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Upgrades continued to represent the bulk of rating activity involving U.S. residential mortgage-backed securities in the first quarter, according to Standard & Poor's Ratings Services.
S&P's latest Structured Finance Global Ratings Roundup quarterly report indicated that there were 128 performance- related upgrades, six performance-related downgrades and 21 guarantor-related downgrades in that market in the first quarter.
The affected collateral types included prime, home equity, and home improvement mortgage loans.
Transactions backed by prime residential mortgage collateral recorded the highest ...