Fitch Downgrades 2 & Affirms 1 Class from 1 FGIC-Insured RASC RMBS Deal.NEW YORK -- Fitch Ratings downgrades two and affirms one class of the following residential mortgage-backed securities (RMBS RMBS Residential Mortgage-Backed Securities
RMBS Rambus, Inc. (NASDAQ stock symbol)
RMBS Russian Mortgage-Backed Securities ).
Residential Asset Securities Corporation 2001-KS1
--Class A-1-5 downgraded to ' BB' from 'BBB';
--Class A-1-6 downgraded to ' BB' from 'BBB';
--Class A-II A-II Adults and Adolescents (Catholic movie rating) affirmed at 'BBB'.
Classes A-1-5, A-1-6 and A-II are insured by FGIC FGIC
See Financial Guaranty Insurance Corporation (FGIC). . Fitch's policy is to maintain ratings on insured transactions at the higher of the underlying rating of the insured transaction if rated by Fitch or the rating of the insurer.
Fitch downgraded FGIC's Insurer Financial Strength (IFS) rating to 'CCC' and also placed the IFS on Rating Watch Evolving. For more information, see the July 31 press release ('Fitch Downgrades FGIC's IFS to 'CCC'; Placed on Rating Watch Evolving') available on the Fitch Ratings web site at www.fitchratings.com.
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