Pace of Rating Downgrades Quickens As Services Assess Declining Market
February 20, 2009
Credit rating companies were much busier downgrading existing MBS and ABS and scrambling to restructure their processes last year than they were rating new transactions. The volume of rated non-agency MBS fell from $707.01 billion in 2007 to just $58.42 billion last year, a 92 percent decline. Many of last year’s deals were re-securitizations and... [Includes two charts]