Fitch Affirms 1 & Downgrades 1 RMBS Class from ABFS 2003-2.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 American Business Financial Services (ABFS ABFS American Business Financial Services, Inc. ABFS ABF Freight Systems, Inc. ABFS Alpaca Breeders Fiber School ABFS Atchafalaya Basin Floodway System (Louisiana) ABFS Advance Benefit Funding Sources ) mortgage pass-through certificates: Series 2003-2 --Class A affirmed at 'AAA'; --Class M downgraded from 'AA' to 'A+' and removed from Rating Watch Negative. The affirmation affects approximately $13.6 million of the outstanding certificates and the downgrade affects approximately $15.8 million of the outstanding certificates. Class A is affirmed based on the strength of the Ambac Assurance Corp. guarantee of timely interest and ultimate principal (Fitch Insurer Financial Strength [IFS] rating of 'AAA'). The rating on class M is based on a guarantee of timely interest and ultimate principal by Radian Asset Assurance, Inc. Fitch downgraded Radian Asset Assurance, Inc.'s IFS rating to 'A+' on Sept. 5, 2007 (for details see the press release titled 'Fitch Downgrades Radian's L-T Debt to 'A-', IFS to 'AA-' on Recessed Merger' on www.fitchratings.com) and, as a result, class M is downgraded. The collateral of the above transaction generally consists of fixed-rate, consumer and business purpose home equity loans secured by first and second liens on residential properties. The loans were originated by American Business Credit, Inc., HomeAmerican Credit Inc., and American Business Mortgage Services, Inc. The loans are serviced by EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Mortgage Corp., which is rated 'RPS1' by Fitch. As of the November 2007 distribution date, series 2003-2 has a pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) of 21% and is seasoned 49 months. 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 available on the Fitch Ratings web site 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, conflicts of interest, affiliate 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. |
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