Correction: Fitch Upgrades 40 & Affirms 27 RMBS Classes From 12 GE Capital Securitizations.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 7, 2003 (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 Aug. 1, containing revised rating information on classes B-1, B-2 & B-4 of series 1999-1.) 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 40 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. 27 classes for the following GE Capital Mortgage Services 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 : GE Capital Mortgage Services, 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). , series 1999-1 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA+' from 'BBB'; -- Class B-4 upgraded to 'BBB+' from 'B+'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-2 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA-' from 'BBB'; -- Class B-4 upgraded to 'BBB-' from 'B+'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-4 -- Class A affirmed at 'AAA'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-5 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA+'; -- Class B-2 upgraded to 'AAA' from 'AA'; -- Class B-3 upgraded to 'AA+' from 'BBB+'; -- Class B-4 upgraded to 'A' from 'BB-'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-6 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA+' from 'BBB'; -- Class B-4 upgraded to 'A' from 'B+'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-9 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded at 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA+' from 'BBB'; -- Class B-4 upgraded to 'BBB+' from 'B+'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-10 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'A+' from 'BBB+'; -- Class B-4 affirmed at 'BB' . GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-11 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA-' from 'BBB-'; -- Class B-4 upgraded to 'BB' from 'B'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-12 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'A+' from 'BBB+'; -- Class B-4 affirmed at 'BB'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-13 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA' from 'BBB'; -- Class B-4 upgraded to 'BBB-' from 'B+'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-14 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'A' from 'BBB'; -- Class B-4 upgraded to 'B+' from 'B'. GE Capital Mortgage Services, mortgage pass-through certificate, series 1999-15 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AAA' from 'AA-'; -- Class B-3 upgraded to 'AA-' from 'BBB'; -- Class B-4 upgraded to 'BBB-' from 'B+'. These rating actions are being taken as a result of low delinquencies and losses, as well as increased credit support. 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 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 available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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