Fitch Affirms 1 & Downgrades 5 RMBS Classes from J.P. Morgan ALT 2007-A1.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 one and downgraded five classes from J.P. Morgan Alternative Loan Trust 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 , as follows: Series 2007-A1 --Class A affirmed at 'AAA'; --Class C-B-1 downgraded to 'A+' from 'AA'; --Class C-B-2 downgraded to 'BBB' from 'A'; --Class C-B-3 downgraded to 'B' from 'BBB'; --Class C-B-4 downgraded to 'C/DR4' from 'BB'. --Class C-B-5 downgraded to 'C/DR5' from 'B'. The affirmations affect approximately $229.3 million in outstanding certificates and reflect adequate relationships of 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 to future loss expectations. The downgrades reflect the deterioration in the relationship of CE to future loss expectations and affect $13.8 million in outstanding certificates. As of the December 2007 distribution date, the transaction is seasoned 10 months and the pool factor (current collateral balance as a percentage of initial collateral balance) is approximately 92%. The percentage of loans that are 60 days or more delinquent (inclusive of inclusive of prep. Taking into consideration or account; including. real estate-owned, foreclosure and bankruptcy) is 5.08%. There are no losses to date. Further information regarding current delinquency, loss and CE statistics is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. 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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