Fitch Affirms 10 and Upgrades 20 Classes from 5 Merrill Lynch Credit Corp Mtge P-T Ctfs.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. affirms the following Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Credit Corporation mortgage 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 : Series 2004-B -- Class A 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 '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+'. Series 2004-C -- Class A 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 'BB-'. Series 2004-E -- Class A affirmed at 'AAA'; -- Class B-1 upgraded to 'AA+' 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+'. Series 2004-F -- Class A 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+'. Series 2004-HB1 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed at 'AA'; -- Class B-2 affirmed at 'A'; -- Class B-3 affirmed at 'BBB'; -- Class B-4 affirmed at 'BB'; -- Class B-5 affirmed at 'B+'; The collateral in the aforementioned transactions consists of adjustable-rate mortgages 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 extended to prime borrowers secured by first liens on primarily one- to four-family residential properties. As of the September 2006 distribution date, the transactions are seasoned from a range of 22 to 28 months and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 29% to 37%. The affirmations reflect a satisfactory 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 future loss expectations and affect approximately $1.3 billion of outstanding certificates. All affirmed classes have experienced a slight growth in CE since the last rating action in November 2004. The upgrades reflect an improvement in the relationship of CE to future loss expectations and affect approximately $90.5 million of certificates. The CE levels for all upgraded classes have more than doubled their original enhancement levels since the closing date. Fitch will closely monitor these transactions. Further information regarding current delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. , loss, and credit enhancement statistics is available on the Fitch Ratings website 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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