NEW YORK, Feb. 5 /PRNewswire/ -- Standard & Poor's today raised its
ratings on 13 classes of various series of mortgage pass-through certificates
issued by DLJ Mortgage Acceptance Corp. At the same time, ratings are
affirmed on the remaining classes of the remaining series from the same issuer
(see list).
The raised ratings reflect the classes' sufficient current and projected
credit support percentages. The loss coverage percentages are greater than
the original levels recommended for the newly assigned ratings. In the case
of the transactions supported by pool insurance, the ratings have been capped
at that of the insurance provider.
The affirmations are based on adequate credit support at each certificate
class rating level. These credit support levels are sufficient to protect
classes from losses on an actual and projected basis. Even though some
classes have projected credit support of more than two times the original
credit support levels and in some cases 100%, factors such as the financial
strength rating (FSR) of the pool insurance provider limits the rating level
at this time. Series 1993-20, 1994-2, 1994-5, 1994-15, and 1995-6 have pool
insurance policies from Radian Guaranty Inc., which has a FSR of double-'A'.
Series 1992-6, 1992-9, 1992-12, and 1993-8 have pool insurance policies from
PMI Mortgage Insurance Co., which has a FSR of double-'A'-plus. Also,
supplemental pool policies are provided for series 1992-9, 1992-12, and
1993-8, by Gemico (FSR of triple-'A').
As of the December 2001 remittance date, the aggregate cumulative losses
for all series averaged 8.55% of their original issuance amounts. The total
weighted average delinquency rate is 5.98% of the current pool balances.
Credit support is provided by a number of sources, including subordination of
the underlying classes, bond insurance, and pool insurance.
The collateral backing these series is comprised of 30-year, fixed- or
adjustable-rate, conventional, fully amortizing mortgage loans.
RATINGS RAISED
DLJ Mortgage Acceptance Corp.
Mortgage pass-thru certs
Rating
Series Class To From
1991-2 A-1, A-2 AAA AA+
1992-6 A-3 AA+ AA
1993-8 A-2 AA+ AA
1993-14 M-2 AAA AA
1993-14 B-1 AA+ A
1994-2 IA-2,IIA-3 AA AA-
1994-3 M AA+ AA
1994-5 IA-2,IIA-2 AA AA-
1994-15 IA-2,IIA-2 AA AA
RATINGS AFFIRMED
DLJ Mortgage Acceptance Corp.
Mortgage pass-thru certs
Series Class Rating
1991-3 A-1, A-2 AAA
1992-6 A-2 AAA
1992-9 A-2, A-3 AAA
1992-12 A-1, A-2 AAA
1992-Q8 A-2 AAA
1992-Q-11 A-2 AAA
1993-8 A-1 AAA
1993-14 A-1, A-2, M-1, S AAA
1993-19 A-1, A-3, A-4 AAA
1993-19 A-5, A-6, A-7, A-P AAA
1993-19 S-1 AAA
1993-19 M AA
1993-19 B-1 A
1993-20 I A-1, I-S AAA
1993-4A A, S AAA
1993-4B B AAA
1993-4C C AAA
1993-Q6 A-2 AAA
1993-Q9 A-1,S AAA
1993-Q13 A-1, S AAA
1993-Q15 A-1,S-C,S-P AAA
1993-Q16 IA-1, IS, IIA-1, IIS AAA
1993-Q18 IA, IIA, S-C, S-P AAA
1994-10 IA, IIA2, IIA3, R AAA
1994-2 IA1, IIA1,IIA2, R AAA
1994-3 A-3, A-4 AAA
1994-3 A-5, A-6, A-7, A-8 AAA
1994-3 A-9, A-10, A-11, A-12 AAA
1994-3 A-13, A-14, A16, A-P AAA
1994-3 S AAA
1994-5 IA1, IA2, R, IIA1 AAA
1994-6 A AAA
1994-6 M AA
1994-15 IA-1, IIA-1, R AAA
1994-Q1 IA-1, IIA-1, S AAA
1994-Q7 A-1, AAA
1994-Q8 IA-1, IIA-1, IS, IIS AAA
1994-Q9 IA-1, IS, IIA-1B,IIS AAA
1994-Q12 A-1 AAA
1994-Q13 IIA1, IIIA1B, IIIS1 AAA
1994-Q13 IIS1, IS1 AAA
1994-Q16 IA-1, II A-1, IIS-1 AAA
1994-Q16 IS-1 AAA
1995-4 A AAA
1995-5 A-2, A-3, S AAA
1995-Q1 A-1, A-1S AAA
1995-Q2 A-3, S AAA
1995-Q2 M AA
1995-Q3 I A-1, II A-1 AAA
1998-2 I-P, II-A-2, II-A-3 AAA
1998-2 II-A-7, II-A-8, II-A-9 AAA
1998-2 II-A-10, II-A-11 AAA
1998-2 IIA-12, II-A-13 AAA
1998-2 II-A-4, II-A-5, II-P AAA
1998-2 II-X, A-R AAA
1998-2 III-A-1, III-P, III-X AAA
1998-2 IPP-A-1 AAA
1998-2 IPP-B-1 AA
2000-S4 A-R-1,A-R-2,A-R-3 AAA
2000-S4 I-A-1, II-A-1, II-A-2, III-A-1 AAA
2000-S4 III-A-2, I-P, X-1, X-II, X-III AAA
2000-S4 B-1, XB-1 AA
2000-S4 B-2, XB-2 A
2001-S3 A-R-1, A-R-2, A-R-3, I-A-1 AAA
2001-S3 I-A-2,II-A-1, III-A-1, III-A-2 AAA
2001-S3 II-P,II-P X-1, X-II, X-III, B-1 AAA
2001-S3 XB-1 AA
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Lisa Wilson, +1-212-438-2670, or Ernestine
Warner, +1-212-438-2633, both of Standard & Poor's
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