Fitch Downgrades 2 RMBS Classes From 1 GE Home Equity Issue.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 13, 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 downgraded the following GE Home Equity Issue: Series 1997-HE4 -- Class B-1 to 'BB' from 'BBB' and removed from Rating Watch Negative; -- Class B-2 to 'C' from 'CCC'. The credit support for the class B-2 has been depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d due to the amount of losses. On July 25, 2003, the bond took a principal writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. . Although the transaction's structure allows for the writedown amount to be repaid from future recoveries, the structure does not allow for interest on the written down amount to be repaid. For specific 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. and loss information, visit the Fitch Ratings web site at 'www.fitchratings.com'. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion