Correction: Fitch Upgrs 8 & Affs 21 Classes From 11 Goldman Sachs FHA/VA Re-performing Securitizations.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 17, 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 corrected information on the number of classes being 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. .) 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 GS Mortgage Participation Securities, 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 : GS Mortgage Participation Securities, 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 1998-1 -- Class A affirmed at 'AAA'; -- Class M upgraded to 'A+' from 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1998-2 -- Class A affirmed at 'AAA'; -- Class M upgraded to 'A+' from 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1998-3 -- Class A affirmed at 'AAA'; -- Class M upgraded to 'A+' from 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1998-4 -- Class A affirmed at 'AAA'; -- Class M upgraded to 'A+' from 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1998-5 -- Class A affirmed at 'AAA'; -- Class M upgraded to 'AA' from 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1999-1 -- Class A affirmed at 'AAA'; -- Class B-1 upgraded to 'AA+' from 'AA'; -- Class B-2 upgraded to 'A+' from 'A'; -- Class B-3 affirmed at 'BBB'; -- Class B-4 affirmed at 'BB'; -- Class B-5 affirmed at 'B'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1999-2 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 1999-3 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 2000-1 -- Class A affirmed at 'AAA'; -- Class M affirmed at 'A'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 2001-1 -- Class B-1 affirmed at 'AA'; -- Class B-2 affirmed at 'A'; -- Class B-3 affirmed at 'BBB'; -- Class B-4 affirmed at 'BB'; -- Class B-5 affirmed at 'B'. GS Mortgage Participation Securities, Mortgage Pass-Through Certificate, Series 2001-2 -- Class A affirmed at 'AAA'; -- Class M upgraded to 'A+' from 'A'. The upgrades are being taken as a result of lower than expected losses, as well as increased credit support levels since securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. . 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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