Fitch Ratings Upgrades 138 RMBS Ratings From 19 Securitizations.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 22, 2002

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 upgraded 138 classes of residential mortgage-backed Mortgage-backed may refer to:

Commercial mortgage-backed security, type of bond commonly issued in American security markets
Mortgage-backed security, asset-backed security whose cash flows are backed by the payments of a set of mortgages

certificates, as follows:


    CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through
certificates, series 1998-10
    --Class M to 'AAA' from 'AA';
    --Class B1 to 'AA+' from 'A';
    --Class B2 to 'A+' from 'BBB'.

    CWMBS (Countrywide Home Loans, Inc.) mortgage pass-through
certificates, series 1998-11
    --Class M to 'AAA' from 'AA';
    --Class B1 to 'AA+' from 'A';
    --Class B2 to 'A+' from 'BBB'.

    CWMBS (Countrywide Home Loans, Inc.) mortgage pass-through
certificates, series 1998-12
    --Class M to 'AAA' from 'AA';
    --Class B1 to 'AA+' from 'A';
    --Class B2 to 'A' from 'BBB'.

    CWMBS (Countrywide Home Loans, Inc mortgage pass-through
certificates, series 1998-13
    --Class M to 'AAA' from 'AA';
    --Class B1 to 'AA+' from 'A';
    --Class B2 to 'A+' from 'BBB';
    --Class B3 to 'BBB-' from 'BB+'.

    CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through
certificates, series 1998-15
    --Class M to 'AAA' from 'AA';
    --Class B1 to 'AA' from 'A';
    --Class B2 to 'A' from 'BBB'.

    CWMBS (Countrywide Home Loans, Inc mortgage pass-through
certificates, series 1998-16
    --Class B1 to 'AA+' from 'AA';
    --Class B2 to 'AA-' from 'A'.

    CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through
certificates, series 1998-18 Pool 1
    --Class M1 to 'AAA' from 'AA';
    --Class 1B1 to 'AA+' from 'A';
    --Class 1B2 to 'A+' from 'BBB';
    --Class 1B3 to 'BBB' from 'BB';
    --Class 1B4 to 'BB-' from 'B'.

    CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through
certificates, series 1998-18 Pool 2
    --Class M2 to 'AAA' from 'AA';
    --Class IIB1 to 'AA' from 'A';
    --Class IIB2 to 'A+' from 'BBB';
    --Class IIB3 to 'BBB-' from 'BB';
    --Class IIB4 to 'B+' from 'B'.

    CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through
certificates, series 1998-19
    --Class M to 'AAA' from 'AA';
    --Class B1 to 'AA' from 'A';
    --Class B2 to 'A' from 'BBB';
    --Class B3 to 'BBB-' from 'BB'.

    CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through
certificates, series 1998-20
    --Class M to 'AA+' from 'AA';
    --Class B1 to 'AA-' from 'A';
    --Class B2 to 'A-' from 'BBB';
    --Class B3 to 'BBB-' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 1
    --Class IB1 to 'AAA' from 'AA';
    --Class IB2 to 'AAA' from 'A';
    --Class IB3 to 'AAA' from 'BBB';
    --Class IB4 to 'AA' from 'BB';
    --Class IB5 to 'BBB' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 2
    --Class IIB1 to 'AAA' from 'AA';
    --Class IIB2 to 'AA+' from 'A';
    --Class IIB3 to 'A+' from 'BBB';
    --Class IIB4 to 'BBB-' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 3
    --Class IIIB1 to 'AAA' from 'AA';
    --Class IIIB2 to 'AAA' from 'A';
    --Class IIIB3 to 'AA-' from 'BBB';
    --Class IIIB4 to 'A' from 'BB';
    --Class IIIB5 to 'BB+' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 4
    --Class IVB1 to 'AAA' from 'AA';
    --Class IVB2 to 'AAA' from 'A';
    --Class IVB3 to 'AA+' from 'BBB';
    --Class IVB4 to 'A' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 5
    --Class VB1 to 'AAA' from 'AA';
    --Class VB2 to 'AAA' from 'A';
    --Class VB3 to 'AA' from 'BBB';
    --Class VB4 to 'AA-' from 'BB';
    --Class VB5 to 'A' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-2 Groups 1,2
    --Class CB1 to 'AAA' from 'AA';
    --Class CB2 to 'AAA' from 'A';
    --Class CB3 to 'AA' from 'BBB';
    --Class CB4 to 'A' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-2 Group 3
    --Class IIIB1 to 'AAA' from 'AA';
    --Class IIIB2 to 'AA+' from 'A';
    --Class IIIB3 to 'AA' from 'BBB';
    --Class IIIB4 to 'BB+' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-2 Group 4
    --Class IVB1 to 'AAA' from 'AA';
    --Class IVB2 to 'AA+' from 'A';
    --Class IVB3 to 'A+' from 'BBB';
    --Class IVB4 to 'A-' from 'BB';
    --Class IVB5 to 'BB' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-2 Group 5
    --Class VB1 to 'AAA' from 'AA';
    --Class VB2 to 'AAA' from 'A';
    --Class VB3 to 'AA+' from 'BBB';
    --Class VB4 to 'A' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-3 Group 1
    --Class IB1 to 'AAA' from 'AA';
    --Class IB2 to 'A+' from 'A';
    --Class IB3 to 'A-' from 'BBB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-3 Group 2
    --Class CB1 to 'AAA' from 'AA';
    --Class CB2 to 'AA+' from 'A';
    --Class CB3 to 'A+' from 'BBB';
    --Class CB4 to 'BBB' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-4 Groups 1,2,4
    --Class CB1 to 'AAA' from 'AA';
    --Class CB2 to 'AAA' from 'A';
    --Class CB3 to 'AA' from 'BBB';
    --Class CB4 to 'BBB' from 'BB';
    --Class CB5 to 'BB-' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-4 Group 3
    --Class IIIB1 to 'AAA' from 'AA';
    --Class IIIB2 to 'AAA' from 'A';
    --Class IIIB3 to 'AA' from 'BBB';
    --Class IIIB4 to 'A' from 'BB';
    --Class IIIB5 to 'BB+' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-5 Group 1
    --Class IB1 to 'AAA' from 'AA';
    --Class IB2 to 'AAA' from 'A';
    --Class IB3 to 'A' from 'BBB';
    --Class IB4 to 'BB+' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-5 Groups 2,3
    --Class CB2 to 'AA+' from 'AA';
    --Class CB3 to 'AA' from 'A';
    --Class CB4 to 'A-' from 'BBB-'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-6 Group 1
    --Class IB1 to 'AAA' from 'AA';
    --Class IB2 to 'AAA' from 'A';
    --Class IB3 to 'AA' from 'BBB';
    --Class IB4 to 'A-' from 'BB';
    --Class IB5 to 'BB' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-6 Group 2
    --Class CB1 to 'AAA' from 'AA';
    --Class CB2 to 'AA+' from 'A';
    --Class CB3 to 'A+' from 'BBB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-7 Group 1
    --Class IB1 to 'AAA' from 'AA';
    --Class IB2 to 'AA+' from 'A';
    --Class IB3 to 'AA-' from 'BBB';
    --Class IB4 to 'A-' from 'BB';
    --Class IB5 to 'BB' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-7 Group 2
    --Class IIB1 to 'AAA' from 'AA';
    --Class IIB2 to 'AA' from 'A';
    --Class IIB3 to 'A' from 'BBB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-11 Group 1
    --Class IB1 to 'AA+' from 'AA';
    --Class IB2 to 'AA' from 'A';
    --Class IB3 to 'A+' from 'BBB';
    --Class IB4 to 'BB+' from 'BB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-11 Group 2
    --Class IIB1 to 'AA+' from 'AA';
    --Class IIB2 to 'AA-' from 'A'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-12 Group 1
    --Class IB1 to 'AAA' from 'AA';
    --Class IB2 to 'AA' from 'A';
    --Class IB3 to 'A+' from 'BBB';
    --Class IB4 to 'BBB+' from 'BB';
    --Class IB5 to 'BB' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-12 Group 2
    --Class CB1 to 'AAA' from 'AA';
    --Class CB2 to 'AA' from 'A';
    --Class CB3 to 'A-' from 'BBB'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-14 Group 1
    --Class CB1 to 'AAA' from 'AA';
    --Class CB2 to 'AA' from 'A';
    --Class CB3 to 'A+' from 'BBB';
    --Class CB4 to 'BBB+' from 'BB';
    --Class CB5 to 'BB-' from 'B'.

    PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-14 Group 2
    --Class DB1 to 'AAA' from 'AA';
    --Class DB2 to 'AA' from 'A';
    --Class DB3 to 'A' from 'BBB'.

These rating actions are being taken as a result of low delinquencies and losses, as well as increased credit support.

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 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 statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'.

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Publication:	Business Wire
Date:	Jul 22, 2002
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