Fitch Affirms 19 & Upgrades 15 RMBS Classes from 7 RESIX Securitizations.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 action on the following RESIX Finance Limited Partnership 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-A: Class B-7 upgraded to 'BBB-' from 'BB+'; Class B-8 upgraded to 'BB+' from 'BB'; Class B-9 upgraded to 'BB' from 'BB-'; Class B-10 upgraded to 'BB-' from 'B+'; Class B-11 upgraded to 'B+' from 'B'; Series 2004-B: Class B-7 upgraded to 'BB+' from 'BB'; Class B-8 upgraded to 'BB' from 'BB-'; Class B-9 upgraded to 'BB-' from 'B+'; Class B-10 upgraded to 'B+' from 'B'; Class B-11 upgraded to 'B' from 'B-'; Series 2004-C: Class B-7 upgraded to 'BB+' from 'BB'; Class B-8 upgraded to 'BB' from 'BB-'; Class B-9 upgraded to 'BB-' from 'B+'; Class B-10 upgraded to 'B+' from 'B'; Class B-11 upgraded to 'B' from 'B-'; Series 2005-A: Class B-7 affirmed at 'BB'; Class B-8 affirmed at 'BB-'; Class B-9 affirmed at 'B+'; Class B-10 affirmed at 'B'; Series 2005-B: Class B-7 affirmed at 'BB'; Class B-8 affirmed at 'BB-'; Class B-9 affirmed at 'B+'; Class B-10 affirmed at 'B'; Class B-11 affirmed at 'B-'; Series 2005-C: Class B-7 affirmed at 'BB+'; Class B-8 affirmed at 'BB'; Class B-9 affirmed at 'B+'; Class B-10 affirmed at 'B'; Class B-11 affirmed at 'B-'; Series 2005-D: Class B-7 affirmed at 'BB'; Class B-8 affirmed at 'BB-'; Class B-9 affirmed at 'B+'; Class B-10 affirmed at 'B'; Class B-11 affirmed at 'B-'; The RESIX transactions are credit linked structures whereby the note holders obtain credit exposure to underlying notes and certificates via a total return swap Total Return Swap Any swap in which the non-floating rate side is based on the total return of an equity or fixed income instrument with a life longer than the swap. Notes: Total return swaps are most common in equity or physical commodity markets. with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , National Association (BOANA). The underlying notes and certificates for the RESIX transactions were issued as part of Real Estate Synthetic Investments (RESI RESI Race and Ethnic Studies Institute RESI Richardson Engineering Services, Inc ) securitizations. RESI transactions are synthetic balance sheet collateralized debt obligations Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, that reference a portfolio of primarily jumbo, 'A' quality residential mortgage loans originated or acquired by BOANA. The credit-risk of each RESIX class is directly linked to a single RESI class and the ratings of the linked notes will be the same. The rating actions taken follow rating actions on the underlying RESI classes. The affirmations reflect a satisfactory relationship 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 (CE) to future expected losses, and affect approximately $189.27 million in outstanding certificates. The upgrades reflect an improvement in the relationship of CE to future expected losses, and affect approximately $138.33 million in outstanding certificates. For further information regarding collateral attributes, delinquencies, and other relevant statistics please visit 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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