Fitch Affirms $501.2MM & Downgrades $267.9MM from 5 New Century Subprime Deals.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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 the following rating actions on the five New Century Home Equity Loan Trust transactions listed below. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed. Affirmations total $501.2 million and downgrades total $267.9 million. New Century 2003-A --$8.8 million 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'; --$17.7 million class M-1 affirmed at 'AA'; --$7.1 million class M-2 affirmed at 'A'; --$1.9 million class M-3 affirmed at 'BBB+'; --$900,000 class M-4 affirmed at 'BBB'; --$1.7 million class M-5 affirmed at 'BBB-'. Deal Summary --Originators: New Century Mortgage Corporation --60+ day 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. : 15.16% --Realized Losses to date (% of Original Balance): 1.24% New Century 2003-2 --$8.5 million class M-1 affirmed at 'AA'; --$61.7 million class M-2 downgraded to 'BBB-' from 'A-'; --$8.3 million class M-3 downgraded to 'C/DR4' from 'B'; --$3 million class M-4 affirmed at 'C/DR6'. Deal Summary --Originators: New Century Mortgage Corporation --60+ day Delinquency: 29.48% --Realized Losses to date (% of Original Balance): 1.64% New Century 2003-3 --$4.3 million class A-2 affirmed at 'AAA'; --$5.9 million class A-3 affirmed at 'AAA'; --$31.3 million class M-1 downgraded to 'AA-' from 'AA'; --$7.7 million class M-2 downgraded to 'BBB' from 'A'; --$1.8 million class M-3 downgraded to 'BB+' from 'A-'; --$1.5 million class M-4 downgraded to 'BB' from 'BBB+'; --$1 million class M-5 downgraded to 'B' from 'BB+'; --$800,000 class M-6 downgraded to 'C/DR6' from 'B'. Deal Summary --Originators: New Century Mortgage Corporation --60+ day Delinquency: 20.52% --Realized Losses to date (% of Original Balance): 1.15% New Century 2004-2 --$30.4 million class A-1 affirmed at 'AAA'; --$7.3 million class A-2 affirmed at 'AAA'; --$13.6 million class A-4 affirmed at 'AAA'; --$59.1 million class M-1 affirmed at 'AA+'; --$54.2 million class M-2 affirmed at 'AA+'; --$38.8 million class M-3 affirmed at 'AA'; --$28.1 million class M-4 affirmed at 'A+'; --$28.1 million class M-5 affirmed at 'A'; --$23.2 million class M-6 affirmed at 'A-'; --$15.7 million class M-7 affirmed at 'BBB+'; --$7.3 million class M-8 affirmed at 'BBB'; --$7.1 million class M-9 affirmed at 'BBB'. Deal Summary --Originators: New Century Mortgage Corporation --60+ day Delinquency: 14.63% --Realized Losses to date (% of Original Balance): 1.00% New Century 2004-3 --$55.1 million class M-1 affirmed at 'AA+'; --$73.3 million class M-2 affirmed at 'AA'; --$42.3 million class M-3 downgraded to 'A' from 'AA-'; --$43.5 million class M-4 downgraded to 'BBB+' from 'A+'; --$37.3 million class M-5 downgraded to 'BBB' from 'A'; --$10.7 million class M-6 downgraded to 'BB+' from 'A-'; --$7 million class M-7 downgraded to 'BB' from 'BBB+'; --$6.5 million class M-8 downgraded to 'BB' from 'BBB'; --$6.5 million class M-9 downgraded to 'BB-' from 'BBB-'. Deal Summary --Originators: New Century Mortgage Corporation --60+ day Delinquency: 30.08% --Realized Losses to date (% of Original Balance): 1.18% Additional details are available in the following research, available at www.fitchratings.com': --'Downgrade Criteria criteria (krītēr´ē  ),n. for Recent Vintage
Vintage, in wine-making, is the process of picking grapes and creating the finished product. A vintage wine is one made from grapes that were all, or primarily, grown in a single specified year. U.S. Subprime RMBS' (Aug. 8, 2007); All of Fitch's ratings criteria for US subprime RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities available at www.fitchratings.com/subprime. For a list of deals currently under analysis please visit www.fitchratings.com/smartview. Further information regarding current delinquency, 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 also available at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality Restrictions on the accessibility and dissemination of information. Confidentiality is one of the six fundamental components of information security (see Parkerian Hexad). , conflicts of interest, affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion