Fitch Ratings Re-Rates Ratings

Fun conference call this morning with Fitch Ratings on asset-backed credit market. Among other things, the ratings company is rerating its ratings for RMBS CDOs, acknowledging that more borrowers will, you know, default on their mortgages. Specifically, it is upping the model risk of default by 20%.

You can find the full Fitch presentation here, and it’s worth reading.