http://money.cnn.com/news/newsfeeds/articles/prnewswire/CLM130A10122007-1.htm

Dec. 10 /PRNewswire-Firstcall/ — Evergreen Investments today announced that the Board of Trustees of the Evergreen Funds has approved the merger of the following funds (”Target Funds”) into Evergreen Municipal Bond Fund (EKEAX):

— Evergreen Alabama Municipal Bond Fund (EALAX)
— Evergreen Connecticut Municipal Bond Fund (ECTAX)
— Evergreen Georgia Municipal Bond Fund (EGAAX)
— Evergreen Maryland Municipal Bond Fund (EMDAX)
— Evergreen New Jersey Municipal Bond Fund (ENJAX)
— Evergreen New York Municipal Bond Fund (EOYAX)
— Evergreen South Carolina Municipal Bond Fund (EGASX)
— Evergreen Virginia Municipal Bond Fund (EGVRX)

Evergreen Investments is the brand name under which Wachovia Corporation conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Combined, the groups serve more than four million individual and institutional investors through a broad range of investment products. Led by 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $285 billion in assets

Just curious??

UBS wrote down $10 billion of investments in bad American debt and was forced to tap two new investors for a SwFr13 billion (£5.6 billion) injection to its tier 1 capital. The world’s largest wealth manager warned shareholders that it was likely to make a full-year loss as it stripped them of their cash dividend.

The writedown came after UBS tightened its models to mark-to-market mortgage-related investments. Marcel Rohner, the chief executive of UBS, said that there had been a “continuous deterioration” in the sub-prime market in November, “partly driven by increased homeowner delinquencies but mainly fuelled by worsening market expectations”.

Other banks that gave loss estimates a month or more ago, before they were hit by the November downturn, may now have to revisit their own models. Analysts at Dresdner Kleinwort said: “We believe there is a non-trivial risk of further writedowns”. Another analyst said: “This means that there might be more writedowns in the fourth quarter for the entire industry”. Shares in UBS closed up 1.4 per cent at SwFr58.

Better get yourself together darling….join the human race….. JL

The agency reiterates that the assessment of insurers’ in-house capital models is a key part of its capital assessment methodology. Fitch’s view on capitalization will be influenced by the transparency and robustness of the in-house capital model used, together with Fitch’s assessment of the insurer’s enterprise risk management (ERM) framework. That said, Fitch believes its aggregation framework provides an excellent basis to discuss with companies their unique approaches to aggregation

I never have seen a model that is sustainable or valuable; too bad Fitch had so much trouble with rating subprimes over the last 4 years…..who could have seen that valuations were out of control……Moody’s didnt see it either, or S&P, what a mystery that all the previous models failed yet agins, just after they had been upgraded after Enron hearings……hmm?

Article Excerpt
CHICAGO — Fitch Ratings announced today the formal launch of Prism, its ‘next generation’ insurance industry economic capital model. Fitch believes the launch of Prism will change how risks should be viewed in the insurance industry by third parties, such as brokers, bankers, investors and rating agencies.

Prism will now form an integral part of Fitch’s rating analysis, beginning with reviews of yearend 2006 financial information. A special report, to be published Tuesday, April 24, will reveal aggregated industry results from its ‘beta testing’ of Prism using 2005 yearend data. Company-specific Prism scores will be disclosed later this spring.

>> $36.6 was what they recognized, but as we saw in the dotcom era, these things take time to unfold