(This is an amended version of a press release issued
earlier today and contains revised information on the number of
classes being affirmed for the series 2002-5.)
Fitch has taken rating action on the following Equity One ABS, Inc. (EQABS) mortgage pass-through certificates:
Series 2002-1
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2002-3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B-1 affirmed at 'BBB+';
-- Class B-2 affirmed at 'BBB'.
Series 2002-4
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2002-5
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2003-1
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2003-2
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB+'.
Series 2003-3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB+'.
Series 2003-4
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'A-';
-- Class M-4 affirmed at 'BBB+';
-- Class B-1 upgraded to 'AA' from 'BBB'.
The collateral on the aforementioned transactions consists of 15- to 30-year fixed- and adjustable-rate, fully amortizing and balloon mortgages, secured by first and second liens on residential properties extended to sub-prime borrowers. A majority of the loans were originated in the states of Pennsylvania, New Jersey, and California. The primary servicer for all transactions is Equity One, Inc. ('RPS3+', by Fitch), which is a wholly owned subsidiary of Popular North America, Inc. based in the State of Delaware. The trustee for all deals is JP Morgan Chase Bank.
The affirmations reflect credit enhancement (CE) consistent with future loss expectations, and affect approximately $1.05 billion in outstanding certificates. The Overcollateralization amount (OC) is on target for all deals, with the exception of series 2003-1 (which is expected to be at target next month). The delinquency trends remained stable.
The upgrade, affecting approximately $8.99 million in outstanding certificates, reflects an improvement in the relationship between CE and future loss expectations. For series 2003-4, the B-1 class is a turbo-bond and is receiving principal by the amount of excess spread that is left over after covering realized losses. This class benefits from 12.22% in CE (originally 4.45%), and is expected to payoff in the near future.
For further information concerning transaction-based statistics, delinquency information, or collateral attributes please visit the Fitch Ratings website at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
Fitch has taken rating action on the following Equity One ABS, Inc. (EQABS) mortgage pass-through certificates:
Series 2002-1
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2002-3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B-1 affirmed at 'BBB+';
-- Class B-2 affirmed at 'BBB'.
Series 2002-4
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2002-5
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2003-1
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class B affirmed at 'BBB'.
Series 2003-2
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB+'.
Series 2003-3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB+'.
Series 2003-4
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'A-';
-- Class M-4 affirmed at 'BBB+';
-- Class B-1 upgraded to 'AA' from 'BBB'.
The collateral on the aforementioned transactions consists of 15- to 30-year fixed- and adjustable-rate, fully amortizing and balloon mortgages, secured by first and second liens on residential properties extended to sub-prime borrowers. A majority of the loans were originated in the states of Pennsylvania, New Jersey, and California. The primary servicer for all transactions is Equity One, Inc. ('RPS3+', by Fitch), which is a wholly owned subsidiary of Popular North America, Inc. based in the State of Delaware. The trustee for all deals is JP Morgan Chase Bank.
The affirmations reflect credit enhancement (CE) consistent with future loss expectations, and affect approximately $1.05 billion in outstanding certificates. The Overcollateralization amount (OC) is on target for all deals, with the exception of series 2003-1 (which is expected to be at target next month). The delinquency trends remained stable.
The upgrade, affecting approximately $8.99 million in outstanding certificates, reflects an improvement in the relationship between CE and future loss expectations. For series 2003-4, the B-1 class is a turbo-bond and is receiving principal by the amount of excess spread that is left over after covering realized losses. This class benefits from 12.22% in CE (originally 4.45%), and is expected to payoff in the near future.
For further information concerning transaction-based statistics, delinquency information, or collateral attributes please visit the Fitch Ratings website at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.