by Calculated Risk on 8/21/2007 06:07:00 PM

From Bloomberg: Fitch to Review $92.1 Billion of Subprime Securities (hat tip energyecon)

Fitch Ratings placed $92.1 billion of securities backed by subprime residential mortgages ``under analysis,'' the first step toward a possible credit rating downgrade.

The review affects 235 classes of securities, including 131 from before 2006 representing $19.4 billion of debt and 104 from last year with $72.7 billion of debt outstanding, New York-based Fitch analysts led by Jack Lohrs said in a statement today.

Fitch said $4.2 billion of the bonds, which are rated BBB or below, are the most likely to face ratings actions.

More potential downgrades - what a surprise!