×

Fitch Affirms and Withdraws Bear Stearns & Co., Inc. 2001-A

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed and subsequently withdrawn the rating on Bear Stearns & Co., Inc. 2001-A class B, a U.S. RMBS Closed-End Second Resecuritization Trust (Re-REMIC).

The Re-REMIC transaction represents a beneficial ownership interest in a separate underlying RMBS trust fund. Specifically, Bear Stearns & Co., Inc. 2001-A class B, is a resecuritization of the not offered class B in Bear Stearns Asset Backed Securities, Inc. (BSABS) 2001-A.

The Re-REMIC rating action reflects the recently completed rating review of BSABS 2001-A. Additional information regarding the BSABS 2001-A rating actions is available in Fitch's Oct. 5, 2012 press release titled 'Fitch Takes Various Actions on 69 U.S. Second Lien & HELOC RMBS Deals', and is available at www.fitchratings.com.

The rating action on the Re-REMIC reflects the rating of the underlying class, since the Re-REMIC is a direct pass-through structure and does not provide additional enhancement to the Re-REMIC class. Fitch withdrew the rating on the RE-REMIC class due to lack of investor interest in a class that is not expected to make a meaningful recovery in the future.

Fitch has taken the following rating action:

Bear Stearns & Co., Inc. 2001-A

--Class B (07384JAA7) affirmed at 'Dsf/RE 65%' and withdrawn.

This action was reviewed by a committee of Fitch analysts.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. RMBS Surveillance Criteria' (Aug. 10, 2012);

--'U.S. Residential Mortgage Re-REMIC Criteria' (Aug. 10, 2012);

--'Fitch Takes Various Actions on 134 U.S. Manufactured Housing RMBS Deals' (Oct. 2, 2012);

--'U.S. RMBS Loan Loss Model Criteria' (Aug. 10, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Structured Finance Recovery Estimates for Distressed Securities' (Nov. 18, 2011);

--'Counterparty Criteria for Structured Finance Transactions' (May 30, 2012);

--'Criteria for Interest Rate Stresses in Structured Finance Transactions' (March 20, 2012);

--'Criteria for Rating Caps in Global Structured Finance Transactions' (Aug. 2, 2012).

Applicable Criteria and Related Research:

Criteria for Rating Caps in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684737

Criteria for Interest Rate Stresses in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=673560

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Residential Mortgage Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686005

U.S. RMBS Surveillance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685739

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Performance Analyst
Susan Hosterman, +1 212-908-0670
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Grant Bailey, +1 212-908-0544
Managing Director
or
Media Relations
Sandro Scenga, +1 212-908-0278 (New York)
sandro.scenga@fitchratings.com

Source: Fitch Ratings