Fitch Downgrades 11 & Affirms 6 from 2 Lehman MH 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 has taken rating actions on the following Lehman ABS Corp. manufactured housing-backed certificates: Series 1998-1 Group I -- Class I-A-1 downgraded to 'A-' from 'A+'; -- Class I-IO affirmed at 'AAA'. Series 1998-1 Group II -- Class II-A-1 downgraded to 'CC/DR2' from 'B-'; -- Class II-A-2 downgraded to 'CC/DR3' from 'B-'; -- Class II-IO affirmed at 'CC/DR3'. Series 2001-B -- Classes A-1 through A-6 downgraded to 'A+' from 'AA'; -- Class A-7 affirmed at 'AAA'; -- Class A-IO-C affirmed at 'AAA'; -- Class M-1 downgraded to 'BBB-' from 'BBB+'; -- Class M-2 downgraded to 'CC/DR3' from 'BB'; -- Class B-1 affirmed at 'C/DR4'; The downgrades affect approximately $699 million of the outstanding certificates and the affirmations affect approximately $268 million of the outstanding certificates. Series 1998-1 Group I is collateralized by 10 senior tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. classes from 9 Green Tree manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected transactions. Series 1998-1 Group II is collateralized by 5 mezzanine tranche classes from 5 Green Tree manufactured housing transactions. Due to the lack of additional 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 , the credit risk of both groups of series 1998-1 is directly tied to the credit risk of the underlying Green Tree classes. The credit risk on some of the underlying classes has recently increased. This is reflected in the negative rating actions taken on some classes in April 2006 (please see 'Fitch Takes Rating Actions on 223 Classes from 56 Conseco/Green Tree MH Transactions', available on the 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. web site www.fitchratings.com, for details). The increased credit risk to the underlying classes has created the need for negative rating action on this transaction. Series 2001-B is collateralized by fixed-rate manufactured housing contracts that were originated by The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group. The downgrades of classes in the transaction are taken as a result of deterioration in the relationship between credit enhancement and future expected losses. The affirmation of A-7 is the result of a certificate guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. policy issued by Ambac Assurance Corp., which maintains an insurer financial strength (IFS) rating of 'AAA' with Fitch. This transaction is seasoned 54 months and has a pool factor of 54%. Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is 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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