RAMS Prime-1 rating

Ratings agency Moody's yesterday affirmed a Prime-1 rating for mortgage-backed commercial paper programs issued by non-bank lender RAMS Home Loans Group. The rating covers $6.2 billion of extendible commercial paper, which last week RAMS was forced to extend for up to 180 days rather than roll over. Moody's said its decision was based on various protections that will shelter investors from deterioration of the underlying collateral. "Moody's notes that the performance of the underlying mortgage loan collateral continues to be in line with expectations," it said. "Moody's will continue to closely monitor the performance of all RAMS related programs." Staff reporter