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FITCH ASSIGNS V-RATINGS TO $3.36 BILLION OF KIDDER CMO REMICs -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 21 /PRNewswire/ -- Fitch assigns V-Ratings to four CMO REMICs underwritten by Kidder, Peabody & Co. totalling $3.36 billion. While the deals are backed by securities from different agencies, they have received comparable V-Ratings. The issues are FHLMC 1421, FNMA 1992-200, FNMA 1992-G64, and FNMA 1992-G65. The V-Ratings of individual tranches in each of the deals are listed below. This raises the total number of rated deals to 720, encompassing 10,247 tranches and over $310 billion in original principal.
 The comparable V-Ratings are due to similarity in the collateral and structures of the issues. While GNMA-backed issues generally experience slower prepayment speeds than FHLMC-backed and FNMA-backed issues, the higher 8.5 percent gross weighted average coupon of the mortgages backing FNMA 1992-G64 and 1992-G65 collateral causes it to prepay more like the other two deals, which each have gross coupons of 8.1 percent.
 The issues are also composed of 60 percent PAC-1 planned amortization classes, the most stable, and 40 percent support classes. The PAC-1 classes of these deals have prepayment protection between 95 percent and about 280 percent PSA. PSA is the standard prepayment percentage for each month in the life of the underlying mortgages, expressed on an annualized basis, calculated by a formula defined by the Public Securities Association. The similarity of these deals is shown by the V-Ratings of tranches FHLMC 1421 E, FNMA 1992-G64 E, and FNMA 1992- G65 E. All three tranches have an overall rating of V2 with a price variability of V3 and a cash flow variability of V2.
 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 rate 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.
 V-Ratings are available on Bloomberg by pressing "FVR" and "GO", Telerate beginning on page 26300, and Knight Ridder Money Center beginning on page 5300.
 FHLMC 1421
 A:V1, B:V1, C:V1, D:V1, E:V2, F:V2, G:V2, GA:V2, HA:V1, HB:V1,
 I:V3, J:V2, K:V2, L:V4, M:V2, N:V5, NA:V2, NB:V4, NC:V4, O:V3,
 P:V5, Q:V5, S:V3, SA:V3, T:V5, U:V5
 FNMA 1992-200
 A:V1, FH:V1, SH:V3, B:V1, C:V2, D:V2, E:V3, G:V4, H:V4, HA:V4,
 HB:V2, K:V3, J:V3, FK:V2, SK:V4, FC:V2, SC:V4, L:V2, LA:V2, MA:V4,
 MB:V4, MC:V4, FM:V3, SM:V5, FD:V2, SD:V5, SE:V3, OA:V2, OB:V3,
 OC:V3, OD:V3, FG:V3, SG:V5, FJ:V2, SJ:V4, F:V3, S:V5, SA:V5, SB:V5,
 FN:V3, SN:V5, SP:V5
 FNMA 1992-G64
 A:V1, B:V1, C:V1, D:V2, E:V2, G:V3, F:V1, S:V4, H:V3, HA:V3, HB:V3,
 HC:V3, GA:V3, J:V3, JA:V1, JB:V1, JC:V1, JD:V2, JE:V2, Z:V4, K:V3,
 KA:V3, M:V4, FB:V3, SB:V5, FC:V3, SC:V5, FE:V3, SE:V5, NA:V5,
 NB:V5, O:V5, FH:V4, SH:V5, FJ:V4, SJ:V5, SK:V5, FA:V4, SA:V5,
 FD:V4, SD:V5, FG:V4, SQ:V5, FR:V4, R:V5
 FNMA 1992-G65
 A:V1, B:V1, C:V1, D:V2, E:V2, G:V3, H:V3, J:V3, K:V3, KA:V1, KB:V1,
 KC:V2, Z:V4, L:V1, LA:V3, LB:V3, LC:V3, LD:V3, FB:V1, SB:V4, M:V4,
 NA:V4, NB:V5, NC:V5, FA:V3, SA:V5, FC:V3, SC:V5, OB:V5, OC:V5,
 FJ:V4, FD:V4, SD:V5, FE:V4, SE:V4, FG:V4, SQ:V5, FH:V4, SH:V5,
 F:V4, S:V5, IO:V4, R:V5
 -0- 12/21/92
 /CONTACT: Henry Wilson, 212-908-0617, or Joseph Maxwell, 212-908-0604, both of Fitch/


CO: Kidder, Peabody & Co. ST: New York IN: FIN SU: RTG

SH -- NY036 -- 8749 12/21/92 11:45 EST
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Date:Dec 21, 1992
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