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15 Ratings Lowered And 41 Ratings Affirmed On Seven U.S. First-Lien High Loan-To-Value RMBS Transactions From 2003-2004
Standard & Poors
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 seven U.S. RMBS transactions backed by first-lien high loan-to-value mortgage loan collateral issued in 2003-2004. We lowered our ratings on 15 classes and affirmed our ratings on 41 classes from these transactions. The downgrades reflect our belief that projected credit support for the affected classes will be insufficient to cover projected losses at the previous rating levels due to increased delinquencies. NEW YORK (Standard & Poor's) May 4, 2011--Standard & Poor's Ratings Services today lowered its ratings on 15 classes from seven residential mortgage-backed securities (RMBS) transactions backed by U.S. first-lien high loan-to-value (HLTV) mortgage loan collateral issued in 2003 and 2004. In addition, we affirmed our ratings on 41 classes from the same transactions (see list)....
Companies mentioned in this report are: RAMP Series 2003-RZ4 Trust,Structured Asset Securities Corp.,RAMP Series 2004-RZ1 Trust,RAMP Series 2004-RZ3 Trust
Action: Affirmed
Action: Downgraded
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