Fitch Upgrades 27 & Affs 97 Washington Mutual RMBS of 29 Issues

Fitch Upgrades 27 & Affs 97 Washington Mutual RMBS of 29 Issues

NEW YORK — Fitch Ratings has taken rating actions on the following Washington Mutual residential mortgage-backed certificates:

Washington Mutual (WAMU) mortgage pass-through certificates:

Series 2002-S1

— Groups 1 and 2 classes IA and IIA affirmed at ‘AAA’;

— Group 3 class IIIA affirmed at ‘AAA’.

Series 2002-S3

— Group 1 class IA affirmed at ‘AAA’;

— Group 2 class IIA affirmed at ‘AAA’.

Series 2002-S8

— Group 1 class IA affirmed at ‘AAA’;

— Group 2 class IIA affirmed at ‘AAA’;

Series 2003-S1

— Class A affirmed at ‘AAA’.

Series 2003-S2

— Class A affirmed at ‘AAA’;

— Class B3 affirmed at ‘BBB-‘;

— Class B4 affirmed at ‘BB-‘;

— Class B5 affirmed at ‘B’.

Series 2003-S3

— Class A affirmed at ‘AAA’;

— Class CB1 affirmed at ‘AA-‘;

— Class CB2 affirmed at ‘A-‘;

— Class CB3 affirmed at ‘BBB-‘;

— Class CB4 affirmed at ‘BB’.

Series 2003-S4

— Classes IA, IIA, IIIA, and IVA affirmed at ‘AAA’.

Series 2003-S5

— Groups 1 and 3 classes IA and IIIA affirmed at ‘AAA’.

— Group 2 class IIA affirmed at ‘AAA’;

— Group 2 class IIB2 affirmed at ‘A-‘;

— Group 2 class IIB5 affirmed at ‘B’.

Series 2003-S6

— Classes IA and IIA affirmed at ‘AAA’.

Series 2003-S7

— Class A affirmed at ‘AAA’;

— Class B2 affirmed at ‘A-‘.

Series 2003-S8

— Class A affirmed at ‘AAA’;

— Class B1 affirmed at ‘AA’;

— Class B2 affirmed at ‘A’;

— Class B3 affirmed at ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Series 2003-S9

— Class A affirmed at ‘AAA’.

Series 2003-S10

— Class A affirmed at ‘AAA’.

Series 2003-S11

— Classes IA, IIA, and IIIA affirmed at ‘AAA’.

Series 2003-S12

— Classes IA, IIA, and IIIA affirmed at ‘AAA’.

Series 2003-AR1

— Class A affirmed at ‘AAA’;

— Class B1 upgraded to ‘AAA’ from ‘AA’;

— Class B2 upgraded to ‘AA’ from ‘A’;

— Class B3 upgraded to ‘A’ from ‘BBB’;

— Class B4 upgraded to ‘BBB’ from ‘BB’;

— Class B5 upgraded to ‘BB’ from ‘B’.

Series 2003-AR2

— Class A affirmed at ‘AAA’;

— Class M upgraded to ‘AAA’ from ‘AA+’;

— Class B1 upgraded to ‘AAA’ from ‘AA’;

— Class B2 upgraded to ‘AA’ from ‘A’;

— Class B3 upgraded to ‘A’ from ‘BBB’.

Series 2003-AR3

— Class A affirmed at ‘AAA’;

— Class B1 upgraded to ‘AAA’ from ‘AA’;

— Class B2 upgraded to ‘AA-‘ from ‘A’;

— Class B3 upgraded to ‘A’ from ‘BBB’;

— Class B4 upgraded to ‘BBB’ from ‘BB’;

— Class B5 upgraded to ‘BB’ from ‘B’.

Series 2003-AR4

— Class A affirmed at ‘AAA’;

— Class B1 upgraded to ‘AAA’ from ‘AA’;

— Class B2 upgraded to ‘AA’ from ‘A’;

— Class B3 upgraded to ‘A’ from ‘BBB’;

— Class B4 upgraded to ‘BBB-‘ from ‘BB’;

— Class B5 upgraded to ‘B+’ from ‘B’;

Series 2003-AR5

— Class A affirmed at ‘AAA’;

— Class B1 upgraded to ‘AA+’ from ‘AA’;

— Class B2 upgraded to ‘A+’ from ‘A’;

— Class B3 upgraded to ‘BBB+’ from ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Series 2003-AR6

— Class A affirmed at ‘AAA’;

— Class B1 upgraded to ‘AA+’ from ‘AA’;

— Class B2 upgraded to ‘A+’ from ‘A’;

— Class B3 upgraded to ‘BBB+’ from ‘BBB’;

— Class B4 upgraded to ‘BB+’ from ‘BB’;

— Class B5 upgraded to ‘B+’ from ‘B’.

Series 2003-AR7

— Class A affirmed at ‘AAA’;

— Class B1 affirmed at ‘AA’;

— Class B2 affirmed at ‘A’;

— Class B3 affirmed at ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Series 2003-AR8

— Class A affirmed at ‘AAA’;

— Class B1 affirmed at ‘AA’;

— Class B2 affirmed at ‘A’;

— Class B3 affirmed at ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Series 2003-AR9 group 1

— Class IA affirmed at ‘AAA’;

— Class IB1 affirmed at ‘AA’;

— Class IB2 affirmed at ‘A’;

— Class IB3 affirmed at ‘BBB’;

— Class IB4 affirmed at ‘BB’.

Series 2003-AR9 group 2

— Class IIA affirmed at ‘AAA’;

— Class IIB1 affirmed at ‘AA’;

— Class IIB2 affirmed at ‘A’;

— Class IIB3 affirmed at ‘BBB’;

— Class IIB4 affirmed at ‘BB’.

Series 2003-AR10

— Class A affirmed at ‘AAA’;

— Class B1 affirmed at ‘AA’;

— Class B2 affirmed at ‘A’;

— Class B3 affirmed at ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Series 2003-AR11

— Class A affirmed at ‘AAA’;

— Class B1 affirmed at ‘AA’;

— Class B2 affirmed at ‘A’;

— Class B3 affirmed at ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Series 2003-AR12

— Class A affirmed at ‘AAA’;

— Class B1 affirmed at ‘AA’;

— Class B2 affirmed at ‘A’;

— Class B3 affirmed at ‘BBB’;

— Class B4 affirmed at ‘BB’;

— Class B5 affirmed at ‘B’.

Washington Mutual mortgage pass-through certificates (WAMMS):

— Series 2003-MS4 classes IA, IIA, and IIIA affirmed at ‘AAA’.

Washington Mutual mortgage pass-through certificates (WAMMS):

— Series 2003-MS9 classes IA and IIA affirmed at ‘AAA’.

The affirmations, affecting approximately $15 billion of the outstanding balances, are due to credit enhancement consistent with future loss expectations. The upgrades, affecting approximately $196 million of the outstanding balances, are being taken as a result of low delinquencies and losses, as well as increased credit support levels. The credit enhancement for the upgraded classes as of Nov. 25, 2004 distribution increased as much as 2.6 times the original credit enhancement percentage, which is a significant jump for 2003 vintage deals. With the exception of WAMU 2003-S11 (which had a loss of $64,346 as of Oct. 25, 2004 distribution date), none of the above deals have suffered losses.

The collateral of the above WAMU and WAMMS deals primarily consists of 15- to 30-year fixed-rate mortgages secured by first liens on one- to four-family residential properties. The ‘AR’ deals have collateral which consists of 15- to 30-year adjustable-rate mortgages, also secured by first liens on one- to four-family residential properties.

The pool factors (i.e. current mortgage loans outstanding as a percentage of the initial pool) for these deals range from 6% (WAMU 2002-S1) to 89% (WAMU 2003-S9). Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.

COPYRIGHT 2004 Business Wire

COPYRIGHT 2004 Gale Group