A report from Standard & Poor's indicates that steep declines in interest rates are likely contributing to fewer homeowners in Europe getting behind on mortgage payments. The lower levels of mortgage arrears has brightened the outlook for ratings on residential mortgage-backed securities. The ratings agency said further RMBS downgrades will be in lower-rated debt, for the most part. "As the financial system begins to emerge on a sounder footing, the risk of downgrades to senior notes is fading," said S&P analyst Andy South.
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