S&P’s perspective on sub-prime mortgage market
Sub-prime market represented 40% of rated U.S. RMBS issuance in 2006
- 2006: S&P lowered about 1.5% of 9,997 outstanding sub-prime ratings
- To date in 2007: No downgrades and only 10 CreditWatch actions relating to almost 5,000 vintage 2006 sub-prime ratings
- Actions represent only 0.2% of total outstanding ratings