NEW YORK -- Moody's Investors Service Inc. said it upgraded the ratings of nine securities backed by California mortgage pools.
Ratings were raised to Aaa for seven mortgage pass-through securities and to Aal for two. The nine were issued from 1987 through 1989; eight were initially rated Aa2, and one Baa2.
The issuers included Continental Savings of America, Great Western Bank, Republic Federal Savings and Loan, Ryland-First Nationwide Trust, Ryland-Mercury Savings Trust, and SecurNet Mortgage Securities.
Moody's cited the amount of credit enhancement available to support the securities and their relatively low levels of delinquencies and foreclosures.
