Following a system error, Standard & Poor's reviewed its loss projections for 50 U.S. RMBS deals backed by different collateral types, such as Alt-A, HELOC, prime Jumbo, scratch-and-dent, subprime, and seasoned mortgage loans issued from 1994-2007
Based on these revised projections, the rating agency analysts reviewed their ratings on 470
classes from these offerings.
As a result of the review, analysts corrected 241 ratings by lowering their ratings on 224 classes from 30 of these transactions and raising the ratings on 17 classes from seven of these deals. Analysts also removed 98 of the lowered ratings from CreditWatch negative.
Additiionally, the agency also resolved certain outstanding CreditWatch placements on the affected deals by affirming the ratings on 229 classes from 43 of these offerings and removing 33 of the affirmed ratings from CreditWatch negative.
