American Home Mortgage Servicing (AHMSI) is in the market with a $400 million real estate-backed deal with Deutsche Bank Securities serving as lead manager.

Fitch Ratings expects to assign ‘AAA’ ratings to the $200 million class A1 term note and the $150 million class A variable funding note (VFN), while assigning a preliminary ‘BBB’ rating on the class B1 term note, reflecting AHMSI’s operational and servicing capablities and financial condition, historical recovery rate of the advances, and the legal structure of the transaction.

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