Fitch Ratings Affirms 6 RMBS Classes From 1 RASC Securitization.Business Editors NEW YORK--(BUSINESS WIRE)--July 18, 2003 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 performed a review of Residential Asset Securities Corp. (RASC RASC Royal Astronomical Society of Canada RASC Reconfigurable Application Specific Computing RASC Royal Army Service Corps (British) RASC Royal Agricultural Society of the Commonwealth (UK) ) asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. , series 1998-KS2. Based on the review, the following rating actions have been taken: Residential Asset Securities Corp., Series 1998-KS2: -- Classes A-I-7 - A-I-9 affirmed at 'AAA'; -- Class M-I-1 affirmed at 'AA'; -- Class M-I-2 affirmed at 'A'; -- Class M-I-3 affirmed at 'BBB'. The affirmations of the ratings reflect 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. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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