Correction: Fitch Upgrades 9 & Affirms 20 RMBS Classes From 7 Salomon Issues.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 15, 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 earlier today, containing amended rating information on the number of classes that Fitch has taken rating action on.) Fitch has taken rating actions on the following Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Mortgage Securities VII, Inc., 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 : Salomon Brothers Mortgage Securities VII, Inc., mortgage pass-through certificates, series 1993-4 -- 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 B-1 affirmed at 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 upgraded to 'AAA' from 'AA'; -- Class B-4 affirmed at 'A'; -- Class B-5 affirmed at 'BBB'. Salomon Brothers Mortgage Securities VII, Inc., mortgage pass-through certificates, series 1993-6A -- Class 6A-B A-B Air-Britain (UK-based aviation historical society) A-B Research Centre Applied Biocatalysis (Graz, Austria) 1 upgraded to 'AAA' from 'AA'; -- Class 6A-B2 upgraded to 'AA' from 'A'. Salomon Brothers Mortgage Securities VII, Inc., mortgage pass-through certificates, series 1994-3 -- 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 upgraded to 'BB+' from 'B'. Salomon Brothers Mortgage Securities VII, Inc., mortgage pass-through certificates, series 1994-4A -- Class A4-A affirmed at 'AAA'; -- Class A4-B1 upgraded to 'AAA' from 'AA'; -- Class A4-B2 upgraded to 'AA' from 'BBB'; -- Class A4-B3 affirmed at 'B-'. Salomon Brothers Mortgage Securities VII, Inc., mortgage pass-through certificates, series 1994-9 -- 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 affirmed at 'AA'; -- Class B-5 affirmed at 'A'. Salomon Brothers Mortgage Securities VII, Inc., mortgage pass-through certificates, series 1994-19 -- Class A affirmed at 'AAA' Salomon Brothers Mortgage Securities VII, Inc., 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 upgraded to 'AAA' from 'AA+'; -- Class B-4 affirmed at 'A+'; -- Class B-5 affirmed at 'BBB+'. 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 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 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. web site at www.fitchratings.com. |
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