Fitch Group

New Century Sees Servicer Ratings Drop in Wake of Restatement 

Fitch Ratings said late Wednesday that it had downgraded New Century Mortgage Corporation’s residential primary servicer rating for subprime product to RPS-four from RPS-three-plus, and placed the rating on Watch Negative. Fitch said its rating action reflected uncertainties over New Century’s ability to maintain adequate funding and remain viable over the near term.