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110 Ratings On 46 U.S. Subprime RMBS Transactions Lowered; 68 Classes Downgraded To 'D'
Standard & Poors, Oct 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Oct. 7, 2008--Standard & Poor's Ratings Services today lowered its ratings on 110 classes of mortgage pass-through certificates from 46 U.S. subprime residential mortgage-backed securities (RMBS) transactions. We removed two of the lowered ratings from CreditWatch with negative implications. Concurrently, we affirmed our ratings on four classes from RASC Series 2004-KS11 Trust (see list). The lowered ratings reflect the deterioration of available credit support for the affected transactions as well as our loss expectations based on the dollar amount of loans currently in the delinquency pipelines. Overcollateralization (O/C) has been completely depleted for these deals due to recent losses. This O/C deficiency caused a principal write-down on 67 classes, which prompted us to downgrade them...
Companies mentioned in this report are: Citigroup Mortgage Loan Trust 2006-NC1 ,Structured Asset Securities Corp.,Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2001-C,Merrill Lynch Mortgage Investors Trust, Series 2003-WMC1,Citigroup Mortgage Loan Trust Inc.,RASC Series 2004-KS10 Trust,Ownit Mortgage Loan Trust,RASC Series 2004-KS11 Trust ,RASC Series 2004-KS12 Trust,RASC Series 2005-KS2 Trust,Structured Asset Securities Corporation 2005-WMC1 ,Structured Asset Securities Corporation 2005-RMS1,Ownit Mortgage Loan Trust Series 2005-2,RASC Series 2005-KS4 Trust ,RASC Series 2005-KS5 Trust,RAMP Series 2005-EFC1 Trust ,RASC Series 2005-KS6 Trust,Ownit Mortgage Loan Trust Series 2005-3,Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-FM1,Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1 ,Merrill Lynch Mortgage Investors Trust,RASC Series 2005-AHL3 Trust,Ownit Mortgage Loan Trust, Series 2005-5,Merrill Lynch Mortgage Investors Trust, Series 2005-HE3,Merrill Lynch Mortgage Investors Trust, Series 2006-WMC1,Home Equity Mortgage Loan Asset Backed Trust Series INABS 2006-A,Structured Asset Securities Corporation Mortgage Loan Trust 2006-OW1,RASC Series 2006-KS3 Trust,Nomura Home Equity Loan Inc., Home Equity Loan Trust, Series 2006-HE2,Merrill Lynch Mortgage Investors Trust, Series 2006-AR1 ,Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC1,Structured Asset Securities Corporation Mortgage Loan Trust 2006-AM1 ,Merrill Lynch Mortgage Investors Trust, Series 2006-RM2,Structured Asset Securities Corporation Mortgage Loan Trust-2006-NC1,RASC Series 2006-KS5 Trust ,RASC Series 2006-EMX5 Trust,Merrill Lynch Mortgage Investors Trust Series 2006-FM1,Merrill Lynch Mortgage Investors Trust Series 2006-HE4,Structured Asset Securities Corporation Mortgage Loan Trust 2006-W1,Nomura Home Equity Loan Inc. Home Equity Loan Trust Series 2006-HE3,Merrill Lynch Mortgage Investors Trust, Series 2006-RM4 ,Merrill Lynch Mtg Investors Trust Series 2006-RM5,Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2007-2
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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