Fitch Upgrades 1 & Affirms 6 Ratings from 2 MASTR 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 action the following Mortgage Asset Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. Transactions (MASTR MASTR Multiple Assets Status Report MASTR Mobiles And Stations Transistorized (General Electric radio manufactured in 1960s and 1970s) ), Inc. mortgage pass-through certificates: Series 2002-8 --Class A affirmed at 'AAA'; --Class B-1 affirmed at 'AAA'; --Class B-2 affirmed at 'AAA'; --Class B-3 upgraded to 'AAA' from 'AA+'; --Class B-4 affirmed at 'AA-'; --Class B-5 affirmed at 'BBB+'. Series 2004-P7 --Class A affirmed at 'AAA'. The affirmations, affecting approximately $207 million of the outstanding certificates, 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 and expected loss. The upgrade, affecting approximately $3 million of the outstanding certificates, is taken as a result of low delinquency and increased credit support levels. Both of the above transactions have experienced no losses to date. The collateral of series 2002-8 primarily consists of 15-year and 30-year, fixed-rate, prime mortgage loans secured by first liens on one- to four-family residential properties. The loans were originated by various originators. The transaction is master serviced by Wells Fargo Bank, N.A (rated 'RMS1' by Fitch). MASTR 2004-P7 is a resecuritization of MASTR 2003-5, class 4-A-4, and ABN AMRO 2003-12, class 2-A, both of which are currently rated 'AAA' by Fitch. Series 2004-8 has a pool factor (i.e. current mortgage loans outstanding as a percentage of the initial pool) of 11% and is seasoned 50 months. Series 2004-P7 has a pool factor of 62% and is seasoned 32 months. 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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