Correction: Fitch Affirms $75.5MM & Downgrades $79.1MM from 2 Bear Stearns Subprime Deals.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended version of a press release issued April 28. This contains corrected information on the class A rating for BSAB BSAB Byggandets Samordning Aktiebolag (Sweden) Trust 2003-ABF1.) Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken the following rating actions on Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Asset Backed Securities (BSABS) mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are now removed. Affirmations total $75.5 million and downgrades total $79.1 million. BSABS Trust 2003-ABF1 --$13.7 million class A affirmed at 'AAA'; --$28.8 million class M downgraded to 'A+' from 'AA'. Deal Summary --Originators: American Business Financial Services --60+ day Delinquency: 21.26% --Realized Losses to date (% of Original Balance): 2.38% Bear Stearns Asset Backed Securities, Inc 2004-HE6 --$14.8 million class M-1 affirmed at 'AA'; --$47.0 million class M-2 affirmed at 'A'; --$13.8 million class M-3 downgraded to 'BBB' from 'A-'; --$11.5 million class M-4 downgraded to 'BB+' from 'BBB+'; --$10.1 million class M-5 downgraded to 'BB' from 'BBB'; --$9.0 million class M-6 downgraded to 'B' from 'BBB-'; --$5.9 million class M-7B downgraded to 'C/DR5' from 'BB'. Deal Summary --Originators: People's Choice Home Loan, Inc. (42.15%), Fremont Investment & Loan (30.38%), Encore Credit Corporation (17.06%). --60+ day Delinquency: 20.49% --Realized Losses to date (% of Original Balance): 1.88% Additional details are available in the following research, available at www.fitchratings.com: --'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007); All of Fitch's ratings criteria for U.S. subprime RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities available at www.fitchratings.com/subprime. For a list of deals currently under analysis please visit www.fitchratings.com/smartview. Further information regarding current delinquency, loss, and credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing statistics is also available at www.fitchratings.com. Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion