Fitch Downgr Salomon Brothers Mtge Securities VII, 1997 Hud-2.Business Editors NEW YORK--(BUSINESS WIRE)--April 4, 2002 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. lowers its ratings of the following Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Mortgage Securities VII, Inc. Salomon Brothers 1997 Hud-2, class B3 ($16,129,896 outstanding), rated 'BBB' remains on Rating Watch Negative. Salomon Brothers 1997 Hud-2, class B4 ($10,642,934 outstanding), rated 'CCC' is downgraded to 'D'. The action is the result of a review of the level of losses incurred to date and the current high delinquencies relative to the applicable credit support levels. As of the March 25, 2002 distribution: Salomon Brothers 1997 Hud-2 remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. information indicates that 17.24% of the pool is over 90 days delinquent and cumulative losses are over $35 million or more than 8% of the initial pool. Class B3 currently has 5.94% of credit support, and Class B4 currently has 0% of credit support remaining. 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 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 statistics is available on Fitch Ratings' web site at 'www.fitchratings.com'. |
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