Fitch Rates Morgan Stanley ABS Capital I Trust Series 2004-NC2.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 27, 2004 Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. ABS Capital I Inc. Trust's mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2004-NC2, are rated as follows by Fitch Ratings Fitch RatingsAn 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. : -- $599.3 million class A-1 and A-2 'AAA'; -- $46 million class M-1 'AA'; -- $38.6 million class M-2 'A'; -- $9.2 million class M-3 'A-'; -- $11 million class B-1 'BBB+'; -- $9.2 million class B-2 'BBB'; -- $7.4 million class B-3 'BBB-'; -- $7.4 million un-offered class B-4 'BB+'. 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 for the 'AAA' class A certificates reflects the 17.50% subordination provided by classes M-1 through M-3 and B-1 through B-4, monthly excess interest, and initial overcollateralization (OC) of 1%. Credit enhancement for the 'AA' class M-1 certificates reflects the 11.25% subordination provided by class M-2, M-3, B-1, B-2, B-3, and B-4, monthly excess interest, and initial OC. Credit enhancement for the 'A' class M-2 certificates reflects the 6% subordination provided by class M-3, B-1, B-2, B-3, and B-4, monthly excess interest, and initial OC. Credit enhancement for the 'A-' class M-3 certificates reflects the 4.75% subordination provided by class B-1, B-2, B-3, and B-4, monthly excess interest, and initial OC. Credit enhancement for the 'BBB+' class B-1 certificates reflects the 3.25% subordination provided by class B-2, B-3, and B-4, monthly excess interest and initial OC. Credit enhancement for the 'BBB' class B-2 certificates reflects the 2% subordination provided by class B-3 and B-4, monthly excess interest, and initial OC. Credit enhancement for the 'BBB-' class B-3 certificates reflects the 1% subordination provided by class B-4, monthly excess interest, and initial OC. Credit enhancement for the 'BB+' rating on the un-offered class B-4 is supported by monthly excess interest and initial OC of 1%. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of Countrywide Home Loans Servicing LP as servicer. Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank National Trust Company will act as trustee. The mortgage pool consists of closed-end, first-lien fixed-rate and adjustable-rate subprime mortgage loans with an aggregate principal balance of $735,385,528. Approximately 69.23% of the mortgage loans are adjustable-rate and 30.77% are fixed-rate loans. As of the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date (Feb. 1, 2004), the weighted average loan rate is approximately 7.278%. 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 348 months. The average cut-off date principal balance of the mortgage loans is approximately $173,768. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 80.08%. The properties are primarily located in California (41.05%), 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 (6.12%) and Florida (5.94%). All of the mortgage loans were purchased by an affiliate of the depositor from New Century Capital Corporation, which in turn were acquired from New Century Mortgage Corporation. New Century Mortgage Corporation, a wholly-owned subsidiary of New Century Financial Corporation, is a consumer finance and mortgage banking company that originates, sells and services first and second mortgage loans and other consumer loans. New Century emphasizes the origination of mortgage loans that are commonly referred to as non-conforming 'B&C' loans. New Century commenced lending operations on Feb. 26, 1996. |
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