...On 18 September 2008, Fitch Ratings downgraded the UK ratings of Capstone Mortgage Services Limited (Capstone or the company) to RPS3+(Prime) , RPS3+(Subprime) and RSS3+ , for the primary and special servicing of UK prime and non\01conforming residential mortgage loans. As at the writing of this report, the ratings are also on Rating Watch Negative (RWN). This follows the affirmation of Capstone s ratings in June 2008 following its annual servicer review at RPS2+(Prime) , RPS2+(Subprime) and RSS2+ . The downgrades are the direct result of Capstone s parent company, Lehman Brothers Holdings Inc. (LBHI, ratings withdrawn) filing Chapter 11 bankruptcy protection in the US on 15 September 2008, and certain Lehman companies entering administration. As at the time of writing, Capstone is not in administration. Fitch notes that Capstone is capable of administering its current portfolio and continues to trade as a going concern...
|
