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362 Ratings Lowered And 374 Ratings Affirmed On 90 U.S. RMBS Subprime Transactions Issued In 2005-2007 Sep 11
Standard & Poors, Sep 2011
Abstract
OVERVIEW We reviewed 90 U.S. RMBS transactions backed by subprime mortgage loan collateral issued between 2005 and 2007. We lowered our ratings on 362 classes from 75 transactions and removed 234 of them from CreditWatch with negative implications. We affirmed our ratings on 374 classes from 62 of the transactions with lowered ratings and on 15 additional transactions and removed 176 of them from CreditWatch negative. The downgrades reflect our view that the projected credit enhancement available for these classes is insufficient to cover our projected losses at the previous rating levels. The affirmations reflect our belief that the amount of projected credit enhancement available for these classes is sufficient to cover our projected losses at the current rating levels....
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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