S&P Affirms, Lowers Structured Asset Sec 1998-6 Rtgs.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's June 14, 2001--Standard & Poor's today 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. its ratings on five classes of Structured Asset Securities Corp.'s 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 1998-6. Concurrently, Standard & Poor's lowered its rating on the class B-3 certificates in the same series to double-'B' from triple-'B' (see list). The affirmed ratings reflect actual and projected credit support percentages that adequately support the assigned ratings, despite relatively high delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. percentages and cumulative losses. The lowered rating on the class B-3 certificates reflects the continuing erosion of its credit support. The erosion of credit support is due to the relatively high monthly net losses being incurred by the transaction, which have been averaging approximately $300,000 a month during the most recent 12 months. As of the May 2001 remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. date, the transaction had already incurred approximately $5.73 million, or 4.02% of its original principal balance, in cumulative 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. . During the same period, total delinquencies have averaged approximately 20% a month with a substantial portion, approximately two-thirds of total delinquencies, in the severely delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. categories. Furthermore, if the current performance trend continues, the rating may be adjusted accordingly to reflect the credit support available to the respective class. The collateral consists of conventional, fixed-rate, fully amortizing and balloon mortgage balloon mortgage n. A short-term mortgage in which small periodic payments are made until the completion of the term, at which time the balance is due as a single lump-sum payment. loans with original terms to maturity of not more than 30 years. All of the mortgage loans are secured by first- or second-liens on one- to four-family residential properties. Credit support is provided by the shifting interest subordination structure, Standard & Poor's said. ---CreditWire
OUTSTANDING RATINGS AFFIRMED
Structured Asset Securities Corp. 1998-6
Mortgage pass-thru certs
Class Rating
A-1, A-2, AX1 AAA
B-1 AA
B-2 A
OUTSTANDING RATING LOWERED
Structured Asset Securities Corp. 1998-6
Mortgage pass-through certs
Rating
Class To From
B-3 BB BBB
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