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22 Ratings Lowered, 312 Affirmed On 143 Second-Lien And HELOC RMBS Transactions Dec 11
Standard & Poors, Dec 2011
Abstract
OVERVIEW We reviewed 43 U.S. RMBS second-lien high combined-loan-to-value (HCLTV), 76 closed-end second-lien, one home improvement, and 23 home-equity line of credit transactions issued from 1999 to 2007. We lowered our ratings on 22 classes from 15 transactions and removed one of them from CreditWatch with negative implications. We raised our rating on one class. We affirmed our ratings on 312 classes from 141 transactions and removed 28 of them from CreditWatch negative. 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. The affirmations reflect our belief that projected credit enhancement available for the affected classes will be sufficient to cover our projected losses...
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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