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Bonds removed from negative credit watch

The Rated Mortgage Bonds offered by PropertyfinanceSecurities have been taken off a negative credit watch rating by Fitch.

Wednesday, 30 January 2008
Late last year it put the BBB rated bonds onto a negative watch, indicating a potential downgrade, because of a mismatch between the payment dates in the underlying assets and those of the bonds.

However, this issue has been solved by RMB changing the interest payment dates.

"Today's affirmation and removal of the ratings watch negative status reflects the rating action taken today where the underlying notes have been affirmed following the trustee changing the payment date of both Rated Mortgage CM 2006-1 Trust and Rated Mortgage RML 2006-2 Trust, in order to match the underlying assets," Fitch says.

The two trust affected are the &18.85 million CM 2006-1 Trust and the $19.6 million RML 2006-2 Trust.

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