Fitch Ratings has taken the following rating actions on People's Choice Net Interest Margin (NIM) 2004-1:
--$0.8 million notes downgraded to 'C/DR6' from 'BB-';
Underlying Transaction: People Choice Home Loan Securities Trust 2004-1
The rating actions reflect actual pay-down performance of the NIM securities to date compared to initial projections. Additional details are available in the following research, also available at www.fitchratings.com:
--'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12, 2007);
--'U.S. Rating Criteria for Net Interest Margin Securitizations: Updated' (Feb. 6, 2007).
All of Fitch's ratings criteria for US subprime RMBS available at www.fitchratings.com/subprime.
Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site 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.