Fitch Upgrades 47 & Affirms 25 RMBS Classes from 6 RESI Transactions.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 has taken rating actions on the following RESI RESI Race and Ethnic Studies Institute RESI Richardson Engineering Services, Inc Finance Limited Partnership mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size : Series 2002-A -- Class A affirmed at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 affirmed at 'AAA'; -- Class B-4 affirmed at 'AAA'; -- Class B-5 affirmed at 'AAA'; -- Class B-6 affirmed at 'AAA'; -- Class B-7 affirmed at 'AAA'; -- Class B-8 affirmed at 'AAA'; -- Class B-9 upgraded to 'AAA' from 'AA+'; -- Class B-10 upgraded to 'AA+' from 'AA-'; -- Class B-11 upgraded to 'AA' from 'A-'. Series 2003-A -- Class A affirmed at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 affirmed at 'AAA'; -- Class B-4 affirmed at 'AAA'; -- Class B-5 upgraded to 'AAA' from 'AA'; -- Class B-6 upgraded to 'AA+' from 'AA-'; -- Class B-7 upgraded to 'AA' from 'A'; -- Class B-8 upgraded to 'AA-' from 'A-'; -- Class B-9 upgraded to 'A' from 'BBB+'; -- Class B-10 upgraded to 'BBB+' from 'BBB'; -- Class B-11 upgraded to 'BB+' from 'BB'. Series 2003-B -- 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 upgraded to 'AA+' from 'AA-'; -- Class B-5 upgraded to 'AA' from 'A'; -- Class B-6 upgraded to 'AA-' from 'A-'; -- Class B-7 upgraded to 'A' from 'BBB'; -- Class B-8 upgraded to 'A-' from 'BBB-'; -- Class B-9 upgraded to 'BBB' from 'BB+'; -- Class B-10 upgraded to 'BB+' from 'B+'; -- Class B-11 upgraded to 'BB' from 'B'. Series 2003-C -- Class A affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AA+' from 'AA-'; -- Class B-3 upgraded to 'AA' from 'A'; -- Class B-4 upgraded to 'AA-' from 'A-'; -- Class B-5 upgraded to 'A' from 'BBB'; -- Class B-6 upgraded to 'BBB+' from 'BBB-'; -- Class B-7 upgraded to 'BBB-' from 'BB'; -- Class B-8 upgraded to 'BBB-' from 'BB-'; -- Class B-9 upgraded to 'BB' from 'B+'; -- Class B-10 upgraded to 'BB-' from 'B'; -- Class B-11 upgraded to 'B' from 'B-'. Series 2003-CB1 -- Class A affirmed at 'AAA'; -- Class B-1 affirmed at 'AAA'; -- Class B-2 affirmed at 'AAA'; -- Class B-3 affirmed at 'AAA'; -- Class B-4 affirmed at 'AA'; -- Class B-5 affirmed at 'AA-'; -- Class B-6 upgraded to 'A+' from 'A'; -- Class B-7 upgraded to 'A' from 'BBB'; -- Class B-8 upgraded to 'A-' from 'BBB-'; -- Class B-9 upgraded to 'BBB' from 'BB'; -- Class B-10 upgraded to 'BB' from 'B+'; -- Class B-11 upgraded to 'BB-' from 'B'. Series 2003-D -- Class A affirmed at 'AAA'; -- Class B-1 upgraded to 'AAA' from 'AA'; -- Class B-2 upgraded to 'AA+' from 'AA-'; -- Class B-3 upgraded to 'AA' from 'A'; -- Class B-4 upgraded to 'A+' from 'A-'; -- Class B-5 upgraded to 'A-' from 'BBB'; -- Class B-6 upgraded to 'BBB+' from 'BBB-'; -- Class B-7 upgraded to 'BBB-' from 'BB'; -- Class B-8 upgraded to 'BB+' from 'BB-'; -- Class B-9 upgraded to 'BB' from 'B+'; -- Class B-10 upgraded to 'BB-' from 'B'; -- Class B-11 upgraded to 'B' from 'B-'. The RESI (Real Estate Synthetic Investments) transactions are synthetic balance sheet credit-linked securitizations that reference diversified portfolios of primarily jumbo, A-quality, fixed-rate, first lien residential mortgage loans. The ratings are based on the credit quality of the respective referenced portfolio, 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 provided by subordination for each tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. , the financial strength of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A., (BOANA) as the swap counterparty Counterparty The other participant, including intermediaries, in a swap or contract. , and the legal structure of the transaction. As of the May 2005 distribution date, the seasoning of the transactions ranges from 29 to 40 months, and the pool factors (current collateral balance as a percentage of original collateral balance) range from 3% to 63%. At origination, the majority of the collateral in the reference portfolios was concentrated in the State of California, and the weighted average FICO score FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. was approximately 735. The primary servicer for all transactions is Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage, Inc., which has a servicer rating of 'RPS1' by Fitch. The upgrades reflect an improved relationship between credit enhancement (CE) and future expected losses and affect approximately $1.27 billion in outstanding certificates. The affirmations reflect adequate levels of CE to future expected losses and affect approximately $34.64 million in outstanding certificates. The last review for all aforementioned transactions was in December 2005. Since then, the amount of CE available has increased, and realized losses Realized Loss A loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. have remained very low. Typically for prime transactions, principal can be distributed to the non-rated classes through a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. waterfall waterfall, a sudden unsupported drop in a stream. It is formed when the stream course is interrupted as when a stream passes over a layer of harder rock—often igneous—to an area of softer and therefore more easily eroded rock; the edge of a cliff or structure. For RESI transactions, the non-rated class does not receive principal. The main utility of this piece is to absorb all loan losses and to solely protect the rated certificates from suffering a write-down. The balances of these certificates remain nearly intact for all series' leaving ample protection for the more senior certificates. Fitch will continue to closely monitor the performance of these transactions. For further information regarding delinquencies, collateral attributes, or relevant statistics please visit the 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. 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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