Following in the footsteps of its three rival rating agencies, Dominion Bond Rating Service today upgraded 17 classes as well as downgraded 94 RMBS classes. The rating agency also placed 15 classes under review with negative implications from 62 RMBS deals.
DBRS said that the classes that have been upgraded were as a result of the high level of credit enhancement while the classes that have been downgraded were as a result of the increased 90+ day delinquency pipeline versus the available level of credit enhancement.
The rating agency added that the ratings that have been placed under review with negative implications were as a result of the increased 90+ day delinquency pipeline relative to the available level of credit enhancement.
As of July 13, 2007, DBRS has taken rating actions on a total of 124 RMBS deals. This represents 174 downgrades, 115 upgrades and 70 under reviews with negative implications.
