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91 Ratings Lowered On 32 U.S. Alternative A RMBS Transactions Issued In 2002-2004; 378 Ratings Affirmed
Standard & Poors, June 2009
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
OVERVIEW -- We reviewed 48 RMBS transactions backed by U.S. Alternative-A (Alt-A) and mortgage loan collateral issued from 2001 to 2004. -- We lowered our ratings on 91 classes from these transactions and affirmed our ratings on 378 classes from the transactions. -- The downgrades reflect our belief that the amount of credit enhancement available for the downgraded classes will not be sufficient to cover our projected increase in losses due to increases in delinquencies and the current negative condition of the housing market. NEW YORK (Standard & Poor's) June 4, 2009--Standard & Poor's Ratings Services today lowered its ratings on 91 classes from 32 U.S. Alternative-A (Alt-A) residential mortgage-backed securities (RMBS) transactions issued from 2002 to 2004. We removed...
Companies mentioned in this report are: Adjustable Rate Mortgage Trust 2004-1,Structured Asset Securities Corp.,Alternative Loan Trust 2002-15CB,Residential Asset Securitization Trust 2002-A12,Residential Asset Securitization Trust 2002-A14J,Alternative Loan Trust 2002-17,Alternative Loan Trust 2003-3T1,Residential Asset Securitization Trust 2003-A7,Alternative Loan Trust 2003-21T1,RFMSI Series 2003-S20 Trust,Alternative Loan Trust 2004-J4,Alternative Loan Trust 2004-8CB,RAAC Series 2004-SP1 Trust ,Alternative Loan Trust 2004-J5,American Home Mortgage Investment Trust 2004-2,Alternative Loan Trust 2004-J7,RALI Series 2004-QS12 Trust,Alternative Loan Trust 2004-J9,American Home Mortgage Investment Trust 2004-3,Alternative Loan Trust 2004-25CB,Specialty Underwriting and Residential Finance Trust Series 2004-AA1,Adjustable Rate Mortgage Trust 2004-2 ,RAAC Series 2004-SP3 Trust ,Adjustable Rate Mortgage Trust 2004-4 ,American Home Mortgage Investment Trust 2004-4,Adjustable Rate Mortgage Trust 2004-5,Alternative Loan Trust 2004-36CB ,Alternative Loan Trust 2004-J13
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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