S&P Raises, Afms Rtgs on Wells Fargo Mtg Sec Certs.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 29, 2003 Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. today raised its ratings on 110 publicly rated classes of 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 issued by 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. Mortgage Backed Securities Trust. At the same time, ratings are 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. on the remaining classes from the same issuer (see list). The raised ratings reflect the following: -- Credit support percentages that are at least 1.58x the loss coverage levels associated with the raised ratings; -- Excellent 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 pool performance as demonstrated by low cumulative losses of no greater than seven basis points (bps); -- A shifting interest structure, which was further influenced by aggressive principal prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. , as evidenced by a 12-month constant prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. rate (CPR Cardiopulmonary Resuscitation (CPR) Definition Cardiopulmonary resuscitation (CPR) is a procedure to support and maintain breathing and circulation for a person who has stopped breathing (respiratory arrest) and/or whose heart has stopped (cardiac ), averaging 75.94%; and -- Remaining collateral balances that are less than 45.72% of their original sizes (with the majority at less than 30%). The accelerated prepayments are a result of the strong wave of refinancing Refinancing An extension and/or increase in amount of existing debt. due to historically low mortgage rates. To further illustrate the effect of rapid prepayments to the shifting interest structure, series 2002-20, with only 10 months of mortgage seasoning, has paid down to less than 43% of its original balance, due to experiencing a 12-month CPR of 67.94%. As a result, three of its classes with raised ratings have credit support percentages that are at least 1.77x the loss coverage levels associated at their new rating levels. Consideration was also given due to the fact that series 2002-20 had no loans in the serious delinquencies (90-plus days, foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. , and REO reo Noun NZ a language [Maori] ) category. As for the ratings that were raised, 29 of them are classes from 10 series of 15- year fixed-rate mortgage loans. As of the August 2003 distribution date, all series in this group had no seriously 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. loans. Furthermore, all series experienced low or no 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. . The average mortgage seasoning for the 15-year fixed-rate group is 18.9 months. Ratings were also raised on 78 classes from 26 series of 30-year fixed-rate mortgage loans. In addition, ratings on three classes from series 2002-4 (a 15/30-year fixed-rate mortgage transaction) were raised. Serious delinquencies ranged between 0.00% (for 10 series) and 1.59% (series 2001-16). Cumulative realized losses were no greater than seven bps for the 26 series. The average mortgage seasoning for the 30-year, fixed-rate group is 18.6 months. The rating affirmations reflect 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 percentages that are sufficient to support the current ratings. The collateral backing the certificates consists of prime, first-lien mortgage loans secured by one- to four-family residential properties.
RATINGS RAISED
Wells Fargo Mortgage Backed Securities Trust
Mortgage pass-through certs
Rating
Series Class To From
2001-10 B-1 AAA AA
2001-10 B-2 AAA A
2001-10 B-3 AA+ BBB
2001-14 B-2 AAA AA
2001-14 B-3 AA A
2001-15 B-1 AAA AA
2001-15 B-2 AAA A
2001-15 B-3 AA+ BBB
2001-16 B-1 AAA AA
2001-16 B-2 AAA A
2001-16 B-3 AA+ BBB
2001-22 B-1 AAA AA
2001-22 B-2 AA A
2001-22 B-3 A BBB
2001-25 B-1 AAA AA
2001-25 B-2 AAA A
2001-25 B-3 AA- BBB
2001-29 B-1 AAA AA
2001-29 B-2 AAA A
2001-29 B-3 AA+ BBB
2001-30 B-1 AAA AA
2001-30 B-2 AA A
2001-30 B-3 BBB+ BBB
2001-31 B-1 AAA AA
2001-31 B-2 AAA A
2001-31 B-3 AA BBB
2001-32 B-1 AAA AA
2001-32 B-2 AA+ A
2001-32 B-3 A+ BBB
2001-33 B-1 AAA AA
2001-33 B-2 AA+ A
2001-33 B-3 AA- BBB
2001-34 B-1 AAA AA
2001-34 B-2 AA+ A
2001-34 B-3 A BBB
2002-1 B-1 AA+ AA
2002-1 B-2 A+ A
2002-1 B-3 BBB+ BBB
2002-2 B-1 AAA AA
2002-2 B-2 AAA A
2002-2 B-3 AA BBB
2002-3 B-1 AAA AA
2002-3 B-2 AA+ A
2002-3 B-3 A+ BBB
2002-4 B-1 AAA AA
2002-4 B-2 AA+ A
2002-4 B-3 A+ BBB
2002-5 B-1 AAA AA
2002-5 B-2 AA+ A
2002-5 B-3 AA- BBB
2002-6 B-1 AAA AA
2002-6 B-2 AA+ A
2002-6 B-3 AA- BBB
2002-8 I-B-1 AAA AA
2002-8 I-B-2 AA+ A
2002-8 I-B-3 A BBB
2002-8 II-B-1 AAA AA
2002-8 II-B-2 AA+ A
2002-8 II-B-3 A+ BBB
2002-9 B-1 AAA AA
2002-9 B-2 AA+ A
2002-9 B-3 A BBB
2002-11 B-1 AAA AA
2002-11 B-2 AA A
2002-11 B-3 A BBB
2002-12 B-1 AAA AA
2002-12 B-2 AA+ A
2002-12 B-3 A+ BBB
2002-13 B-1 AA+ AA
2002-13 B-2 AA A
2002-13 B-3 A- BBB
2002-15 B-1 AAA AA
2002-15 B-2 AA+ A
2002-15 B-3 A+ BBB
2002-16 B-1 AA+ AA
2002-16 B-2 AA A
2002-16 B-3 A- BBB
2002-17 B-1 AA+ AA
2002-17 B-2 AA A
2002-17 B-3 A- BBB
2002-18 B-1 AA+ AA
2002-18 B-2 AA- A
2002-18 B-3 BBB+ BBB
2002-19 B-1 AA+ AA
2002-19 B-2 AA A
2002-19 B-3 BBB+ BBB
2002-20 B-1 AA+ AA
2002-20 B-2 A+ A
2002-20 B-3 BBB+ BBB
2002-22 B-1 AA+ AA
2002-22 B-2 AA A
2002-22 B-3 A BBB
2002-A B-1 AA+ AA
2002-A B-2 AA A
2002-A B-3 A BBB
2002-B B-1 AAA AA
2002-B B-2 AA A
2002-B B-3 A- BBB
2002-C B-1 AAA AA
2002-C B-2 AA+ A
2002-C B-3 AA BBB
2002-D B-1 AA+ AA
2002-D B-2 AA- A
2002-D B-3 BBB+ BBB
2002-E B-1 AA+ AA
2002-E B-2 AA A
2002-E B-3 A- BBB
2002-F B-1 AA+ AA
2002-F B-2 A+ A
2002-F B-3 BBB+ BBB
RATINGS AFFIRMED
Wells Fargo Mortgage Backed Securities Trust
Mortgage pass-through certs
Series Class Rating
2000-1 I-A-4,I-A-PO,II-A-1,II-A-PO AAA
2000-2 I-A-7,I-A-PO,II-A-2,II-A-PO AAA
2000-3 A-1,A-PO AAA
2000-4 A-PO AAA
2000-6 A-2,A-PO AAA
2000-9 A-PO AAA
2000-10 A-2,A-PO AAA
2001-3 A-1,A-PO AAA
2001-4 A-4 AAA
2001-5 A-1 AAA
2001-10 A-5,A-PO AAA
2001-14 A-1,A-PO,B-1 AAA
2001-15 I-A-7,I-A-PO,II-A-3,II-A-4,II-A-PO AAA
2001-16 A-2,,A-7,A-PO AAA
2001-18 A-1,A-PO AAA
2001-21 A-18,A-PO AAA
2001-22 A-1,A-2,A-3,A-PO AAA
2001-23 A-1,A-2,A-3,A-PO AAA
2001-25 I-A-1,II-A,III-A,IV-A,V-A AAA
2001-29 A-1,A-2,A-3,A-PO AAA
2001-30 A-1,A-2,A-3,A-PO AAA
2001-31 A-7,A-10,A-11,A-16,A-17,A-18,A-PO AAA
2001-32 A-3,A-4,A-5,A-6,A-PO AAA
2001-33 A-1,A-5,A-PO AAA
2001-34 I-A-1,II-A,III-A AAA
2002-1 A-1,A-2,A-PO AAA
2002-2 I-A-3,I-A-4,I-A-8,I-A-9,I-A-12,II-A-1,A-PO AAA
2002-3 A-4,A-5,A-9,A-10,A-11,A-12,A-15,A-16,A-PO AAA
2002-4 I-A-1,I-A-PO,II-A-2,II-A-5,II-A-6,II-A-7 AAA
2002-4 II-A-8,II-A-9,II-A-10,II-A-PO AAA
2002-5 I-A-1,I-A-PO,II-A-1 AAA
2002-6 A-2,A-3,A-4,A-PO AAA
2002-7 II-A-5 AAA
2002-8 A-2,A-19,A-23,A-24,A-25 AAA
2002-8 II-A-1,II-A-3,II-A-4,A-PO AAA
2002-9 A-5,A-6,A-7,A-PO AAA
2002-11 A-1,A-PO AAA
2002-12 A-1,A-2,A-3,A-8,A-9,A-PO AAA
2002-13 A-1A,A-2,A-3,A-4,A-5,A-PO AAA
2002-15 A-5,A-6,A-7,A-8,A-PO AAA
2002-16 A-1,A-2,A-3,A-4,A-PO AAA
2002-17 A-1,A-2,A-3,A-PO AAA
2002-18 I-A-1,I-A-2,I-A-3,I-A-4,I-A-5,I-A-6,I-A-8 AAA
2002-18 I-A-9,I-A-10,I-A-11,I-A-12,I-A-13,I-A-14 AAA
2002-18 I-A-15,I-A-16,I-A-17,II-A-1,II-A-2,II-A-3 AAA
2002-18 II-A-4,II-A-5,II-A-8,II-A-9,II-A-10 AAA
2002-18 II-A-13,II-A-14,II-A-15,II-A-17,II-A-18 AAA
2002-18 II-A-WIO,A-PO AAA
2002-19 I-A-1,I-A-2,I-A-3,I-A-4,I-A-5,I-A-6,I-A-7 AAA
2002-19 I-A-8,I-A-9,I-A-PO,II-A-1,II-A-2,II-A-3 AAA
2002-19 II-A-4,II-A-5,II-A-6,II-A-7,II-A-PO AAA
2002-20 A-1,A-2,A-3,A-4,A-5,A-PO AAA
2002-22 I-A-1,I-A-9,I-A-10,I-A-12,I-A-16,II-A-1 AAA
2002-22 II-A-2,II-A-3,II-A-4,II-A-5,II-A-7,II-A-8 AAA
2002-22 II-A-9,II-A-10,II-A-PO,I-A-WIO,II-A-WIO AAA
2002-A A-5,A-6,A-7,A-WIO AAA
2002-B A-1,A-3,A-4 AAA
2002-C A-1 AAA
2002-D I-A-1,I-A-2,I-A-3,I-A-4,I-A-6,II-A-1 AAA
2002-D II-A-2,II-A-3 AAA
2002-E I-A-1,II-A-1,M AAA
2002-F A-1 AAA
2003-1 I-A-1,I-A-2,I-A-3,I-A-4,I-A-5,I-A-6,I-A-7 AAA
2003-1 I-A-8,I-A-9,I-A-10,II-A-1,II-A-2,II-A-3 AAA
2003-1 II-A-4,II-A-5,II-A-6,II-A-7,II-A-8,II-A-9 AAA
2003-1 A-PO AAA
2003-1 I-B-1,II-B-1 AA
2003-1 I-B-2,II-B-2 A
2003-1 I-B-3,II-B-3 BBB
2003-1 I-B-4,II-B-4 BB
2003-1 I-B-5,II-B-5 B
2003-2 A-1,A-2,A-3,A-4,A-5,A-6,A-7,A-8,A-9,A-10 AAA
2003-2 A-11,A-12,A-14,A-16,A-17,A-PO AAA
2003-2 B-1 AA
2003-2 B-2 A
2003-2 B-3 BBB
2003-2 B-4 BB
2003-2 B-5 B
2003-3 I-A-1,I-A-2,I-A-3,I-A-4,I-A-5,I-A-6,I-A-7 AAA
2003-3 I-A-8,I-A-9,I-A-10,I-A-11,I-A-12,I-A-13 AAA
2003-3 I-A-14,I-A-15,I-A-16,I-A-17,I-A-18,I-A-19 AAA
2003-3 I-A-20,I-A-21,I-A-22,I-A-23,I-A-24 AAA
2003-3 II-A-1,A-PO AAA
2003-3 I-B-1,II-B-1 AA
2003-3 I-B-2,II-B-2 A
2003-3 I-B-3,II-B-3 BBB
2003-3 I-B-4,II-B-4 BB
2003-3 I-B-5,II-B-5 B
2003-6 I-A-1,I-A-PO,II-A-1,II-A-2,II-A-3,II-A-PO AAA
2003-6 B-1 AA
2003-6 B-2 A
2003-6 B-3 BBB
2003-6 B-4 BB
2003-6 B-5 B
2003-7 A-1,A-2,A-3,A-4,A-PO AAA
2003-7 B-1 AA
2003-7 B-2 A
2003-7 B-3 BBB
2003-7 B-4 BB
2003-7 B-5 B
2003-8 A-1,A-2,A-3,A-4,A-5,A-6,A-7,A-8,A-9,A-PO AAA
2003-8 B-1 AA
2003-8 B-2 A
2003-8 B-3 BBB
2003-8 B-4 BB
2003-8 B-5 B
2003-9 I-A-1,I-A-2,I-A-3,I-A-4,I-A-5,I-A-6,I-A-7 AAA
2003-9 I-A-8,I-A-9,I-A-10,I-A-11,I-A-12,I-A-13 AAA
2003-9 I-A-14,I-A-15,I-A-16,A-PO,II-A-1 AAA
2003-A A-3,A-4,A-5,A-6,A-7 AAA
2003-A B-1 AA
2003-A B-2 A
2003-A B-3 BBB
2003-A B-4 BB
2003-A B-5 B
2003-C A-2,A-3,A-4,A-5,A-6,A-7,A-8,A-9 AAA
2003-C B-1 AA
2003-C B-2 A
2003-C B-3 BBB
2003-C B-4 BB
2003-C B-5 B
2003-D A-1 AAA
2003-D B-1 AA
2003-D B-2 A
2003-D B-3 BBB
2003-D B-4 BB
2003-D B-5 B
2003-E A-1,A-2,A-3,A-4,A-WIO AAA
2003-E B-1 AA
2003-E B-2 A
2003-E B-3 BBB
2003-E B-4 BB
2003-E B-5 B
2003-F A-1 AAA
2003-F B-1 AA
2003-F B-2 A
2003-F B-3 BBB
2003-F B-4 BB
2003-F B-5 B
2003-G A-1,A-IO AAA
2003-G B-1 AA
2003-G B-2 A
2003-G B-3 BBB
2003-G B-4 BB
2003-G B-5 B
2003-H A-1,A-R AAA
2003-H B-1 AA
2003-H B-2 A
2003-H B-3 BBB
2003-H B-4 BB
2003-H B-5 B
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