Correction: Fitch Affirms 66, Upgrades 28 & Downgrades 4 Classes from Impac Funding Corp. Issues.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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. version of a press release issued Dec. 2 and contains revised rating affirmations for Impac CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. Trust series 2003-5, classes M-1 and M-2.) 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 action on the following Impac Funding Corp. mortgage pass-through certificate Pass-through Certificate Fixed-income securities that represent an undivided interest in a pool of federally insured mortgages put together by the Government National Mortgage Association (Ginnie Mae). issues: Impac SAC Sac: see Sac and Fox. SAC - 1. An early system on the Datatron 200 series. [Listed in CACM 2(5):16 (May 1959)]. Mtge. Pass-Through Certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , Series 1998-3 --Class A affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 affirmed at 'AAA'; --Class M-3 upgraded to 'AAA' from 'A+'; --Class B-1 upgraded to 'A' from 'BB'; --Class B-2 affirmed at 'B'. Impac SAC Mtge. Pass-Through Certificates, Series 1998F-1 --Class A affirmed at 'AAA'; --Class B-1 upgraded to 'AAA' from 'BB'; --Class B-2 upgraded to 'BB' from 'B'. Impac SAC Mtge. Pass-Through Certificates, Series 2000-1 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 upgraded to 'AAA' from 'AA'; --Class M-3 affirmed at 'BBB'; --Class B-1 downgraded to 'CCC' from 'B'; --Class B-2 downgraded to 'C' from 'CC'. Impac SAC Mtge. Pass-Through Certificates, Series 2000-3 --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 affirmed at 'BBB+'; --Class M-3 downgraded to 'C' from 'CCC'. Impac Secured Assets Corp. Mtge. Pass-Through Certificates, Series 2000-4 --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 upgraded to 'AA' from 'A'; --Class B affirmed at 'BBB' and removed from Rating Watch Negative. Impac Secured Assets Corp. Mtge. Pass-Through Certificates, Series 2000-5 --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 upgraded to 'AA' from 'A'; --Class B affirmed at 'BBB' and removed from Rating Watch Negative. Impac SAC Mtge. Pass-Through Certificates, Series 2001-1 Pool 1 --Class A-1 affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 upgraded to 'AA' from 'A'; --Class B affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-1 Pool 2 --Class A-2 affirmed at 'AAA'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-2 --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'A+' from 'A'; --Class B affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-3 Pool 1 --Class A-1 affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 upgraded to 'AA' from 'A'; --Class B affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-3 Pool 2 --Class A-2 affirmed at 'AAA'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-4 Pool 1 --Class AI affirmed at 'AAA'; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'A+' from 'A'; --Class B affirmed at 'BB+'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-4 Pool 2 --Class AII AII Auto ID Infrastructure AII Agence de l'Innovation Industrielle (French Agency for Industrial Innovation) AII Active Input Interface (used in UNI PMD specs for Copper/Fiber) AII ASEAN Information Infrastructure affirmed at 'AAA'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-5 Pool 1 --Class AI affirmed at 'AAA' ; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'A+' from 'A'; --Class B affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-5 Pool 2 --Class AII affirmed at 'AAA'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-6 Pool 1 --Class AI affirmed at 'AAA'; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'A+' from 'A'; --Class B downgraded to 'BB' from 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-6 Pool 2 --Class AII affirmed at 'AAA'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-7 Pool 1 --Class AI affirmed at 'AAA' ; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'A+' from 'A'; --Class B affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-7 Pool 2 --Class AII affirmed at 'AAA'. Impac SAC Mtge. Pass-Through Certificates, Series 2001-8 --Class A affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 upgraded to 'AA' from 'A'; --Class M-3 affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2002-1 Pool 1 --Class AI affirmed at 'AAA'; --Class M-1 upgraded to 'AA+' from 'AA'; --Class M-2 upgraded to 'A+' from 'A'; --Class B affirmed at 'BBB'. Impac SAC Mtge. Pass-Through Certificates, Series 2002-1 Pool 2 --Class AII affirmed at 'AAA'. Impac CMB Trust Series 2001-3 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'; --Class B affirmed at 'BBB'. Impac CMB Trust Series 2001-4 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'; --Class B affirmed at 'BBB'. Impac CMB Trust Series 2002-6F --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'. Impac CMB Trust Series 2002-7 --Class A affirmed at 'AAA'; --Class B affirmed at 'BBB'. Impac CMB Trust Series 2002-8 --Class A affirmed at 'AAA'; --Class B affirmed at 'BBB'. Impac CMB Trust Series 2002-9F --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'; --Class B affirmed at 'BBB'. Impac CMB Trust Series 2003-2F --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'; --Class B affirmed at 'BBB'. Impac CMB Trust Series 2003-5 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 affirmed at 'AA'; --Class B affirmed at 'BBB'. The upgrades, affecting $111,416,988 of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. The affirmations, affecting over $1.43 billion of certificates, are due to stable collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although performance and moderate growth in 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 . The negative rating actions are the result of poor collateral performance and the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of asset quality beyond original expectations, and affect $7,796,695 of outstanding certificates. Downgrades to the single C level (series SAC 2000-1, class B-2; series SAC 2000-3, class M-3) are indicative of an exhaustion Exhaustion Situation in which a majority of participants trading in the same asset are either long or short, leaving few investors to take the other side of the transaction when participants wish to close their positions. of overcollateralization Overcollateralization The posting of more collateral than is needed to obtain financing. Notes: This is often done in order to get a better debt rating from a credit rating agency. See also: Collateral, Overcapitalization (OC) and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other forms of credit enhancement to the class and signify sig·ni·fy v. sig·ni·fied, sig·ni·fy·ing, sig·ni·fies v.tr. 1. To denote; mean. 2. To make known, as with a sign or word: signify one's intent. that the class is experiencing monthly writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. as a result of monthly loan losses. The pools are seasoned from a range of 18 to 55 months. The pool factors (current principal balance as a percentage of original) range from approximately 0.08% to 51% outstanding. Further information regarding current delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. , loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com. |
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