Various Rating Actions Taken On 15 Classes From Nine U.S. Re-REMIC RMBS Transactions


OVERVIEW
  • We reviewed 15 ratings from nine U.S. Re-REMIC RMBS transactions issued between 2006 and 2010. All of these transactions are backed by prime jumbo, Alternative-A, or negative-amortization collateral.
  • Of the 15 ratings, we raised one, lowered two, affirmed six, and discontinued six.
CENTENNIAL (S&P Global Ratings) Jan. 10, 2019--S&P Global Ratings today 
completed its review of 15 classes from nine U.S. residential mortgage-backed 
securities (RMBS) transactions issued between 2006 and 2010. All of these 
transactions are backed by prime jumbo, Alternative-A, or 
negative-amortization collateral. The review yielded one upgrade, two 
downgrades, six affirmations, and six discontinuances.

Analytical Considerations
We incorporate various considerations into our decisions to raise, lower, or 
affirm ratings when reviewing the indicative ratings suggested by our 
projected cash flows. These considerations are based on transaction-specific 
performance or structural characteristics (or both) and their potential 
effects on certain classes. Some of these considerations include: 

  • Underlying collateral performance/delinquency trends;
  • Loan modification criteria;
  • Tail risk; and
  • Available subordination and/or overcollateralization.
Rating Actions
The rating changes are the result of transaction-specific collateral 
performance and/or structural characteristics, or the application of specific 
criteria applicable to these classes. Please see the ratings list below for 
the specific rationales associated with each of the classes with rating 
transitions.

The affirmations of ratings reflect our opinion that our projected credit 
support and collateral performance on these classes has remained relatively 
consistent with our prior projections.
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