MOODY'S ASSIGNS RATINGS TO 22 CLASSES OF CITIFINANCIAL MORTGAGE SECURITIES INC. 2004-1
Approximately $602.1 Million of Residential Mortgage Backed Securities Rated.
New York, May 21, 2004 -- Moody's Investors Service has assigned a Aaa rating to the senior certificates
issued by CitiFinancial Mortgage Securities, Inc. REMIC Pass-Through
Certificates, Series 2004-1, and ratings ranging from
Aa2 to Baa2 to the mezzanine and subordinate certificates of the deal.
The securitization is backed by loans originated by CitiFinancial or acquired
by it in the ordinary course of business. The pool consists of
adjustable-rate (31.41%) and fixed-rate (68.59%)
subprime mortgage loans. The ratings are based primarily on the
credit quality of the loans, and on the protection from subordination,
over-collateralization, and excess interest spread.
While the Loan to Value ratio for this pool is higher than average,
many attributes such as FICO scores, documentation and occupancy,
which are stronger than average, mitigate the risk to a great extent.
Therefore, credit enhancement levels are in line with the levels
of previous CitiFinancial pools.
CitiFinancial Mortgage Company will also act as the servicer for the loans.
THE COMPLETE RATING ACTIONS ARE AS FOLLOWS:
Class AF-1, $202,263,000, rated
Aaa
Class AF-2, $64,155,000, rated Aaa
Class AF-3, $24,586,000, rated Aaa
ClassAF-4, $25,927,000, rated Aaa
Class AF-5, $41,293,000, rated Aaa
Class AV-1, $161,252,000, rated
Aaa
Class MF-1, $12,388,000, rated Aa1
Class MF-2, $9,291,000, rated Aa2
Class MF-3, $6,194,000, ratedAa3
Class MF-4, $6,194,000, rated A1
Class MF-5, $6,195,000, rated A2
Class MF-6, $5,161,000, rated A3
Class MF-7, $5,162,000, rated Baa1
Class MF-8, $4,129,000, rated Baa2
Class MV-1, $6,147,000, rated Aa1
Class MV-2, $5,675,000, rated Aa2
Class MV-3, $2,837,000, rated Aa3
Class MV-4, $3,310,000, rated A1
Class MV-5, $2,838,000, rated A2
Class MV-6, $2,837,000, rated A3
Class MV-7, $2,364,000, rated Baa1
Class MV-8, $1,892,000, rated Baa2
Additional research is available on http://www.moodys.com.
New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Kruti Muni
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653