Fitch Upgrades 24 & Affirms 23 RMBS Ratings from 7 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 upgraded 24 classes and 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. 23 classes for 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, Inc. (MASTR MASTR Multiple Assets Status Report MASTR Mobiles And Stations Transistorized (General Electric radio manufactured in 1960s and 1970s) ) mortgage-pass through certificates: Series 2001-3 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 affirmed at 'AA'; -- Class B-4 upgraded to 'A' from 'BBB'; -- Class B-5 upgraded to 'BBB' from 'BB'. Series 2002-6 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 upgraded to 'AAA' from 'AA'; -- Class B-4 upgraded to 'AA' from 'A-'; -- Class B-5 upgraded to 'BBB+' from 'BB+'. Series 2002-7 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 upgraded to 'AA+' from 'AA-'; -- Class B-4 upgraded to 'A+' from 'BBB+'; -- Class B-5 upgraded to 'BBB' from 'BB'. Series 2002-8 -- Classes 1A, 2A affirmed at 'AAA'; -- Class B-1 affirmed 'AAA'; -- Class B-2 upgraded to 'AAA' from 'AA'; -- Class B-3 upgraded to 'A+' from 'A'; -- Class B-4 upgraded to 'BBB+' from 'BBB'; -- Class B-5 upgraded to 'BB+' from 'BB'. Series 2003-1 groups 1 and 3 -- Classes 1A, 3A affirmed at 'AAA'; -- Class 15-B-1 upgraded to 'AAA' from 'AA'; -- Class 15-B-2 upgraded to 'AA' from 'A'; -- Class 15-B-5 upgraded to 'B+' from 'B'. Series 2003-1 group 2 -- Class 2A affirmed at 'AAA'; -- Class 30-B-1 affirmed at 'AAA'; -- Class 30-B-2 upgraded to 'AA+' from 'A+'; -- Class 30-B-4 upgraded to 'BBB+' from 'BB'. Series 2003-2 groups 1 and 2 -- Classes 1A, 2A affirmed at 'AAA'; -- Class 15-B-5 affirmed at 'B'. Series 2003-2 group 3 -- Class 3A affirmed at 'AAA'; -- Class 30-B-1 affirmed 'AAA'; -- Class 30-B-2 upgraded to 'AA+' from 'AA'; -- Class 30-B-3 upgraded to 'A+' from 'A'; -- Class 30-B-4 upgraded to 'BBB+' from 'BBB'; -- Class 30-B-5 upgraded to 'BB+' from 'BB'. Series 2003-3 -- Class A affirmed at 'AAA'; -- Class B-2 upgraded to 'AA' from 'A'; -- Class B-3 upgraded to 'A-' from 'BBB'; -- Class B-5 upgraded to 'BB+' from 'B'. The upgrades, affecting approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $45 million of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. The affirmations, affecting over $1.4 billion of certificates, reflect stable collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although performance and small-to-moderate growth in 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). The above deals suffered no minimal losses since the last rating action date and the upgraded classes experienced an increase in CE percentage as much as 6 times the original. These MASTR transactions comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise fully amortizing, 15- to 30-year fixed-rate, mortgage loans secured by first liens. The pool factors, i.e. current mortgage loans outstanding as a percentage of the initial pool, range from 11% (MASTR 2002-6) to 36% (MASTR 2003-2). Further information regarding current delinquencies, losses, and credit enhancement is available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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