Class B of GSRPM Mortgage Trust series 2002-1 has been downgraded from B to C and assigned a Distressed Recovery rating of DR5 by Fitch Ratings.Fitch also affirmed the rating on three other classes in the transaction. The downgrade was attributed to a deterioration in the relationship between credit enhancement and loss expectations. The DR5 rating reflects Fitch's expectation that the overcollateralization will be "completely exhausted" in a few months, the rating agency said. The collateral consists primarily of performing and re-performing, seasoned, mainly first-lien residential mortgage loans that were purchased by an affiliate of GS Mortgage Securities Corp. and then sold to GS Mortgage Securities.
Processing Content
