2007 - (Reuters) - Subprime mortgage bonds carrying the highest, "AAA," rating have not eroded in quality despite price declines in the securities in recent days, Fitch Ratings said on Wednesday.
"We continue to be confident that "AAA" ratings reflect the high credit quality of those bonds," Glenn Costello, co-head of Fitch's residential mortgage group, said on a conference call. The top-rated bonds are designed to withstand a very high percentage of defaults, he said.
This Fitch?
Not that I disagree with their conclusions, although Australia's "strong and stable" economy and "relatively low unemployment" are questionable, but these rating agencies aren't exactly a bastion of objective and honest assessment.
