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SEARS MORTGAGE SECURITIES CORP 1992-11 CLASS A-3 'AAA' RATING AFFIRMED -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 18 /PRNewswire/ -- Fitch affirms its 'AAA' rating on Sears Mortgage Securities Corp.'s (SMSC) $116.9 million adjustable-rate pass-through certificates Series 1992-11 class A-3. As the credit enhancement is provided by a PMI modified mortgage pool insurance policy, class A-3 was simultaneously placed with PMI on FitchAlert with negative implications on Oct. 12.
 The 'AAA' class A-3 rating reflects the credit loss protection provided by a 'AA' rated 4.25 percent subordinated class A-4, an unrated 4.00 percent subordinated class B, and a 5.00 percent PMI modified mortgage pool insurance policy. The class A-3 'AAA' rating is affirmed by Fitch because the PMI modified mortgage pool insurance policy is only required to provide 'AA' loss protection, and would continue to do so even in the event PMI's claims-paying ability were to be downgraded to 'AA'. Although no rating action is expected in the immediate future, PMI's current fundamentals and capital support from its parent and third party reinsurers indicate that PMI's claims-paying ability rating is not expected to fall below 'AA' at this time.
 -0- 01/18/93
 /CONTACT: Alexander K. Zabik, 212-908-0634, or Jill M. Guido 212-908-0682, both of Fitch/
 (S)


CO: Sears Mortgage Securities Corp. ST: IN: FIN SU: RTG

AH -- NY060 -- 5961 01/18/93 15:03 EST
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Date:Jan 18, 1993
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