Fitch Rates Morgan Stanley ABS Capital I Inc. $984.8MM Mtge P-T Ctfs, 2005-HE3.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 -- Morgan Stanley ABS Capital I Inc. Trust series 2005-HE3, is rated as follows by 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. : --$799.5 million class A certificates 'AAA'; --$38 million class M-1 certificates 'AA+'; --$34.4 million class M-2 certificates 'AA'; --$20.5 million class M-3 certificates 'AA'; --$18.5 million class M-4 certificates 'AA-'; --$16.9 million class M-5 certificates 'A+'; --$16.9 million class M-6 certificates 'A'; --$15.4 million class B-1 certificates 'A-'; --$13.3 million class B-2 certificates 'BBB+'; --$11.3 million class B-3 certificates 'BBB'. The 'AAA' rating on the senior certificates reflects the 22.10% total 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 provided by the 3.70% class M-1, the 3.35% class M-2, the 2.00% class M-3, the 1.80% class M-4, the 1.65% class M-5, the 1.65% class M-6, the 1.50% class B-1, the 1.30% class B-2, the 1.10% class B-3 and the 4.05% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the primary servicing capabilities of HomeEq Servicing Corporation and Countrywide Home Loans Servicing LP, which are all rated 'RPS1' by Fitch. Deutsche Bank National Trust Company will act as trustee. As of the cut-off date, July 1, 2005, the mortgage loans have an aggregate balance of $1,026,371,971. The weighted average mortgage rate is approximately 7.237% and the weighted average remaining term to maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) is 347 months. The average cut-off date principal balance of the mortgage loans is approximately $163,227. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 82.70% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score is 633. The properties are primarily located in California (33.3%), Florida (7.9%) and New York (6.1%). Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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