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Fitch Affirms SEQUILS-Centurion V Ltd.

& MINCS-Centurion
V Ltd.
NEW YORK--(BUSINESS WIRE)--Aug. 1, 2006--Fitch Ratings affirms two classes of notes issued by
SEQUILS-Centurion V, Ltd. (SEQUILS-Centurion) and one class of notes issued by MINCS-Centurion
V, Ltd. (MINCS-Centurion). The following rating actions are effective immediately:
-- $398,969,346 SEQUILS-Centurion class A notes affirmed at 'AAA';
-- $29,335,981 SEQUILS-Centurion class B notes affirmed at 'A';

-- $57,000,000 MINCS-Centurion third priority secured notes affirmed at 'BBB'.

SEQUILS-Centurion and MINCS-Centurion are cash flow and synthetic collateralized loan
obligations (CLOs), respectively, jointly obtaining exposure to a portfolio of high yield U.S. senior
bank loans. SEQUILS-Centurion obtains access to the economics of the loan portfolio via the
purchase or the assignment of the loans using funds obtained from the SEQUILS-Centurion note
issuance. MINCS-Centurion obtains access to the economics of the portfolio by synthetically
referencing the portfolio via credit default swaps between SEQUILS-Centurion, Morgan Guaranty
Trust and MINCS-Centurion. The MINCS-Centurion program is essentially credit enhancement to
the SEQUILS-Centurion program. Riversource Investments, LLC, formerly know as American
Express Asset Management Group Inc., is the asset manager.
Since exiting its reinvestment period in March 2006, the SEQUILS-Centurion notes have amortized
approximately 2.2% of their original balances. Between Fitch's last review in August 2005 and the
most recent trustee report dated July 14, 2006, the percentage of assets rated 'CCC+' or lower has
increased and the weighted average rating factor has deteriorated slightly to 'B+/B' from 'BB-/B+',
but both are still in compliance. During this same period, the reserve account balance has increased
to $3.3 million from $2.5 million providing extra credit enhancement to the MINCS-Centurion notes.
The overcollateralization ratios and the interest coverage ratio have remained stable since the last
review. The SEQUILS-Centurion threshold utilization test and the MINCS-Centurion deficit ratio
have remained at 0%. There are currently no defaulted assets in the portfolio.
The ratings assigned to the SEQUILS-Centurion notes address the timely return of interest and

ultimate return of principal. The rating assigned to the MINCS-Centurion notes addresses the
ultimate payment of basic interest and principal. Additionally, the ratings assigned to the SEQUILSCenturion and MINCS-Centurion notes do not address the payment of any additional interest or
Fitch will continue to monitor and review this transaction for future rating adjustments. Additional
deal information and historical data are available on the Fitch Ratings web site at For more information on the Fitch VECTOR Model, see 'Global Rating
Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004 and also available at
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public
site, 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.
Fitch Ratings
Andrew Nager, 212-908-9109
Kevin Kendra, 212-908-0760
Sandro Scenga, 212-908-0278 (Media Relations)