Fitch Ratings Affirms 9 & Lowers 1 Class From 1 AMRESCO RMBS Issue.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 taken rating actions on the following AMRESCO Residential Securities Corp. issue: Series 1997-3 GROUP 1: -- Class A-8 affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA'. -- Class A-9 affirmed at 'AAA'. -- Class M-1F affirmed at 'AA'. -- Class M-2F affirmed at 'A'. -- Class B-1F affirmed at 'BB'. -- Class B-2F is downgraded to 'D' from 'CCC'. Series 1997-3 GROUP 2: -- Class M-1A affirmed at 'AA'. -- Class M-2A affirmed at 'A'. -- Class B-1A affirmed at 'BBB-'. The affirmations on these classes 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. The downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of class B-2F of series 1997-3, Group I, is a result of the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the June 2003 distribution date. Further information regarding current delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. , loss, and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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