Fitch Makes Enhancements to 1st-Ever U.S. NIMs Web Site As NIMs Remains A Hot Product.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 made refinements to the market's first-ever platform entirely devoted to net interest margin securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) surveillance to better gauge how well equally-rated NIMs perform against each other, and how leveraged they are. The enhancements come in the form of two new ratios, Vintage Average Performance Ratios (VAPR VAPR Veterans Administration Procurement Regulation ) and Leverage Ratios, in addition to the Performance Ratios. "Fitch's NIM surveillance web site is a constantly evolving product that we plan to amend accordingly as market trends play out, and these latest revisions are due in part to an increasing amount of leverage that has surfaced in some non-Fitch-rated NIM transactions," said Scott Seewald, Managing Director, Fitch Ratings. "Though Fitch projects flat to slightly lower NIM issuance in 2005, there are still more buyers of NIMs than ever before, which further increases the importance of timely surveillance of these deals." Performance Ratios and VAPR allow users to compare, through fractional fractional size expressed as a relative part of a unit. fractional catabolic rate the percentage of an available pool of body component, e.g. protein, iron, which is replaced, transferred or lost per unit of time. ratios, a NIM's performance against other NIMs in the same rating category. Performance Ratios greater than one likely signify that a NIM is performing worse than expected, while Performance Ratios less than one are indicative of performance that is above expectations. The Leverage Ratio calculates how much collateral remains to support a NIM, with smaller ratios showing ample collateral and higher ratios showing more leverage. Fitch became the first agency to launch surveillance and performance data exclusively for NIMS in January 2004. Fitch will continue to notify the market of any additional enhancements made to the NIMs platform. The NIMS surveillance is available on FitchResearch, Fitch's subscription-based web site located at www.fitchratings.com. |
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