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41 Ratings Lowered On 25 U.S. Subprime RMBS Transactions; 25 Classes Downgraded To 'D' Dec 08
Standard & Poors, Dec 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) Dec. 1, 2008--Standard & Poor's Ratings Services today lowered its ratings on 41 classes of pass-through certificates from 25 U.S. subprime residential mortgage-backed securities (RMBS) transactions from various issuers (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 transactions' delinquency pipelines. Over the past several months, overcollateralization (O/C) has been completely depleted for these deals due to losses. This O/C deficiency caused a principal write-down on 25 classes, which prompted us to downgrade them to 'D'. A breakdown of the rating transitions for the classes downgraded to 'D' is described below. RATING...
Companies mentioned in this report are: CDC Mortgage Capital Trust 2003-HE3,Salomon Brothers Mortgage Securities VII Inc.,Merrill Lynch Mortgage Investors Trust, Series 2003-WMC1,Citigroup Mortgage Loan Trust Inc.,CDC Mortgage Capital Trust 2003-HE4,Ownit Mortgage Loan Trust Series 2005-2,Ownit Mortgage Loan Trust Series 2005-3,Merrill Lynch Mortgage Investors Trust Series 2006-HE2,Ownit Mortgage Loan Trust, Series 2006-3,Nomura Home Equity Loan Inc., Home Equity Loan Trust, Series 2006-HE2,Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC1,Merrill Lynch Mortgage Investors Trust, Series 2006-RM2,Merrill Lynch Mortgage Investors Trust Series 2006-AHL1,Citigroup Mortgage Loan Trust 2006-NC1 ,Structured Asset Securities Corporation Mortgage Loan Trust 2006-EQ1 ,Merrill Lynch Mortgage Investors Trust Series 2006-HE4,People's Financial Realty Mortgage Securities Trust, Series 2006-1,Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC2,Merrill Lynch Mortgage Investors Trust, Series 2006-RM4 ,Citigroup Mtg Ln Trust 2006-NC2,Merrill Lynch Mtg Investors Trust Series 2006-HE5,Merrill Lynch Mtg Investors Trust Series 2006-RM5,Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC4,Citigroup Mortgage Loan Trust 2006-HE3 ,Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC1
Action: Downgraded
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