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23 Ratings Lowered And 16 Ratings Affirmed On 12 U.S. RMBS Transactions After U.S. Sovereign Downgrade Aug 11
Standard & Poors, Aug 2011
Abstract
OVERVIEW We reviewed 12 U.S. RMBS transactions issued from 2004 through 2008. We lowered our ratings to 'AA+ (sf)' from 'AAA (sf)' on 23 classes from 10 U.S. RMBS transactions following the Aug. 5 lowering of the long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA', and removed all of them from CreditWatch with negative implications. We affirmed our ratings on 16 classes from two additional transactions and removed all of them from CreditWatch negative. NEW YORK (Standard & Poor's) Aug. 24, 2011--Standard & Poor's Ratings Services today lowered its ratings to 'AA+ (sf)' from 'AAA (sf)' on 23 classes from 10 U.S. residential mortgage-backed securities (RMBS) transactions and removed all of them from CreditWatch...
Companies mentioned in this report are: AAA Trust 2005-2,Fannie Mae Grantor Trust 2004-T5,Greenwich Capital Structured Products Trust 2005-1,Fannie Mae Grantor Trust 2005-T1,Structured Asset Mortgage Investments II Trust 2005-F1,Structured Asset Mortgage Investments II Trust 2005-F2 ,Structured Asset Secs Corp. Trust 2006-10,Deutsche Mortgage Securities, Inc. REMIC Trust Certificates, Series 2008-RS2,Deutsche Mortgage Securities Inc REMIC Trust Certificates Series 2008-RS4,BNPP Mortgage Securities LLC 2008-1,Structured Asset Securities Corporation Trust 2008-4,Structured Asset Securities Corporation Trust 2008-5
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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