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227 Downgrades And 59 Affirmations On 45 U.S. RMBS Reperforming Transactions Backed By FHA/VA Loans Dec 11
Standard & Poors, Dec 2011
Abstract
OVERVIEW We reviewed 45 U.S. RMBS reperforming transactions collateralized by FHA insured loans or VA guaranteed loans and issued from 2002 through 2008. We lowered our ratings on 227 classes from 44 of the reviewed transactions and removed 90 of them from CreditWatch with negative implications. We affirmed our ratings on 59 classes from 27 of the transactions with lowered ratings and one additional transaction. We withdrew our ratings on 31 classes from 22 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. NEW YORK (Standard & Poor's) Dec. 30, 2011--Standard & Poor's Ratings Services today lowered its ratings on...
Action: Affirmed
Action: Downgraded
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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