Fitch Ratings upgraded all three classes of Metris Master Trust series 2001-1, to triple-A, impacting a total of $610 million of ABS. The senior A class had been rated 'A-'; the B class 'BB+' and the C class 'B'. The floating-rate transaction, priced in February 2001 via JPMorgan Securities, has experienced a cash defeasance equal to 102% of the aggregate outstanding invested amount, eliminating any servicing and receivables performance risks, noted Fitch. The bonds are now on track to fully pay down in January and February 2004, noted Fitch.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.