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15 Ratings Lowered, Five Raised, 153 Affirmed, And One Withdrawn On 38 U.S. RMBS Transactions Issued In 1995-2004 Dec 11
Standard & Poors, Dec 2011
Abstract
OVERVIEW We reviewed 38 U.S. RMBS transactions issued from 1995 through 2004. We lowered our ratings on 15 classes from seven of the reviewed transactions and removed one of them from CreditWatch with negative implications. We raised our ratings on five classes from four of the reviewed transactions. We affirmed our ratings on 152 classes from 37 of these transactions and removed four of them from CreditWatch negative. We withdrew our rating on one class from one of the reviewed transactions. The downgrades reflect our belief that projected credit enhancement for the affected classes will be insufficient to cover projected losses at the previous rating levels combined with, where applicable, the application of our interest shortfall criteria. The upgrades reflect...
Action: Affirmed
Action: Downgraded
Action: Upgraded
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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