NEW YORK, Feb. 4 /PRNewswire/ -- Standard & Poor's today raised its
ratings on 17 classes of various series of Saxon Mortgage Securities Corp.
mortgage pass-through certificates. At the same time, ratings are affirmed on
106 classes from the same issuer (see list).
The raised ratings reflect actual and projected credit support
percentages that adequately support the higher ratings. The higher credit
support percentages are attributable to the shifting interest structure and
seasoning of more than six years. The shifting interest structure is reflected
in the current outstanding principal balances of the senior classes, which
ranged from approximately 12.27% (series 1995-2 loan group 1) to approximately
29.07% (series 1994-2).
Additionally, as of the January 2002 remittance date, total delinquencies
ranged from 1.58% (series 1995-2 loan group 2) to 8.80% (series 1994-9 loan
group 1). Cumulative realized losses, as a percentage of original pool
balance, ranged from 0.06% (series 1994-9 loan group 2) to 1.54% (series
1995-2 loan group 1). Although the cumulative realized losses for these
transactions are at the higher end of the range for 30-year prime
transactions, these transactions have not incurred any significant losses
during the last two years.
The affirmed ratings reflect actual and projected credit support
percentages that adequately support the assigned ratings. As of the January
2002 remittance date, total delinquencies ranged from 4.99% (series 1992-1) to
26.06% (series 1994-10). Cumulative realized losses, as a percentage of
original pool balance, ranged from 0.00% (series 1992-1, 1992-6, 1993-4, and
1995-1) to 3.38% for series 1994-12. However, during the last 12 months, these
transactions have not incurred any significant losses. Such performance,
together with seasoning of more than six years, is an indication that these
transactions may be beyond the peak in their loss curves.
The collateral backing these transactions consists of conventional, fully
amortizing, fixed- or adjustable-rate, first-lien mortgage loans secured by
one- to four-family residential properties.
RATINGS RAISED
Saxon Mortgage Securities Corp.
Rating
Series Class To From
1993-8 B-1 AA+ AA
1993-8 B-2 A- BBB
1993-10 M AAA AA+
1993-10 B-1 AA- A+
1993-10 B-2 BBB+ BBB
1994-2 M AA+ AA
1994-2 B-1 A+ A
1994-2 B-2 BBB BB
1994-4 1B-2 A+ A
1994-4 2B-2 AA+ AA
1994-9 1B-1 AAA AA+
1994-9 1B-2 AA+ A+
1994-9 1B-3 A- BBB
1994-9 2B-1 AAA AA+
1994-9 2B-2 AA+ A+
1995-2 1B-2 AA+ AA
1995-2 2B-3 BBB BB
RATINGS AFFIRMED
Saxon Mortgage Securities Corp.
Series Class Rating
1992-1 B-1, B-2 AA+
1992-1 R AAA
1992-6 B AA+
1993-2 A-2, A-3, A-6, A-7, A-8, A-P, A-X AAA
1993-2 F-1, F-2, F-3, F-P, F-X AAA
1993-4 2-A, 1-B AAA
1993-8 1A-3, 1A-4, 1A-5, 1A-6, 1-I AAA
1993-8 2A-2, 2A-3, 2A-4, 2A-5, M AAA
1993-10 A-1, A-2, A-3, A-4, I AAA
1994-2 A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9 AAA
1994-2 A-10, A-11, I AAA
1994-3 A-1, A-2, I-1, I-2, M, B-1, B-2 AAA
1994-3 B-3 AA
1994-4 1A-6, 1A-7, 1A-8, 1A-9, 1I AAA
1994-4 2A-1, 2A-2, 2A-5, 2A-6, 2A-8, 2A-9 AAA
1994-4 2A-10, 2A-11, 2I, 2B-1 AAA
1994-4 1B-1 AA+
1994-4 1B-3 BB
1994-6 B-1, B-2 AAA
1994-6 B-3 AA
1994-6 B-4 D
1994-7 A-1, A-2, B-1, B-2 AAA
1994-8 M AAA
1994-9 1A-4, 1A-5, 1I, 1P, 1R-1 AAA
1994-9 2A, 2I, 2P, 2R AAA
1994-9 1B-4 CCC
1994-9 1B-5 D
1994-10 M AAA
1994-11 A AAA
1994-12 A AAA
1995-1 A-1, A-2, I-1, I-2 AAA
1995-2 1A-3, 1I, 1P, 2A, 2I, 2R AAA
1995-2 1B-1, 2B-1 AAA
1995-2 1B-3 BBB+
1995-2 2B-2 AA+
SOURCE Standard & Poor's
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