Fitch Affirms 1 & Downgrades 2 RMBS Classes From SASCO 1998-8.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 rating action on the following Structured Asset 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. Corporation (SASCO SASCO ST (Singapore Technologies) Aviation Services Co. SASCO South African Students Congress SASCO Sudanese Aeronautical Services Co. Ltd ) 1998-8 mortgage pass-through certificates: --Class A affirmed at 'AAA'; --Class M-1 downgraded to 'A-' from 'AA'; --Class M-2 downgraded to 'BBB-' from 'A'. The affirmations reflect a stable relationship between 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) and expected losses, and affect approximately $4.98 million in outstanding certificates. The downgrades reflect deterioration in the relationship between CE and expected losses, and affect approximately $14.39 million in outstanding certificates. Classes A, M-1 and M-2 are made up of four component classes [A(1)-A(4), M1(1)-M1(4), M2(1)-M2(4)] which support four groups (Group 1, Group 2, Group 3, and Group 4). Each component is backed by a separate mortgage pool. Although each mortgage group performs differently, since the component bonds are not severable That which is capable of being separated from other things to which it is joined and maintaining nonetheless a complete and independent existence. The term severable , each component bond reflects the performance of the weakest of all the components. The Group 3 components are performing worse than the other Groups' components and as such, determine the ratings of all related components and the bond itself. In Group 1, the M1(1) certificate benefits from a credit enhancement (CE) of 30.19%, and the M2(1) component benefits from a CE of 25.44%. In Group 2, the M1(2) certificate benefits from a credit enhancement (CE) of 31.46%, and the M2(2) component benefits from a CE of 17.53%. In Group 1, the M1(3) certificate benefits from a credit enhancement (CE) of 19.31%, and the M2(3) component benefits from a CE of 15.65%. In Group 1, the M1(4) certificate benefits from a credit enhancement (CE) of 26.11%, and the M2(4) component benefits from a CE of 19.21%. The pool factor (current principal balance as a percentage of original balance) is approximately 2.42%, and the transaction is 11 months seasoned. Fitch will continue to closely monitor this transaction. Further information regarding current delinquency, loss and credit enhancement 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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