Fitch Upgrades 2 & Affirms 12 RMBS Classes from Structured Asset Security Corp. 2004-9XS.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 upgraded two and affirmed twelve ratings on the following Structured Asset Security Corp. Issue: Series 2004-9XS --Classes 1-A3A, 1-A3B, 1-A4A, 1-A4B, 1-A4C, 1-A4D, 1-A5, 1-A6 affirmed at 'AAA'; --Class 1-M-1 affirmed at 'AA+'; --Class 1-M-2 affirmed at 'A+'; --Class 2-A1 affirmed at 'AAA'; --Class 2-M-1 upgraded to 'AAA' from 'AA+'; --Class 2-M-2 upgraded to 'AA' from 'AA-'; --Class M-3 affirmed at 'BBB+'. The affirmations 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 (CE) consistent with future loss expectations and affect approximately $230.5 million of outstanding certificates. The upgrades reflect an improvement in the relationship of CE to future loss expectations and affect approximately $4 million of outstanding certificates. The CE levels for all the classes detailed above have grown at least 1.5 times (x) their original levels. The class M-3 bond is a component bond, with a portion of its principal and interest derived from Group 1 loans, and a portion from Group 2 loans. All other classes receive principal and interest only from the loans contained in their respective groups. Classes 1-A3B, 1-A5, and 1-A6 benefit from additional credit enhancement provided by a guaranty from MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association , (rated 'AAA' by Fitch). The transaction is seasoned 32 months, and the weighted average pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) is approximately 52%. The mortgage pools consist of 30-year fixed rate, fully-amortizing and balloon first lien residential mortgage loans extended to Alt-A borrowers. All of the mortgage loans were acquired by Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Holdings, Inc. either directly from the originators or from Lehman Brothers Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus . Approximately 74.4% of the loans were originated by Aurora Loan Services Inc., 17.12% were originated by SIB sib: see clan. Mortgage Corp., while the rest were originated by various other banks and mortgage lending institutions. The loans are master serviced by Aurora Loan Services, Inc. (rated 'RMS1-' by Fitch), and are additionally serviced by Colonial Savings, F.A. (not rated by Fitch), GreenPoint Mortgage Funding, Inc. (rated 'RPS2' for Alt-A loans by Fitch), Wells Fargo Home Mortgage, Inc. (rated 'RPS1' for Alt-A loans by Fitch) and National City Mortgage Corp. (rated 'RPS1-' for Alt-A loans by Fitch). Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings 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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