S&P makes further mass RMBS downgrades

In a statement released this morning, the rating agency announced that the RMBS classes being affected by the downgrades represent an issuance amount of $270.1 billion, approximately 46% of all RMBS backed by subprime mortgages rated by S&P between January 2006 and June 2007. The CDOs being placed on credit watch have an issuance amount of $263.9 billion and account for 35% of all CDOs rated by S&P worldwide over the same period.

S&P lowered ratings on 2,651 subprime RMBS issued in 2006, worth

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