Correction: Fitch Upgrades 3 & Affirms 2 RMBS Classes From First Nationwide Series 2001-1.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 29, 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. 23, containing amended information in the headline, as well as the rating action elimination of class M-3, which is not being upgraded.) 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 rating actions on the following First Nationwide Trust, residential mortgage-backed certificates: First Nationwide Trust, 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 , series 2001-1 -- 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 upgraded to 'AAA' from 'AA'; -- Class M-2 upgraded to 'AAA' from 'A'; -- Class B-1 upgraded to 'BBB' from 'BB'; -- Class B-2 affirmed at 'B'. The upgrades reflect an increase 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 relative to future loss expectations and the affirmations on the above classes reflect credit enhancement consistent with future loss expectations. Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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