Fitch Affirms 10 & Upgrades 10 RMBS Classes from 2 Goldman Sachs Issues.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 has taken rating actions on the following Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Mortgage issues: Series 2003-2F -- Classes IA, IIA (1) (Information Industry Association, Washington, DC) In 1999, IIA merged with SPA (Software Publishers Association) to become the Software & Information Industry Association. See SIIA. , and IIIA IIIA Internet Information Infrastructure Architecture IIIA Integrated Intelligence Information Application IIIA International Imaging Industry Association 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 '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'. Series 2003-6F -- Classes A-1 to A-5, A-8, and A-P affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AA+' from 'A'; -- Class B-3 upgraded to 'A' from 'BBB'; -- Class B-4 upgraded to 'BBB' from 'BB'; -- Class B-5 upgraded to 'BB' from 'B'. The affirmations on the above classes 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 consistent with future loss expectations and affect approximately $207 million of certificates. The upgrades reflect an increase in credit enhancement relative to future loss expectations and affect $28,963,560 of certificates. The current enhancement levels for all the classes in series 2003-2F have increased by more than five times the original enhancement levels since the closing date (Feb. 28, 2003): class B-1 currently benefits from 9.28% subordination (originally 1.5%); class B-2 benefits from 5.52% subordination (originally 0.9%); class B-3 benefits from 3.33% subordination (originally 0.55%); class B-4 benefits from 2.08% subordination (originally 0.35%); and class B-5 benefits from 1.14% subordination (originally 0.2%). Currently, 16% of the original collateral remains in the pool balance, and there have been only $89,892 of cumulative losses in the pool. There are currently no loans in any of the delinquency buckets. The current enhancement levels for all the classes in series 2003-6F have increased by more than four times the original enhancement levels since the closing date (June 30, 2003): class B-1 currently benefits from 5.63% subordination (originally 1.4%); class B-2 benefits from 3.22% subordination (originally 0.8%); class B-3 benefits from 2.01% subordination (originally 0.5%); class B-4 benefits from 1.21% subordination (originally 0.3%); and class B-5 benefits from 0.6% subordination (originally 0.15%). Currently, 24% of the original collateral is remaining in the pool balance, and there have been no losses in the pool to date. There is currently only one loan in foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. (0.29% of the total collateral balance) in any of the delinquency buckets. The mortgage pool of both transactions consist of prime quality, traditional, and hybrid adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans secured by residential properties on one- to four-family residential properties, substantially all of which have original terms to maturity of 30 years. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the 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. web site at 'www.fitchratings.com'. |
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