Fitch Downgrades 10 Classes from C-BASS 1999-3.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 the following rating action on C-BASS C-BASS Credit-Based Asset Servicing and Securitization 1999-3. The class represents a beneficial ownership interest in separate trust funds, which include bonds that have been placed on Rating Watch Negative. C-BASS 1999-3 -- Class A downgraded to 'AA' from 'AAA'; -- Class M1 downgraded to 'A-' from 'AA'; -- Class M2 downgraded to 'BBB' from 'A'; -- Class M3 downgraded to 'BBB' from 'A-'; -- Class M4 downgraded to 'BB' from 'BBB'; -- Class M5 downgraded to 'BB+' from 'BBB-'; -- Class B1 downgraded to 'BB-' from 'BB+'; -- Class B2 downgraded to 'CCC/DR1' from 'BB'; -- Class B3 downgraded to 'CC/DR3' from 'BB-'; -- Class B4 downgraded to 'C/DR6' from 'B'. The rating action was taken as part of Fitch's ongoing surveillance process of existing transactions. Further information regarding current delinquency, 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 also available 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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