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Fitch Affirms 'AAA' Ratings on Various Wells Fargo Series.


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 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.
 the 'AAA' rating on the following Wells Fargo Wells Fargo

armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147]

See : Protectiveness


Wells Fargo

company that handled express service to western states; often robbed. [Am. Hist.
 Asset Securities Corp. transactions:

Series 2002-11

-- Class A 'AAA';

Series 2002-17

-- Class A 'AAA';

Series 2002-18

-- Class A 'AAA';

Series 2002-19

-- Class A 'AAA';

Series 2002-20

-- Class A 'AAA';

Series 2003-3 Pool 1

-- Class A 'AAA';

Series 2003-3 Pool 2

-- Class A 'AAA';

Series 2003-10

-- Class A 'AAA';

Series 2003-12

-- Class A 'AAA';

Series 2003-13

-- Class A 'AAA';

Series 2003-14

-- Class A 'AAA';

Series 2003-17

-- Class A 'AAA';

Series 2003-18

-- Class A 'AAA';

Series 2003-19

-- Class A 'AAA';

Series 2003-K

-- Class A 'AAA';

Series 2003-M

-- Class A 'AAA';

Series 2003-O

-- Class A 'AAA'.

The affirmations, affecting approximately $6.2 billion of outstanding certificates, reflect asset performance 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
 (CE) levels generally consistent with expectations.

As of the November distribution date, the most seasoned of these deals (series 2002-11) has a pool factor (mortgage principal outstanding as a percentage of original mortgage principal as of closing) of 10% and currently benefits from CE levels more than eight times original levels. The least seasoned transaction (series 2003-19) has a pool factor of 83% and has experienced slight increases in CE levels.

All of the Wells Fargo transactions are secured by 15- and/or 30-year fixed-rate, adjustable rate Adjustable rate

Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes.
, and hybrid mortgages extended to prime quality borrowers.

Further information regarding current delinquencies, losses, and credit enhancement is available on the Fitch Ratings web site at www.fitchratings.com.
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Publication:Business Wire
Date:Dec 16, 2004
Words:239
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