The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: patron_anejo_por_favor who wrote (181302)	2/2/2009 9:33:23 PM
From: MulhollandDrive	Read Replies (1) of 306849

better late than never.... S&P cuts 1,078 U.S. Alt-A RMBS ratings to 'D' Mon Feb 2, 2009 4:40pm EST Feb 2 - Standard & Poor's Ratings Services today lowered its ratings to 'D' on 1,078 classes of mortgage pass-through certificates from 650 U.S. Alternative-A residential mortgage-backed securities (RMBS) transactions from various issuers. We removed 26 of the lowered ratings from CreditWatch with negative implications. In addition, we placed 2,111 ratings from 143 of the affected transactions on CreditWatch with negative implications. The ratings on 117 additional classes from 15 of these transactions remain on CreditWatch with negative implications. The list of affected classes is posted on Standard & Poor's Web site at www.standardandpoors.com on the main rating page. The list is also posted under "Rating Action Press Releases" on the residential mortgage-backed securities tab in the Structured Finance section of www.standardandpoors.com. The downgrades reflect principal write-downs on the affected classes during recent remittance periods. Approximately 81.82% of the ratings on the 1,078 defaulted classes were lowered from the 'CCC' or 'CC' rating categories, and approximately 98.98% of the ratings were lowered from a speculative-grade rating. We expect to resolve the CreditWatch placements affecting these transactions after we complete our reviews of the underlying credit enhancement. Standard & Poor's will continue to monitor its ratings on securities that experience principal write-downs and adjust the ratings accordingly. reuters.com.

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