Fitch Downgrades & Withdraws 3 Classes of Enhanced Mortgage Backed Securities Fund I, Ltd.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 has downgraded and withdrawn three classes of notes issued by Enhanced Mortgage Backed Securities Fund I, Limited (EMBS EMBS Engineering in Medicine and Biology Society I) as follows: --$42,500,000 class A notes downgraded to 'C/DR1' from 'BBB'; --$28,500,000 class B-1 notes downgraded to 'C/DR5' from 'BB'; --$14,000,000 class B-2 notes downgraded to 'C/DR6' from 'B'. Class A, class B-1, and class B-2 notes are downgraded to C due to an Event of Default that resulted from the transaction's failure to pay principal upon the notes' stated maturity Stated maturity For the CMO tranche, the date the last payment would occur at zero CPR. in November 2008. While Fitch's analysis suggested that it was highly probable that the class A notes would be paid in full, the note holders have instructed the trustee not to liquidate the assets in the transaction's portfolio. Fitch's analysis incorporated relatively conservative advance rates on the underlying collateral assuming a distressed sale would have occurred. The Distressed Recovery Ratings are based upon Fitch's estimate of portfolio sales proceeds in the current environment. In addition, the ratings are withdrawn due to lack of trustee reporting and the uncertainty in the timing of a final sale of assets within the transaction. EMBS I is a mortgage market value collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, , backed by fixed, floating, and adjustable rate mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, U.S. government obligations, corporate securities, and cash/cash equivalents. Additional transaction information and historical data are available on the Fitch Ratings web site 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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