Correction: Fitch Upgrades 23 & Affirms 88 RMBS Classes From 18 PNC Securitizations.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 10, 2003

(This is a revised version Revised Version
n.
A British and American revision of the King James Version of the Bible, completed in 1885.

Revised Version
Noun of a press release issued Sept. 8, containing 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. rating information on classes B-4 and B-5 of series 1997-4.)

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 upgraded 23 classes and 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. 88 classes (two of which are also removed from Rating Watch Negative) on the following PNC PNC Purdue University North Central (Westville, Indiana)
PnC Point 'n Click
PNC Police National Computer
PNC People's National Congress (Guyana)
PNC People's National Congress Mortgage Securities Corporation, mortgage 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 :

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1996-1

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 affirmed at 'AA+';

-- Class B-4 affirmed at 'A-';

-- Class B-5 affirmed at 'BBB-'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1996-2

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 affirmed at 'AA';

-- Class B-4 affirmed at 'BBB'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1996-4 Groups 1 & 2

-- Classes IA, IIA (1) (Information Industry Association, Washington, DC) In 1999, IIA merged with SPA (Software Publishers Association) to become the Software & Information Industry Association. See SIIA. affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 affirmed at 'AAA';

-- Class B-4 affirmed at 'AA+';

-- Class B-5 affirmed at 'BBB+'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-1

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 upgraded to 'AAA' from 'AA+';

-- Class B-4 upgraded to 'AA' from 'A+';

-- Class B-5 affirmed at 'BBB+'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-2

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 upgraded to 'AAA' from 'AA';

-- Class B-4 upgraded to 'AA' from 'A';

-- Class B-5 upgraded to 'BBB+' from 'BBB'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-3 Group 1

-- Class IA affirmed at 'AAA';

-- Class I-B-1 affirmed at 'AAA';

-- Class I-B-2 affirmed at 'AAA';

-- Class I-B-3 upgraded to 'AAA' from 'AA';

-- Class I-B-4 upgraded to 'AA' from 'A';

-- Class I-B-5 affirmed at 'BB-'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-3 Group 2

-- Class IIA affirmed at 'AAA';

-- Class II-B-1 affirmed at 'AAA';

-- Class II-B-2 affirmed at 'AAA';

-- Class II-B-3 affirmed at 'AAA';

-- Class II-B-4 affirmed at 'AA-';

-- Class II-B-5 affirmed at 'BBB-'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-4 Groups 1 & 2

-- Classes IPP (Internet Printing Protocol) A protocol for printing and managing print jobs over the Internet using HTTP. Initially conceived by Novell, Xerox and others, the IETF made it a standard in 2000 that includes authentication and encryption. See printing protocol and LPD. , IIPP IIPP Injury & Illness Prevention Program
IIPP Institute for International Public Policy affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 affirmed at 'AAA';

-- Class B-4 upgraded to 'AA+' from 'AA-';

-- Class B-5 affirmed at 'A'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-5

-- Class A affirmed at 'AAA';

-- Class B-1 affirmed at 'AAA';

-- Class B-2 affirmed at 'AAA';

-- Class B-3 affirmed at 'AAA';

-- Class B-4 upgraded to 'AA+' from 'AA';

-- Class B-5 affirmed at 'A-'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-8 Group 1

-- Class IA affirmed at 'AAA';

-- Class I-B-1 affirmed at 'AAA';

-- Class I-B-2 affirmed at 'AAA';

-- Class I-B-3 upgraded to 'AA' from 'A+';

-- Class I-B-4 affirmed at 'BBB-';

-- Class I-B-5 affirmed at 'B'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-8 Group 2

-- Class IIA affirmed at 'AAA';

-- Class II-B-1 affirmed at 'AAA';

-- Class II-B-2 affirmed at 'AAA';

-- Class II-B-3 upgraded to 'AAA' from 'AA';

-- Class II-B-4 upgraded to 'AA-' from 'A+';

-- Class II-B-5 affirmed at 'BB+'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1997-8 Group 3

-- Class IIIP affirmed at 'AAA';

-- Class III-B-1 affirmed at 'AAA';

-- Class III-B-2 affirmed at 'AAA';

-- Class III-B-3 upgraded to 'AAA' from 'AA';

-- Class III-B-4 upgraded to 'AA' from 'A';

-- Class III-B-5 upgraded to 'A' from 'BB+'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1998-1 Group 1

-- Class IA affirmed at 'AAA';

-- Class I-B-1 affirmed at 'AAA';

-- Class I-B-2 affirmed at 'AAA';

-- Class I-B-3 affirmed at 'AAA';

-- Class I-B-4 upgraded to 'AA+' from 'AA';

-- Class I-B-5 upgraded to 'BBB+' from 'BBB'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1998-1 Group 3

-- Class IIIA IIIA Internet Information Infrastructure Architecture
IIIA Integrated Intelligence Information Application
IIIA International Imaging Industry Association affirmed at 'AAA';

-- Class III-B-1 affirmed at 'AAA';

-- Class III-B-2 affirmed at 'AAA';

-- Class III-B-3 affirmed at 'AA-';

-- Class III-B-4 affirmed at 'A';

-- Class III-B-5 affirmed at 'BB+'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1998-1 Group 4

-- Class IVA affirmed at 'AAA';

-- Class IV-B-1 affirmed at 'AAA';

-- Class IV-B-2 affirmed at 'AAA';

-- Class IV-B-3 affirmed at 'AA+';

-- Class IV-B-4 affirmed at 'A';

-- Class IV-B-5 affirmed at 'B'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1998-1 Group 5

-- Class VA affirmed at 'AAA';

-- Class V-B-1 affirmed at 'AAA';

-- Class V-B-2 affirmed at 'AAA';

-- Class V-B-3 upgraded to 'AAA' from 'AA';

-- Class V-B-4 affirmed at 'AA-';

-- Class V-B-5 affirmed at 'A'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1998-11 Group 1

-- Class IA affirmed at 'AAA';

-- Class I-B-1 upgraded to 'AAA' from 'AA+';

-- Class I-B-2 upgraded to 'AAA' from 'AA';

-- Class I-B-3 upgraded to 'AAA' from 'A+';

-- Class I-B-4 upgraded to 'A' from 'BB+';

-- Class I-B-5 upgraded to 'BBB' from 'B'.

PNC Mortgage Securities Corporation, mortgage pass-through certificates, series 1998-11 Group 2

-- Class IIA affirmed at 'AAA';

-- Class II-B-1 affirmed at 'AA+';

-- Class II-B-2 affirmed at 'AA-';

-- Class II-B-3 affirmed at 'BBB';

-- Class II-B-4 affirmed at 'BB', removed from Rating Watch

Negative;

-- Class II-B-5 affirmed at 'B', removed from Rating Watch

Negative.

The upgrades are being taken as a result of low delinquencies and losses, as well as increased credit support levels. The affirmations are due to 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 consistent with future loss expectations.

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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Publication:	Business Wire
Geographic Code:	1USA
Date:	Sep 10, 2003
Words:	900
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