Fitch Ratings has downgraded Residential Capital LLC's residential mortgage servicer ratings, citing its "weakening financial condition." The rating agency said the move reflects "ResCap's liquidity position and financial flexibility and the potential impact on the company's servicing operations." The primary servicer rating downgrades are as follows: for prime product and alt-A product, from RPS2+ to RPS3; and for subprime, high loan-to-value and home equity/home equity line of credit product, from RPS2 to RPS3-. Also downgraded are the ResCap's primary specialty-subservicer rating (from RPS2+ to RPS3), its special servicer rating (from RSS2+ to RSS3-) and its master servicer rating (from RMS2+ to RMS3-).
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