Fitch Upgrades 3 & Affirms 9 Classes From 3 CSFB HE Mortgage Trusts.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 actions on the following Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ) home equity mortgage trusts: Series 2003-4 --Class P affirmed at 'AAA'; --Class M-2 upgraded to 'AAA' from 'A'; --Class B-1 affirmed at 'BBB'; --Class B-2 affirmed at 'BB'. Series 2003-5 --Class P affirmed at 'AAA'; --Class M-2 upgraded to 'AA' from 'A'; --Class B affirmed at 'BBB'; Series 2003-6 --Class P affirmed at 'AAA'; --Class M-1 upgraded to 'AAA' from 'AA'; --Class M-2 affirmed at 'A'; --Class B-1 and B-2 affirmed at 'BBB'. The affirmations 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 (CE) and expected loss and affect approximately $65.59 million in outstanding certificates. The upgrades reflect improvement in the relationship of CE to future loss expectations and affect approximately $31.0 million of outstanding certificates. All of the transactions are generally benefiting from monthly excess spread greater than monthly losses and overcollateralization (OC) at, or near, the target amount. The CE levels for all of the classes above have substantially grown since the closing date. The mortgage loans consist of second lien A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the fixed-rate mortgages extended to subprime borrowers. As of the January 2006 distribution date, the above transactions have pool factors (i.e., current mortgage loans outstanding as a percentage of the initial pool) ranging from 13% to 22%. The pools are seasoned from a range of 26 to 30 months. The mortgage loans are being serviced by various entities which include, Ocwen Financial Corp. ('RPS2' rated by Fitch), Wilshire Credit Corporation ('RPS1-'), and Long Beach Mortgage Company, not rated by Fitch. The depositor is Credit Suisse First Boston and JP Morgan Chase Bank is the trustee. All of the mortgage loans were purchased by an affiliate of the depositor from various sellers in secondary market transactions. Fitch will continue to closely monitor these transactions. 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. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion