Printer Friendly

FITCH AFFIRMS AMERICAN SOUTHWEST CMOs 'AAA' RATINGS -- FITCH FINANCIAL WIRE --

 NEW YORK, March 11 /PRNewswire/ -- The six series of American Southwest Financial Corp. (ASW) CMO "builder bonds" secured by GNMA, FNMA, and FHLMC certificates and whole loans, which were placed on FitchAlert on June 19, 1992, following the bankruptcy filing of a builder finance subsidiary, WE Financial Co., are removed from FitchAlert and the "AAA" ratings are affirmed. The affected series are: GNMA-collateralized bonds Series C and D, and mortgage-collateralized bonds Series E, F, G and H.
 The rating actions are based upon the bankruptcy court confirmation of, and the effective and substantial consummation of, the settlement agreement between WE Financial and ASW (and related parties) on March 9, 1993.
 The settlement, among other things, provides for redemption of the Series C and E bonds, transfer of the mortgage collateral and funding agreement obligations to ASW with respect to the Series C, E, G and H bonds, and the transfer of the mortgage collateral for Series D and F bonds into a passive non-business grantor trust. Fitch believes that the settlement ensures timely and full payment of the affected CMOs.
 The reorganization plan for WE Financial is completed except for payment of a relatively immaterial amount of debt unrelated to the ASW bonds or mortgage collateral.
 -0- 3/11/93
 /CONTACT: Leah W. Murch of Fitch, 212-908-0511/


CO: American Southwest Financial Corp.; WE Financial Co. ST: IN: FIN SU: RTG

GK -- NY052 -- 5122 03/11/93 13:05 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 11, 1993
Words:239
Previous Article:NEW FRANCE 800-NUMBER DELIVERS INFORMATION TO U.S. BUSINESSES
Next Article:RECOGNITION ANNOUNCES NAME CHANGE AND ELECTS DIRECTORS
Topics:


Related Articles
HEMET HOUSING AUTHORITY CALIFORNIA HOUSING 'AAA/F-1+' BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
AMERICAN SOUTHWEST FINANCIAL 'AAA' CMOS ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
American Southwest $77 Million Pass-Thrus Affirmed 'AAA' By Fitch -- Fitch Financial Wire --
Fitch Affirms Ratings Of Sun Life Assurance Co. Of Canada.
Fitch Affirm's Manulife's Ratings.
Fitch Downgrades 34 Life Insurance Groups Following Industry-Wide Review.
Fitch Places AIG's Sr Debt on RW-Neg; Affirms S-T Rtg and Financial Strength Rtgs.
Amended: Fitch Places AIG's Sr Debt on RW-Neg; Affirms ST Rtg and Financial Strength Rtgs.
Fitch Affirms AIG's Sr Debt at 'AAA'; Removes from RW; Outlook Negative.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters