Fitch Ratings said Monday that it had downgraded the residential mortgage servicer ratings of National City Mortgage; the servicer saw its prime and Alt-A servicer ratings dropped one notch from 'RPS1-' to 'RPS2+." From the press statement:
The servicer rating actions are being taken due to a weakening of the financial strength of NCM's parent National City Corporation (NCC) whose rating was downgraded by Fitch on Nov. 6, 2007 to 'A+' from 'AA-'. The Rating Outlook for NCC is Negative. A company's financial condition is an important component of Fitch's servicer rating analysis. The rating action on NCC was taken due to its weakened core financial performance. The economic prospects for some of NCC's core markets are less than robust and near-term issues are emerging which may further restrain financial performance. At this time Fitch does not anticipate any material disruption to NCM's servicing operations.
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