Fitch Ratings says the outlook for the global residential market and RMBS ratings remains negative in 2009 as loan defaults are expected to increase while prepayments will slow considerably.

Downgrades will continue to significantly outweigh upgrades in 2009 across all rating categories. However, Fitch anticipates that, other than the U.S, the majority of rating actions for RMBS will be confined to lower-rated tranches and that highly rated 'AAA'/'AA' tranches are able to weather the current downturn.

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