Standard & Poor's Ratings Services has lowered its ratings on 118 classes from 13 residential mortgage-backed securities transactions backed by U.S. prime jumbo mortgage collateral issued in 2005 and 2006. "The downgrades reflect our opinion that projected credit support for the affected classes is insufficient to maintain the previous ratings, given our current projected losses," S&P said. The ratings agency said it assumes a loss severity of 23% for U.S. prime jumbo RMBS transactions.
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