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10 Ratings Lowered And 21 Ratings Affirmed From Five RMBS Re-REMIC Transactions Issued In 2007-2010
Standard & Poors, May 2011
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 five U.S. RMBS re-REMIC transactions issued in 2007-2010. Four of these transactions pay interest entirely on a pro rata basis, and one of these transactions contains both pro rata and sequential interest payment structures. We lowered our ratings on 10 classes from these transactions and removed six of them from CreditWatch with negative implications. We affirmed our ratings on 21 classes from the same transactions and removed two of them from CreditWatch negative. We based our rating actions on our analysis of expected interest and principal, when applicable, payable to these classes of securities under our applicable rating scenario stresses. NEW YORK (Standard & Poor's) May 3, 2011--Standard & Poor's Ratings Services today lowered its ratings on...
Companies mentioned in this report are: Banc of America Funding 2010-R4 Trust,Bear Stearns Structured Products Inc. Trust 2007-R6,J.P. Morgan Alternative Loan Trust, Series 2008-R4,BCAP LLC 2009-RR5 Trust,Citigroup Mortgage Loan Trust 2009-10
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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