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KIDDER SIGNS ON FOR FITCH V-RATINGS, $2.1 BILLION NEW REMICS RATED -- FITCH FINANCIAL WIRE --

 KIDDER SIGNS ON FOR FITCH V-RATINGS, $2.1 BILLION NEW REMICS RATED
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 4 /PRNewswire/ -- Fitch assigns V-Ratings to four new mortgage-backed issues underwritten by Kidder Peabody & Co. totalling $2.1 billion. Separately, Fitch and Kidder have agreed that Fitch will provide V-Ratings on all future agency REMICS underwritten by Kidder.
 The Real Estate Mortgage Investment Conduits (REMICS) are: Federal Home Loan Mortgage Corp. (FHLMC) 1245, Federal National Mortgage Association (FNMA) 1992-50, FNMA 1992-39, and FNMA 1992-54. Individual V-Ratings by tranche are listed below.
 The Fitch V-Ratings offer a common, independent framework for evaluating CMO performance under ten divergent interest rate scenarios. The ratings, scaled V1 through V5, provide a relative measure of each tranche's total return, price, and cash flow variability given changing interest rates. Securities rated V1, V2, or V3 perform predictably over a range of interest rate scenarios and indicate low to moderate market volatility. Those securities rated V4 or V5 have the potential for greater market volatility and may perform less predictably under stressful interest rate scenarios.
 With the addition of the following new issue ratings Fitch now provides V-Ratings on 151 issues, 1,971 tranches totaling $56 billion. The V-Ratings are available on Bloomberg by pressing "FVR" and "GO", on Telerate beginning on page 26300, and on Knight Ridder beginning on page 5300.
 FNMA 1992-50
 CLASS V-RATING CLASS V-RATING CLASS V-RATING CLASS V-RATING
 A V1 G V2 L V2 T V5
 B V1 Q V4 M V4 FB V3
 C V1 H V2 N V3 SB V4
 D V2 J V2 O V4 F V2
 E V2 K V2 P V4 S V4
 SA V4
 FNMA 1992-39
 CLASS V-RATING CLASS V-RATING CLASS V-RATING
 A V2 FD V3 SC V5
 F V2 SD V5 FA V3
 S V5 C V4 SA V5
 B V3 FC V3 FB V3
 SB V5
 FNMA 1992-54
 CLASS V-RATING CLASS V-RATING CLASS V-RATING
 A V1 E V2 K V3
 B V1 G V2 F V3
 C V2 H V2 S V5
 D V2 J V4 FA V3
 SA V4
 FHLMC 1245
 CLASS V-RATING CLASS V-RATING CLASS V-RATING CLASS V-RATING
 A V1 E V2 I V2 M V3
 B V1 F V3 J V2 N V5
 C V2 G V3 K V4 O V4
 D V2 H V3 L V3 P V2
 Q V5
 -0- 5/4/92
 /CONTACT: Stephen W. Joynt, 212-908-0530, James D. Nadler, 212-908-0538, or Robert E. Phelan, 212-908-0529, all of Fitch/ CO: Kidder Peabody & Co. ST: New York IN: FIN SU: RTG


PS -- NY051 -- 5968 05/04/92 11:07 EDT
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Date:May 4, 1992
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