Fitch Upgrades $1.8MM of Senior ABS Repack Trust 2002-1

NEW YORK--()--Fitch Ratings has upgraded and revised the Outlook of the certificates issued by Senior ABS Repack Trust, series 2002-1 (Senior ABS Repack Trust 2002-1) as follows:

--$1,800,000 certificates to 'BBsf' from 'Bsf'; Outlook revised to Stable from Negative.

SENSITIVITY/RATING DRIVERS

The rating on the certificates, which addresses timely payment of interest and ultimate payment of principal is based on the anticipated cash flow from the E*TRADE ABS CDO I, Ltd. (E*Trade I) class A-2 notes held as collateral by the Senior ABS Repack Trust 2002-1. The rating on the certificates correlates directly with the rating on the class A-2 notes of E*TRADE I. The E*TRADE I class A-2 notes were upgraded to 'BBsf' from 'Bsf' and the Outlook was revised to Stable from Negative by Fitch today.

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.

The information used to assess these ratings was sourced from the asset manager, periodic servicer reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

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

--'Global Rating Criteria for Structured Finance CDOs' (Oct. 3, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690203

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Contacts

Fitch Ratings
Primary Surveillance Analyst
Erika Tsang, CFA, +1-212-908-0817
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Alina Pak, CFA, +1-312-368-3184
Senior Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Surveillance Analyst
Erika Tsang, CFA, +1-212-908-0817
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Alina Pak, CFA, +1-312-368-3184
Senior Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com