Fitch Ratings Affirms 49 & Upgrades 6 RMBS Classes from 9 MLMI 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 has taken rating actions on the following Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Mortgage Investors (MLMI MLMI Merrill Lynch Mortgage Investors, Inc. ) 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 2002-A3 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 affirmed at 'AAA'; --Class M-3 affirmed at 'AAA'; --Class B-1 upgraded from 'AA+' to 'AAA'; --Class B-2 upgraded from 'A+' to 'AA'. Series 2003-A --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AAA'; --Class B-2 affirmed at 'AA'; --Class B-3A affirmed at 'A+'; --Class B-3B affirmed at 'A'; --Class B-4 affirmed at 'BBB+'; --Class B-5 affirmed at 'BB'. Series 2003-A1 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 affirmed at 'AA+'; --Class M-3 affirmed at 'A+'; --Class B-1 affirmed at 'BBB+'; --Class B-2 upgraded from 'B' to 'B+'. Series 2003-A3 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AAA'; --Class M-2 affirmed at 'AA+'; --Class M-3 affirmed at 'AA'; --Class B-1 affirmed at 'A'; --Class B-2 affirmed at 'BBB-'. Series 2003-B --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AAA'; --Class B-2 affirmed at 'AA+'; --Class B-3 affirmed at 'AA'; --Class B-4 affirmed at 'AA-'; --Class B-5 affirmed at 'BBB'. Series 2003-G --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AAA'; --Class B-2 affirmed at 'AA+'; --Class B-3 affirmed at 'AA-'; --Class B-4 affirmed at 'BBB+'; --Class B-5 affirmed at 'BB+'. Series 2003-H --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AA+'; --Class B-2 affirmed at 'AA-'; --Class B-3 affirmed at 'A-'; --Class B-4 affirmed at 'BBB-'; --Class B-5 affirmed at 'BB'. Series 2005-A4 --Class A affirmed at 'AAA'; --Class M-1 affirmed at 'AA'; --Class M-2 affirmed at 'A'; --Class M-3 affirmed at 'BBB'; --Class B-1 affirmed at 'BB'; --Class B-2 affirmed at 'B'. Series 2005-B --Class A affirmed at 'AAA'; --Class B-1 upgraded from 'AA' to 'AA+'; --Class B-2 upgraded from 'A' to 'A+'; --Class B-3 upgraded from 'BBB+' to 'A-'; --Class B-4 affirmed at 'BB'; --Class B-5 affirmed at 'B'. The collateral in the aforementioned transactions consists primarily of adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. , conventional, fully amortizing loans secured by first liens on residential properties. The collateral was originated by multiple lenders including PHH PHH Provinciale Handelsschool Hasselt (school) PHH Pasukan Anti Huru-Hara (Anti Riot Task Force) PHH Phillips Head (screw) PHH Planar Halogenated Hydrocarbon Mortgage Corporation, Countrywide Home Loans, Inc., National City Mortgage Co., Quicken Loans Quicken Loans Corporation is a retail home mortgage lending firm in the US. Quicken Loans Inc. is comprised of the Quicken Loans and Rock Financial, and Title Source, a settlement service provider. Quicken Loans closed $18 billion in residential mortgage loans in 2006. , Inc., Washington Mutual Bank, and others. Wells Fargo Bank, N.A. is the servicer for all transactions, and has a rating of 'RPS1' provided by Fitch. The affirmations reflect a stable relationship between 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 (CE) and future expected losses, and affect approximately $1.63 billion in outstanding certificates. The upgrades reflect an improvement in the relationship between CE and future expected losses, and affect approximately $11.25 million in outstanding certificates. The CE levels for the upgraded classes increased by at least more than two-times the original CE, and have relatively low delinquency pipelines. For further information regarding delinquencies, collateral attributes, and other relevant statistics please visit the 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. website 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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