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49 Ratings Lowered And 82 Ratings Affirmed From Seven Re-REMIC Transactions Issued In 2004-2010 Jun 11
Standard & Poors, June 2011
Abstract
OVERVIEW We reviewed seven U.S. RMBS re-REMIC transactions issued in 2004-2010. One of the transactions, WFMBS Series 2008-1R, paid interest pro rata to the classes within its sole group, while the remaining transactions paid interest sequentially within each of their groups. We lowered our ratings on 49 classes from four transactions and removed eight of them from CreditWatch with negative implications. We affirmed our ratings on 82 classes from five transactions and removed 15 of them from CreditWatch negative. We also withdrew our ratings on 29 classes that have been paid in full from one of the transactions and removed one of them from CreditWatch negative. We based our rating actions on our analysis of expected interest and principal, when...
Companies mentioned in this report are: Petrel Resecuritization Trust 2009-1,SASCO Trust 2004-14,SASCO Trust 2006-5,Residential Mortgage Securities Funding 2008-6, Ltd.,WFMBS Series 2008-1R,CSMC Series 2009-12R,CSMC Series 2010-12R
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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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