Correction: Fitch Lowers 2 GMACCM Healthcare Transactions to 'AA+'.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 on May 5, containing revised rating information on the downgraded classes below and in the headline. The latter seven GMACCM mortgage trust transactions have paid in full and have had their ratings withdrawn.) The following GMACCM health care transactions are downgraded to 'AA+' from 'AAA' by 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. , as follows: -- GMACCM HealthFund I series 1999-1 class A insured notes; -- GMACCM HealthFund I series 1999-2 class A insured notes; The following transactions have paid in full: -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-A; -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-B; -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-C; -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-D; -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-E; -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-F; -- GMACCM mortgage trust I variable-rate class A insured notes series 1999-G. The rating actions are a result of Fitch's downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of American International Specialty Lines Insurance Company, an indirect wholly-owned subsidiary of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ). The ratings reflect the 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 provided to each series of class A notes by insurance policies issued by American International Specialty Lines Insurance Company. The insurance policies provide for the timely payment of principal and interest on the class A notes to the extent that there is a payment shortfall from the underlying commercial mortgage assets. The insurer indemnifies the trustee, LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. National Association, for the benefit of the noteholders for any periodic loss with respect to each payment date. The rating of the transactions is solely dependent upon the underlying credit of the insurance policy provider. Any future adverse conditions experienced by American International Specialty Lines Insurance Company may have an adverse effect on the ratings on the notes. |
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