SANTA MONICA, Calif., Sept. 11 /PRNewswire-FirstCall/ -- Anworth Mortgage Asset Corporation announced today that Standard & Poor's Ratings Services recently raised its ratings on nine classes of pass-through certificates from three transactions issued by BellaVista Mortgage Trust, a subsidiary of Anworth Mortgage Asset Corporation. At the same time, the ratings are affirmed on the remaining classes from these transactions.
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The raised ratings are the result of an updated loan-by-loan analysis performed on the mortgage pool. The loss coverage levels derived from the new loan-by-loan analyses are reduced from the original levels at issuance, primarily as a result of loan seasoning, updated FICO scores and adjusted lower LTV ratios due to property value appreciation. As a result, Standard & Poor's raised certain ratings to reflect the credit support provided at the new, lower loss coverage levels.
The affirmations are based on loss coverage percentages that are sufficient to maintain the current ratings. Standard & Poor's will continue to monitor these transactions to ensure the assigned ratings accurately reflect the risks associated with it.
RATINGS RAISED
BellaVista Mortgage Trust
Rating
Series Class To From
2004-1 I-M AAA AA
2004-1 II-M AA+ AA
2004-1 I-B-1 AA A
2004-1 II-B-1 AA- A
2004-1 I-B-2 BBB+ BBB
2005-1 B-1 AAA AA
2005-1 B-2 AA A
2005-1 B-3 A- BBB
2005-1 B-4 BB+ BB
About Anworth Mortgage Asset Corporation
Anworth is a mortgage real estate investment trust (REIT) which invests in mortgage assets including mortgage pass-through certificates, collateralized mortgage obligations, mortgage loans and other real estate securities. Anworth generates income for distribution to its shareholders primarily based on the difference between the yield on its mortgage assets and the cost of its borrowings. Through its wholly-owned subsidiary, Belvedere Trust Mortgage Corporation, Anworth acquires mortgage loans and other mortgage-related assets with a focus on high credit-quality jumbo adjustable-rate and hybrid first-lien single-family residential mortgage loans. Belvedere Trust and its subsidiaries securitize such mortgage loans for financing purposes and to sell mortgage-backed securities in the capital markets.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties including increases in the prepayment rates on the mortgage loans securing our mortgage-backed securities, our ability to use borrowings to finance our assets, increases in default rates of the mortgage loans acquired by our mortgage loan subsidiaries, risks associated with investing in mortgage-related assets including changes in business conditions and the general economy, our ability to maintain our qualification as a real estate investment trust for federal income tax purposes, and management's ability to manage our growth. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Contact:
Anworth Mortgage Asset Corporation
John T. Hillman
(310) 255-4438 or (310) 255-4493
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