Fitch Ratings Affirms 12 RMBS Ratings from 2 Washington Mutual Securitizations.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 taken rating actions on the following Washington Mutual residential mortgage-backed certificates: Series 2004-AR1 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed at 'AA'; -- Class B-2 affirmed at 'A'; -- Class B-3 affirmed at 'BBB'; -- Class B-4 affirmed at 'BB'; -- Class B-5 affirmed at 'B'. Series 2004-S1 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed at 'AA'; -- Class B-2 affirmed at 'A'; -- Class B-3 affirmed at 'BBB'; -- Class B-4 affirmed at 'BB'; -- Class B-5 affirmed at 'B'. The affirmations, affecting approximately $593 million of the outstanding balances, are due to 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 consistent with future loss expectations. The above deals suffered no losses since their initial ratings. The collateral of WAMU WAMU Washington Mutual WAMU West African Monetary Union 2004-AR1 consists of prime 30-year 5/1 hybrid adjustable-rate mortgage loans secured by first liens on residential properties. The original weighted average loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) is 65.9% and the original weighted average FICO score is 747. The collateral of WAMU 2004-S1 consists of fully amortizing, prime 30-year fixed-rate mortgage loans secured by first liens on residential properties. The original weighted average loan-to-value ratio (OLTV) is 69.5% and the original weighted average FICO score is 726. Both deals are master serviced by Washington Mutual Mortgage Securities Corp., which is rated RMS2+ by Fitch. The pool factor (i.e. current mortgage loans outstanding as a percentage of the initial pool) for WAMU 2004-AR1 is 59% and for WAMU 2004-S1 is 72%. Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other 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 the 'Code of Conduct' section of this site. |
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