Fitch Downgrades 1 & Affirms 46 Classes From 4 Saxon RMBS Issues.Business Editors NEW YORK--(BUSINESS WIRE)--July 11, 2003 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 actions on the following Saxon Saxon Any member of a Germanic people who lived along the Baltic coast in ancient times and later migrated west as far as the British Isles. The Saxons became pirates in the North Sea during the decline of the Roman empire, and in the early 5th century they spread through Asset Securities Trust issues: Series 1998-1 GROUP 1: -- Class AF- af- pref. Variant of ad-. af- prefix meaning towards. 5 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 AF-6 affirmed at 'AAA'; -- Class MF-1 affirmed at 'AA'; -- Class MF-2 affirmed at 'A'; -- Class BF-1 affirmed at 'BBB'; -- Class BF-2 affirmed at 'BB'; -- Class BF-3 downgraded to 'CCC' from B'. Series 1998-1 GROUP 2: -- Class MV-1 affirmed at 'AA'; -- Class MV-2 affirmed at 'A'; -- Class BV-1 affirmed at 'BBB'; -- Class BV-2 affirmed at 'BB'; -- Class BV-3 affirmed at 'B'. Series 1998-2 GROUP 1: -- Class AF-4 affirmed at 'AAA'; -- Class AF-5 affirmed at 'AAA'; -- Class AF-6 affirmed at 'AAA'; -- Class MF-1 affirmed at 'AA'; -- Class MF-2 affirmed at 'A'; -- Class BF-1 affirmed at 'BBB'; -- Class BF-2 affirmed at 'BB'; -- Class BF-3 affirmed at 'B'. Series 1998-2 GROUP 2: -- Class MV-1 affirmed at 'AA'; -- Class MV-2 affirmed at 'A'; -- Class BV-1 affirmed at 'BBB'; -- Class BV-2 affirmed at 'BB'; -- Class BV-3 affirmed at 'B'. Series 1998-3 GROUP 1: -- Class AF-4 affirmed at 'AAA'; -- Class AF-5 affirmed at 'AAA'; -- Class AF-6 affirmed at 'AAA'; -- Class MF-1 affirmed at 'AA'; -- Class MF-2 affirmed at 'A'; -- Class BF-1 affirmed at 'BBB'; -- Class BF-2 affirmed at 'BB'; -- Class BF-3 affirmed at 'B'. Series 1998-3 GROUP 2: -- Class MV-1 affirmed at 'AA'; -- Class MV-2 affirmed at 'A'; -- Class BV-1 affirmed at 'BBB'; -- Class BV-2 affirmed at 'BB'; -- Class BV-3 affirmed at 'B'. Series 1998-4 GROUP 1: -- Class AF-4 affirmed at 'AAA'; -- Class AF-5 affirmed at 'AAA'; -- Class AF-6 affirmed at 'AAA'; -- Class MF-1 affirmed at 'AA'; -- Class MF-2 affirmed at 'A'; -- Class BF-1 affirmed at 'BBB'. Series 1998-4 GROUP 2: -- Class MV-1 affirmed at 'AA'; -- Class MV-2 affirmed at 'A'; -- Class BV-1 affirmed at 'BBB'. The ratings affirmations on these 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 that is consistent with future loss expectations. Additional credit enhancement is available, in the form of a reserve fund, for series 1998-2 and 1998-3. The downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of class BF-3 of series 1998-1, Group I is a result of the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the June June: see month. 25, 2003 distribution. 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 web site at 'www.fitchratings.com'. |
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