Press Release
DBRS Takes Rating Action on U.S. RMBS Securities
RMBSDBRS has today reviewed 496 classes from 53 U.S. residential mortgage-backed security (RMBS) transactions. Of the 496 classes reviewed, 30 classes were upgraded, 462 classes were confirmed and four classes were downgraded. Of the confirmed classes, two of the classes were placed as Discontinued-Repaid due to full principal repayment to bondholders. All of the classes reviewed were also removed from Under Review with Developing Implications (see “DBRS Publishes Updated U.S. RMBS Surveillance Methodology and Places Ratings Under Review with Developing Implications,” published on March 3, 2014).
The transactions that have been upgraded have exhibited positive performance trends and have experienced increases in credit support sufficient to withstand stresses at their new rating level. For transactions where the rating has been confirmed, current asset performance and credit support levels have been consistent with the current rating. The downgrades taken reflect a combination of the continued erosion of credit support in these transactions as a result of negative trends in delinquency and projected loss activity.
The rating actions are the result of DBRS applying its updated U.S. RMBS Surveillance Methodology and RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology.
The transactions affected by the rating actions consist of U.S. RMBS transactions. The majority of the pools backing these transactions consist primarily of Prime, Alt-A, Subprime, Non-Performing, Reperforming, HELOC, Manufactured Housing and Second Lien residential loans.
Notes:
The applicable methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on our website under Methodologies.
These ratings are endorsed by DBRS Ratings Limited for use in the European Union.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
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Contacts
Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com- Sherwin Clarke
Vice President - US RMBS Ratings, Surveillance
+(1) 212 806 3278
sherwin.clarke@morningstar.com - Cathlene H. Hyun
Senior Vice President - US RMBS Ratings, Surveillance
+(1) 212 806 3247
cathlene.hyun@morningstar.com - Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com