Fitch Ratings has downgraded 19 U.S. RMBS classes and revised one wrapped by FSA to 'AA' and 14 classes wrapped by Assured Guaranty to 'AA-'. All affected classes are assigned a Negative Rating Outlook. A spreadsheet detailing Fitch's rating actions can be found at 'www.fitchratings.com' by performing a title search for 'FSA & Assured RMBS Rating Actions for October 20, 2009'.
Today's rating actions stem from Fitch's Oct. 12 downgrades of FSA's Insurer Financial Strength (IFS) rating to 'AA' from 'AA+' and Assured Guaranty's IFS to 'AA-' from 'AA'. The ratings have been removed from Rating Watch Negative and assigned a Negative Rating Outlook. For more information, see the release ('Fitch Downgrades Assured Guaranty to 'AA-' & FSA to 'AA'; Outlook Negative'), available at 'www.fitchratings.com'.
Fitch's policy for U.S. RMBS transactions is to maintain ratings on insured transactions at the higher of the underlying rating of the insured transaction if rated by Fitch or the rating of the insurer.
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Contacts:
Fitch Ratings, New York
Michele Patterson, 212-908-0779
Tara
Sweeney, 212-908-0347
or
Media Relations:
Sandro Scenga,
212-908-0278
Email: sandro.scenga@fitchratings.com
