Twenty-two classes of mortgage pass-through certificates from five First Horizon Alternative securitizations have been downgraded by Fitch Ratings.Fitch also placed one class on Rating Watch Negative, removed four classes from Rating Watch Negative, and affirmed the ratings on eight classes from the five First Horizon transactions. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral for the deals generally consists of adjustable-rate, first-lien, fully amortizing and interest-only, alternative-A mortgage loans.
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