Fitch Affirms 1 & Upgrades 5 Classes from Wachovia Bank 2002-1.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 actions on the following Wachovia Bank issue: Series 2002-1: --Class A affirmed at 'AAA'; --Class B-1 upgraded to 'AAA' from 'AA'; --Class B-2 upgraded to 'AAA' from 'A'; --Class B-3 upgraded to 'AA+' from 'BBB'; --Class B-4 upgraded to 'A' from 'BB'; --Class B-5 upgraded to 'BBB' from 'B'. The affirmations reflect 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) consistent with future loss expectations and affect approximately $115.47 million in outstanding principal. The upgrades reflect an improvement in the relationship of CE to future loss expectations and affect $58.06 million of outstanding certificates. The CE levels for series classes B-1, B-2, B-3, B-4, and B-5 have increased by more than 9 times compared to their original enhancement levels at closing date. They currently benefit from 21.05% (originally 2.10%), 14.02% (originally 1.40%), 8.50% (originally 0.85%), 4.98 (originally 0.50%), and 2.47% (originally 0.25%) subordination, respectively. To date, the transaction has taken approximately $68,207 in cumulative losses (less than 0.01% of the original collateral balance) and the 90+ delinquencies (including bankruptcy, foreclosure and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most ) is only about 3.33% of the current collateral balance. The collateral pool consists of three loan groups consisting of fixed-rate, conventional, fully amortizing and balloon mortgage loans secured by first liens on residential properties. At issuance, the mortgage loans had a weighted average FICO FICO See: Financing corporation of 717 and a weighted average loan-to-value (LTV LTV See: Loan-to-value ratio ) ratio of 65.10%. As of the May 2006 distribution date, series 2002-1 transaction has a pool factor (i.e., current mortgage loans outstanding as a percentage of the initial pool) of 8% and is seasoned 44 months. 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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