Fitch indicated in a press release that "The prolonged freeze on the auction-rate securities (ARS) market may begin to manifest itself in negative rating actions on U.S. student loan trusts that use ARS, according to Fitch Ratings in a new report." The article notes that this is not a case of if. but rather when, these trusts will receive negative ratings action barring "some sort of remediation such as refinancing or restructuring." This is more bad news for the securitization markets. Fitch also cited that 35 of the 110 trusts they monitor have parity ratios (ratio of assets to liabilities) below 100.