DBRS Takes Rating Actions on U.S. RMBS Securities
RMBSDBRS, Inc. (DBRS) has today reviewed 420 classes from 46 U.S. residential mortgage-backed security (RMBS) transactions. Of the 420 classes reviewed, 17 were upgraded, 353 were confirmed, 12 were downgraded and 38 were discontinued due to full principal repayment to the bondholders.
The rating upgrades reflect positive performance trends and these classes 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 transactions consist of U.S. re-securitization of real estate mortgage investment conduit (ReREMIC) transactions. The pools backing these transactions consist of prime, Alt-A, scratch & dent and subprime 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.
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