Fitch Affirms 10 & Downgrades 1 from 7 Park Place Net Interest Margin Transactions.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 11 Park Place Net Interest Margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) Notes: Park Place NIM Notes, Series 2004-MCWN1: --$1.9 million Class C 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. at 'BBB+'; --$1.5 million Class D affirmed at 'BBB-'; Underlying Transaction: Park Place Securities 2004-MCW1 Park Place NIM Notes, Series 2004-MHQN1: --$3.6 million Class D affirmed at 'BBB+'; --$6.6 million Class E affirmed at 'BBB'; --$7.1 million Class F downgraded to 'B' from 'BBB-'; Underlying Transaction: Park Place Securities 2004-MHQ1 Park Place NIM Notes, Series 2004-WCWN2: --$7.1 million Class F affirmed at 'BBB-'; Underlying Transaction: Park Place Securities 2004-WCW2 Park Place NIM Notes, Series 2004-WHQN1: --$5.4 million Class E affirmed at 'BBB'; --$4.7 million Class F affirmed at 'BBB-'; Underlying Transaction: Park Place Securities 2004-WHQ1 Park Place NIM Notes, Series 2004-WHQN2: --$1.6 million Class B affirmed at 'BBB'; --$13.2 million Class C affirmed at 'BBB-'; Underlying Transaction: Park Place Securities 2004-WHQ2 Park Place NIM Notes, Series 2004-WWFN1: --$1.4 million Class C affirmed at 'BB+'; Underlying Transaction: Park Place Securities 2004-WWF1 The rating actions reflect actual pay-down performance of the NIM securities to date compared to initial projections. Additional details are available in the following research, also available at www.fitchratings.com: --'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12, 2007); --'U.S. Rating Criteria for Net Interest Margin Securitizations: Updated' (February 6, 2007). All of Fitch's ratings criteria for US subprime RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities available at www.fitchratings.com/subprime. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion