
    -------------------------------------------------------------------------
    JP MORGAN
     MORTGAGE
     ACQUISI-
     TION CORP                US46626LJW19  2      AA-      A+      $ 65,499
    MORGAN STAN-
     LEY ABS
     CAPITAL I     2006-WMC2  US61749KAL70  2      A        B       $ 76,315
    FBR SECURIT-
     IZATION
     TRUST 2005-4  2005-4     US30246QCA94  3      A-       BBB+    $ 19,285
    SG MORTGAGE
     SECURITIES
     TRUST         2006-FRE1  US81879MBC29  3      A        BB      $ 34,437
    

    The exposure of Global DIGIT to each security, as shown in the last
column of the table, is protected by first loss amounts of $215,994,000 for
the whole of portfolio 2 and $50,091,000 for the whole of portfolio 3.
Further, once the first loss amount has been absorbed, the exposure of Global
DIGIT to losses is limited to $30,374,000 for the whole of portfolio 2 and to
$30,368,000 for the whole of portfolio 3. All of these amounts can be
converted on a unit basis by dividing the relevant amount by the number of
outstanding units (9,751,054). Any loss incurred on these exposures would
reduce the accreted value per unit which stood as at June 30, 2007 at $9.71 as
reported in the Management Report on Fund Performance.
    As the reference portfolios are actively managed, it is possible that the
amounts of the exposure to each security may change.

    About Global DIGIT

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




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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