Fitch Ratings has downgraded 393 bonds in 254 RMBS transactions it was reviewing to 'D,' indicating that the bonds have incurred principal writedowns.
Eighty-five of the downgraded bonds were from transactions originally said to have alternative-A credit, 80 were from deals originally considered to be prime credit transactions and 77 were from transactions originally categorized as subprime credit.
The remaining 12 bonds were said to come from "other" transaction types. All the downgraded bonds were previously rated 'CC' or 'C,' which indicated defaults were expected.
