S&P Corrects 193 Ratings On 51 U.S. RMBS Alt-A Transactions; Takes Various Other Rating Actions May 11
Standard & Poors, May 2011
Abstract
OVERVIEW We corrected our ratings on 88 classes from 39 U.S. RMBS Alt-A transactions by lowering them to 'CC (sf)'; 69 classes from 32 U.S. RMBS Alt-A transactions by placing them on CreditWatch negative; and 36 classes from 18 U.S. RMBS Alt-A transactions by placing them on CreditWatch positive. These downgrades and CreditWatch actions reflect revised loss projections for Alt-A collateral issued during 2003-2006 following the correction of a classification error. Our ratings on 12 classes from eight U.S. RMBS Alt-A transactions, which were also affected by this error, remain on CreditWatch negative, where we initially placed them in connection with our revised counterparty criteria. We also downgraded nine classes from the affected transactions to 'D (sf)' due to realized...
Action: CreditWatch Update
Action: Downgraded
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive
Action: Withdrawn
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.
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