NEW YORK--(BUSINESS WIRE)--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
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.