S&P Downgrades 59 US Prime RMBS Transactions to ‘D’
Standard & Poor’s has lowered its ratings to ‘D’ on 66 classes of mortgage pass-through certificates from 59 U.S. prime jumbo residential mortgage-backed securities (RMBS) transactions from various issuers.
S&P also removed 16 of the lowered ratings from CreditWatch with negative implications. and placed 22 ratings on five of the affected transactions on CreditWatch with negative implications. The ratings on 179 additional classes from 15 of these transactions remain on CreditWatch negative.
The negative rating actions reflect our assessment of principal write-downs on the 66 affected classes during recent remittance periods.
S&P lowered approximately 69.70% of the ratings on the 66 defaulted classes from
the ‘CCC’ or ‘CC’ rating categories and lowered 95.45% of the ratings from speculative-grade rating categories.
The complete rating list is available in U.S. Prime Jumbo RMBS Classes
Affected By June 1, 2009, Rating Actions.
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