NOTE: On March 2, 2012, the press release was revised as follows: Complete Rating Action list has been corrected to remove ?Green Tree Financial Corporation MH 1997-03 - A-7, Downgraded to Ba1; previously on 12/13/2004 Downgraded to Baa1. List of adjusted rating actions has been corrected to add: ?Green Tree Financial Corporation MH 1997-03 - A-7, Downgraded from Baa1 to Ba1 on 3/30/2009; Changed to Baa1 on 4/3/2009?. Revised release follows.
New York, April 03, 2009 -- Moody's Investors Service today has taken rating actions with respect
to the ratings of certain tranches of transactions collateralized by manufactured
housing loans. These actions result in changes to ratings announced
on March 30th, which the rating agency determined had employed unduly
conservative assumptions regarding loss multiples and severity of loss
upon default and did not give full credit for scheduled principal payments.
In taking these rating actions today, Moody's applied an expanded
ratings multiple table to provide loss multiples for transactions with
higher loss levels, added credit for scheduled principal payments,
and updated its loss severity assumption to 85%, which compares
to actual recent severity experience of about 75%. This
resulted in adjusted ratings on 197 tranches.
The adjusted rating actions are as follows:
Access Financial MH Contract Trust 1995-1
B-1, Downgraded from B2 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
Access Financial MH Contract Trust 1996-1
A-5, Downgraded from Aaa to Aa1 on 3/30/2009; Changed
to Aaa placed on review for possible downgrade on 4/3/2009.
A-6, Downgraded from A1 to Ca on 3/30/2009; Changed
to Ba2 on 4/3/2009.
Associates Manufactured Housing 1996-2
B-1, Downgraded from Ba2 to B2 on 3/30/2009; Changed
to Ba2 on 4/3/2009.
Associates Manufactured Housing 1997-2
A-6, Downgraded from Aaa to A1 on 3/30/2009; Changed
to Aaa placed on review for possible downgrade on 4/3/2009.
M, Downgraded from A1 to B1 on 3/30/2009; Changed to A2 on
4/3/2009.
Bombardier Capital Mortgage Securitization Corp 1998-A
A-3, Downgraded from A1 to Ba3 on 3/30/2009; Changed
to A1 on 4/3/2009.
A-4, Downgraded from A1 to Ba3 on 3/30/2009; Changed
to A1 on 4/3/2009.
A-5, Downgraded from A1 to Ba3 on 3/30/2009; Changed
to A1 on 4/3/2009.
Bombardier Capital Mortgage Securitization Corp 1998-B
A, Downgraded from B2 to Caa3 on 3/30/2009; Changed to Caa1
on 4/3/2009.
Bombardier Capital Mortgage Securitization Corp 1999-A
A-2, Downgraded from B1 to Caa2 on 3/30/2009; Changed
to B3 on 4/3/2009.
A-3, Downgraded from B1 to Caa2 on 3/30/2009; Changed
to B3 on 4/3/2009.
A-4, Downgraded from B1 to Caa2 on 3/30/2009; Changed
to B3 on 4/3/2009.
A-5, Downgraded from B1 to Caa2 on 3/30/2009; Changed
to B3 on 4/3/2009.
Bombardier Capital Mortgage Securitization Corp 2001-A
Cl. A, Downgraded from Baa3 to B3 on 3/30/2009; Changed
to Baa3 on 4/3/2009.
Cl. M-1, Downgraded from Caa3 to C on 3/30/2009;
Changed to Ca on 4/3/2009.
Conseco Finance Securitization Corp. Series 2001-4
Class M-1, Downgraded from Caa2 to Ca on 3/30/2009;
Changed to Caa2 on 4/3/2009.
Conseco Finance Securitization Corp. Series 2002-2
Class M-1, Downgraded from B1 to B2 on 3/30/2009; Changed
to B1 on 4/3/2009.
Conseco Finance Securitizations Corp. Series 1999-6
Cl. A-1, Downgraded from Caa2 to Ca on 3/30/2009;
Changed to Caa2 on 4/3/2009.
Conseco Finance Securitizations Corp. Series 2000-6
Cl. A-5, Downgraded from B3 to Caa3 on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Conseco Finance Securitizations Corp. Series 2001-1
Cl. A-5, Downgraded from B3 to Caa3 on 3/30/2009;
Changed to B3 on 4/3/2009.
Conseco Finance Securitizations Corp. Series 2001-3
Class A-4, Downgraded from B1 to Caa2 on 3/30/2009;
Changed to B1 placed on review for possible downgrade on 4/3/2009.
C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-MH1
Cl. AF-2, Downgraded from Aaa to A1 on 3/30/2009;
Changed to Aaa on 4/3/2009.
Cl. AF-3, Downgraded from Aaa to A1 on 3/30/2009;
Changed to Aaa on 4/3/2009.
Cl. AF-4, Downgraded from Aaa to A1 on 3/30/2009;
Changed to Aaa on 4/3/2009.
Cl. M-1, Downgraded from Aa2 to Baa2 on 3/30/2009;
Changed to A1 on 4/3/2009.
C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-MH1
Cl. B-1, Downgraded from Baa2 to B3 on 3/30/2009;
Changed to Ca on 4/3/2009.
CIT Group Securitization Corp II MH 1995-1
A-4, Downgraded from Aa3 to Ba1 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
CIT Group Securitization Corp II MH 1995-2
A-5, Downgraded from Aa3 to Ba2 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
CSFB ABS Trust Manufactured Housing Pass-Through Certificates 2001-MH29
Cl. M-1, Downgraded from Aa2 to A2 on 3/30/2009;
Changed to Aa2 placed on review for possible downgrade on 4/3/2009.
Cl. M-2, Downgraded from A2 to B1 on 3/30/2009;
Changed to Baa3 on 4/3/2009.
CSFB Manufactured Housing Pass-Through Certificates, Series
2002-MH3
Cl. A, Downgraded from Aaa to A2 on 3/30/2009; Changed
to Aaa placed on review for possible downgrade on 4/3/2009.
Cl. M-1, Downgraded from Aa2 to Ba2 on 3/30/2009;
Changed to A3 on 4/3/2009.
Cl. M-2, Downgraded from Baa2 to Ca on 3/30/2009;
Changed to B2 on 4/3/2009.
Deutsche Financial Capital Securitization LLC, Series 1997-I
Class A-3, Downgraded from A3 to Baa2 on 3/30/2009;
Changed to A3 on 4/3/2009.
Class A-4, Downgraded from A3 to Baa2 on 3/30/2009;
Changed to A3 on 4/3/2009.
Class A-5, Downgraded from A3 to Baa2 on 3/30/2009;
Changed to A3 on 4/3/2009.
Class A-6, Downgraded from A3 to Baa2 on 3/30/2009;
Changed to A3 on 4/3/2009.
Class M, Downgraded from B3 to Ca on 3/30/2009; Changed to
B3 placed on review for possible downgrade on 4/3/2009.
Deutsche Financial Capital Securitization LLC, Series 1998-I
Class A-2, Downgraded from Baa1 to B3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Class A-3, Downgraded from Baa1 to B3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Class A-4, Downgraded from Baa1 to B3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Class A-5, Downgraded from Baa1 to B3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Class A-6, Downgraded from Baa1 to B3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Class A-7, Downgraded from Baa1 to B3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Class M, Downgraded from Caa2 to C on 3/30/2009; Changed to
Ca on 4/3/2009.
Green Tree Financial Corporation MH 1992-02
B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
on 4/3/2009.
Green Tree Financial Corporation MH 1993-01
B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
on 4/3/2009.
Green Tree Financial Corporation MH 1993-02
B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
on 4/3/2009.
Green Tree Financial Corporation MH 1993-03
B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
on 4/3/2009.
Green Tree Financial Corporation MH 1995-03
B-1, Downgraded from Ba2 to B1 on 3/30/2009; Changed
to Ba2 on 4/3/2009.
Green Tree Financial Corporation MH 1995-04
B-1, Downgraded from B1 to Caa3 on 3/30/2009; Changed
to B1 on 4/3/2009.
Green Tree Financial Corporation MH 1995-05
B-1, Downgraded from B1 to Caa2 on 3/30/2009; Changed
to B1 on 4/3/2009.
Green Tree Financial Corporation MH 1995-06
M-1, Downgraded from Baa2 to Ba3 on 3/30/2009; Changed
to Baa2 on 4/3/2009.
B-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa1 on 4/3/2009.
Green Tree Financial Corporation MH 1995-08
M-1, Downgraded from A1 to A2 on 3/30/2009; Changed
to A1 on 4/3/2009.
B-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa1 on 4/3/2009.
Green Tree Financial Corporation MH 1995-09
M-1, Downgraded from A2 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
B-1, Downgraded from B3 to Caa1 on 3/30/2009; Changed
to B3 on 4/3/2009.
Green Tree Financial Corporation MH 1995-10
M-1, Downgraded from Aa3 to Baa1 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
B-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to B3 placed on review for possible downgrade on 4/3/2009.
Green Tree Financial Corporation MH 1996-01
M-1, Downgraded from Baa1 to Ba2 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
B-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
Green Tree Financial Corporation MH 1996-02
M-1, Downgraded from B3 to Caa2 on 3/30/2009; Changed
to B3 placed on review for possible downgrade on 4/3/2009.
Green Tree Financial Corporation MH 1996-03
A-5, Downgraded from Aa1 to A1 on 3/30/2009; Changed
to Aa1 on 4/3/2009.
A-6, Downgraded from Aa1 to A1 on 3/30/2009; Changed
to Aa1 on 4/3/2009.
M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
Green Tree Financial Corporation MH 1996-04
A-6, Downgraded from A2 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
A-7, Downgraded from A2 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
Green Tree Financial Corporation MH 1996-05
A-6, Downgraded from Aa3 to A1 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
A-7, Downgraded from Aa3 to A1 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
Green Tree Financial Corporation MH 1996-06
M-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa1 on 4/3/2009.
Green Tree Financial Corporation MH 1996-07
M-1, Downgraded from B1 to Caa2 on 3/30/2009; Changed
to B3 on 4/3/2009.
Green Tree Financial Corporation MH 1996-08
A-6, Downgraded from Aa2 to Aa3 on 3/30/2009; Changed
to Aa2 on 4/3/2009.
A-7, Downgraded from Aa2 to Aa3 on 3/30/2009; Changed
to Aa2 on 4/3/2009.
M-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
Green Tree Financial Corporation MH 1996-09
M-1, Downgraded from B2 to Ca on 3/30/2009; Changed
to Caa1 on 4/3/2009.
Green Tree Financial Corporation MH 1997-01
M-1, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
Green Tree Financial Corporation MH 1997-02
A-6, Downgraded from Baa1 to Baa3 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
A-7, Downgraded from Baa1 to Baa3 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
Green Tree Financial Corporation MH 1997-03
A-5, Downgraded from Baa1 to Ba1 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
A-6, Downgraded from Baa1 to Ba1 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
Green Tree Financial Corporation MH 1997-05
M-1, Downgraded from B2 to Caa2 on 3/30/2009; Changed
to B2 on 4/3/2009.
Green Tree Financial Corporation MH 1997-07
A-6, Downgraded from A3 to Baa1 on 3/30/2009; Changed
to A3 on 4/3/2009.
A-7, Downgraded from A3 to Baa1 on 3/30/2009; Changed
to A3 on 4/3/2009.
A-8, Downgraded from A3 to Baa1 on 3/30/2009; Changed
to A3 on 4/3/2009.
A-9, Downgraded from A3 to Baa1 on 3/30/2009; Changed
to A3 on 4/3/2009.
A-10, Downgraded from A3 to Baa1 on 3/30/2009; Changed
to A3 on 4/3/2009.
M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
Green Tree Financial Corporation MH 1998-01
M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
Green Tree Financial Corporation MH 1998-02
A-5, Downgraded from Baa3 to Ba3 on 3/30/2009; Changed
to Ba1 on 4/3/2009.
A-6, Downgraded from Ba1 to Ba3 on 3/30/2009; Changed
to Ba1 on 4/3/2009.
M-1, Downgraded from Ca to C on 3/30/2009; Changed to
Ca on 4/3/2009.
Green Tree Financial Corporation MH 1998-04
A-5, Downgraded from Ba3 to B3 on 3/30/2009; Changed
to Ba3 on 4/3/2009.
A-6, Downgraded from Ba3 to B3 on 3/30/2009; Changed
to Ba3 on 4/3/2009.
A-7, Downgraded from Ba3 to B3 on 3/30/2009; Changed
to Ba3 on 4/3/2009.
M-1, Downgraded from Ca to C on 3/30/2009; Changed to
Ca on 4/3/2009.
Green Tree Financial Corporation MH 1998-05
A-1, Downgraded from Ba1 to B3 on 3/30/2009; Changed
to Ba1 on 4/3/2009.
M-1, Downgraded from Ca to C on 3/30/2009; Changed to
Ca on 4/3/2009.
Green Tree Financial Corporation MH 1998-07
A-1, Downgraded from Ba1 to B1 on 3/30/2009; Changed
to Ba1 on 4/3/2009.
M-1, Downgraded from Caa3 to C on 3/30/2009; Changed
to Ca on 4/3/2009.
Green Tree Financial Corporation MH 1998-08
A-1, Downgraded from Ba2 to B3 on 3/30/2009; Changed
to Ba2 on 4/3/2009.
M-1, Downgraded from Caa3 to C on 3/30/2009; Changed
to Ca on 4/3/2009.
Greenpoint Manufactured Housing Contract Trust 1999-5
Cl. A-5, Downgraded from Ba1 to Ba2 on 3/30/2009;
Changed to Ba1 on 4/3/2009.
Cl. M-1B, Downgraded from Ca to C on 3/30/2009;
Changed to Ca on 4/3/2009.
GreenPoint Manufactured Housing Contract Trust 2001-1
Cl. I M-2, Downgraded from Aa3 to B1 on 3/30/2009;
Changed to Baa3 on 4/3/2009.
IndyMac MH Contract 1997-1
A-2, Downgraded from B1 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
A-3, Downgraded from B1 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
A-4, Downgraded from B1 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
A-5, Downgraded from B1 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
A-6, Downgraded from B1 to Ca on 3/30/2009; Changed
to Caa3 on 4/3/2009.
Mid-State Trust VI
A-1, Downgraded from Aaa to A1 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
A-2, Downgraded from Aa2 to Baa3 on 3/30/2009; Changed
to Baa2 on 4/3/2009.
A-3, Downgraded from A2 to B2 on 3/30/2009; Changed
to Ba1 on 4/3/2009.
A-4, Downgraded from Baa2 to C on 3/30/2009; Changed
to Caa3 on 4/3/2009.
Mid-State Trust X
Cl. M-1, Downgraded from Aa2 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Cl. M-2, Downgraded from A2 to Ca on 3/30/2009;
Changed to Caa3 on 4/3/2009.
Mid-State Trust XI
Cl. A, Downgraded from Aaa to Ba1 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
Oakwood Mortgage Investors, Inc. Series 1997-D
A-3, Downgraded from A2 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
A-4, Downgraded from A2 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
A-5, Downgraded from A2 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
M, Downgraded from Ba3 to Caa1 on 3/30/2009; Changed to Ba3
placed on review for possible downgrade on 4/3/2009.
Oakwood Mortgage Investors, Inc. Series 1998-A
M, Downgraded from Caa1 to Ca on 3/30/2009; Changed to Caa2
on 4/3/2009.
Oakwood Mortgage Investors, Inc., Series 1998-C
A, Downgraded from Baa3 to B3 on 3/30/2009; Changed to Baa3
on 4/3/2009.
A-1 ARM, Downgraded from Baa3 to B3 on 3/30/2009; Changed
to Baa3 on 4/3/2009.
M-1, Downgraded from Ca to C on 3/30/2009; Changed to
Ca on 4/3/2009.
Oakwood Mortgage Investors, Inc., Series 1998-D
A, Downgraded from Ba1 to Caa1 on 3/30/2009; Changed to Ba1
on 4/3/2009.
A-1 ARM, Downgraded from Ba1 to Caa1 on 3/30/2009; Changed
to Ba1 on 4/3/2009.
M-1, Downgraded from Ca to C on 3/30/2009; Changed to
Ca on 4/3/2009.
Oakwood Mortgage Investors, Inc., Series 1999-A
A-2, Downgraded from Ba1 to B3 on 3/30/2009; Changed
to Ba1 placed on review for possible downgrade on 4/3/2009.
A-3, Downgraded from Ba1 to B3 on 3/30/2009; Changed
to Ba1 placed on review for possible downgrade on 4/3/2009.
A-4, Downgraded from Ba1 to B3 on 3/30/2009; Changed
to Ba1 placed on review for possible downgrade on 4/3/2009.
A-5, Downgraded from Ba1 to B3 on 3/30/2009; Changed
to Ba1 placed on review for possible downgrade on 4/3/2009.
M-1, Downgraded from Caa3 to C on 3/30/2009; Changed
to Ca on 4/3/2009.
Oakwood Mortgage Investors, Inc., Series 1999-B
A-2, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
A-3, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
A-4, Downgraded from B3 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
Oakwood Mortgage Investors, Inc., Series 1999-D
A-1, Downgraded from Caa1 to Ca on 3/30/2009; Changed
to Caa2 on 4/3/2009.
OMI Trust 2000-C
Cl. A-1, Downgraded from B2 to Ca on 3/30/2009;
Changed to Caa2 on 4/3/2009.
OMI Trust 2000-D
Cl. A-3, Downgraded from Caa1 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
OMI Trust 2001-B
Cl. A-2, Downgraded from Ba3 to Caa3 on 3/30/2009;
Changed to B3 on 4/3/2009.
Cl. A-3, Downgraded from Ba3 to Caa3 on 3/30/2009;
Changed to B3 on 4/3/2009.
Cl. A-4, Downgraded from Ba3 to Caa3 on 3/30/2009;
Changed to B3 on 4/3/2009.
OMI Trust 2002-A
Cl. A-1, Downgraded from B1 to Ca on 3/30/2009;
Changed to B3 on 4/3/2009.
Cl. A-2, Downgraded from B1 to Ca on 3/30/2009;
Changed to B3 on 4/3/2009.
Cl. A-3, Downgraded from B1 to Ca on 3/30/2009;
Changed to B3 on 4/3/2009.
Cl. A-4, Downgraded from B1 to Ca on 3/30/2009;
Changed to B3 on 4/3/2009.
Cl. A-IO, Downgraded from Ba3 to Ca on 3/30/2009;
Changed to B3 on 4/3/2009.
OMI Trust 2002-B
Cl. A-1, Downgraded from Ba2 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Cl. A-2, Downgraded from Ba2 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Cl. A-3, Downgraded from Ba2 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Cl. A-4, Downgraded from Ba2 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Cl. IO, Downgraded from Ba1 to Ca on 3/30/2009; Changed
to Caa1 on 4/3/2009.
OMI Trust 2002-C
Cl. A-1, Downgraded from Ba1 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
Cl. A-IO, Downgraded from Ba1 to Ca on 3/30/2009;
Changed to Caa1 on 4/3/2009.
OMI Trust Series 2001-E
Cl. A-1, Downgraded from B3 to Ca on 3/30/2009;
Changed to Caa3 on 4/3/2009.
Cl. A-2, Downgraded from B3 to Ca on 3/30/2009;
Changed to Caa3 on 4/3/2009.
Cl. A-3, Downgraded from B3 to Ca on 3/30/2009;
Changed to Caa3 on 4/3/2009.
Cl. A-4, Downgraded from B3 to Ca on 3/30/2009;
Changed to Caa3 on 4/3/2009.
Cl. A-IO, Downgraded from B2 to Ca on 3/30/2009;
Changed to Caa3 on 4/3/2009.
Origen Manufactured Housing Conract Trust Collateralized Notes,
Series 2005-B
Origen Manufactured Housing Contract Senior/Subordinate Asset-Backed
Certificates, Series 2001-A
Cl. A-5, Downgraded from A2 to Caa2 on 3/30/2009;
Changed to A2 on 4/3/2009.
Cl. A-6, Downgraded from A2 to Caa3 on 3/30/2009;
Changed to B2 on 4/3/2009.
Cl. A-7, Downgraded from A2 to Caa2 on 3/30/2009;
Changed to B1 on 4/3/2009.
UCFC Funding Corporation 1997-2
M, Downgraded from B2 to B3 on 3/30/2009; Changed to B2 on
4/3/2009.
UCFC Funding Corporation 1997-3
A-4, Downgraded from Baa2 to Ba3 on 3/30/2009; Changed
to Baa2 on 4/3/2009.
M, Downgraded from Ca to C on 3/30/2009; Changed to Ca on 4/3/2009.
UCFC Funding Corporation 1997-4
A-4, Downgraded from B1 to Ca on 3/30/2009; Changed
to B1 on 4/3/2009.
UCFC Funding Corporation 1998-1
A-3, Downgraded from Baa3 to Caa3 on 3/30/2009; Changed
to Baa3 on 4/3/2009.
M, Downgraded from Ca to C on 3/30/2009; Changed to Ca on 4/3/2009.
UCFC Funding Corporation 1998-2
A-4, Downgraded from Ba2 to Caa3 on 3/30/2009; Changed
to B1 on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1997-A
I A-6, Downgraded from Aa2 to Aa3 on 3/30/2009; Changed
to Aa2 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1997-B
I A-6, Downgraded from Aa3 to A3 on 3/30/2009; Changed
to A1 on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1997-C
I A-6, Downgraded from Aa3 to A2 on 3/30/2009; Changed
to Aa3 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1997-D
I A-6, Downgraded from Aa3 to A2 on 3/30/2009; Changed
to Aa3 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1998-A
I A-6, Downgraded from Aa3 to A1 on 3/30/2009; Changed
to Aa3 on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1998-B
I A-6, Downgraded from Aa3 to A1 on 3/30/2009; Changed
to Aa3 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1999-A
IA-6, Downgraded from Aa3 to A3 on 3/30/2009; Changed
to A2 on 4/3/2009.
IM-1, Downgraded from A2 to Ba2 on 3/30/2009; Changed
to Baa1 on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 1999-D
Cl. IIA-1, Downgraded from Aaa to Aa2 on 3/30/2009;
Changed to Aaa placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 2000-B
Cl. IM-1, Downgraded from A2 to Ba1 on 3/30/2009;
Changed to Baa2 on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 2000-C
Cl. M-1, Downgraded from A2 to Baa1 on 3/30/2009;
Changed to A3 on 4/3/2009.
Vanderbilt Mortgage and Finance Inc. 2001-A
Cl. M-1, Downgraded from A2 to Baa3 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Cl. B-1, Downgraded from Baa2 to Ba2 on 3/30/2009;
Changed to Baa2 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance, Inc. 2002-C
Cl. B-1, Downgraded from Baa2 to Ca on 3/30/2009;
Changed to Baa2 on 4/3/2009.
Vanderbilt Mortgage and Finance, Inc. Series 2001-B
Cl. M-1, Downgraded from A2 to Baa2 on 3/30/2009;
Changed to Baa1 on 4/3/2009.
Cl. B-1, Downgraded from Baa2 to Baa3 on 3/30/2009;
Changed to Baa2 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance, Inc. Series 2001-C
Cl. M-1, Downgraded from A2 to Baa1 on 3/30/2009;
Changed to A2 placed on review for possible downgrade on 4/3/2009.
Vanderbilt Mortgage and Finance, Inc. Series 2002-A
Cl. M-1, Downgraded from A2 to Ba1 on 3/30/2009;
Changed to Baa2 on 4/3/2009.
Cl. B-1, Downgraded from Baa2 to Ba3 on 3/30/2009;
Changed to Baa3 on 4/3/2009.
Vanderbilt Mortgage and Finance, Inc. Series 2002-B
Cl. M-1, Downgraded from A2 to A3 on 3/30/2009;
Changed to A2 placed on review for possible downgrade on 4/3/2009.
Cl. B-1, Downgraded from Baa2 to Ba1 on 3/30/2009;
Changed to Baa2 placed on review for possible downgrade on 4/3/2009.
The updated press release is as follows:
New York, March 30, 2009 -- Moody's Investors
Service has downgraded the ratings of 149 tranches and placed the ratings
of 29 tranches on review for downgrade, connected with 86 transactions,
and upgraded the rating of 1 tranche. Underlying securities' collateral
consists of manufactured housing (MH) loans.
The ratings on the securities were monitored by evaluating factors Moody's
determined to be essential in the analysis of securities backed by such
loans. The salient factors include: i) the nature,
sufficiency, and quality of historical loan performance information,
ii) the collateral composition and pool credit performance including loan
delinquency and loss data, iii) the transaction's capital structure
and related allocations of collateral cash flows and losses, and
iv) a comparison of current credit enhancement levels to updated Moody's
pool loss projections based on present collateral credit performance.
When analyzing underlying ratings for MH transactions, Moody's projects
cumulative losses for each deal based on a collateral analysis of the
deal's Constant Prepayment Rate (CPR) and Constant Default Rate (CDR).
CPR - CPR is based on the average of the last six months 1-month
CPR.
CDR - There are three approaches for determining pool CDR.
The first approach calculates CDR based on pool loan losses from the previous
twelve months, i.e. recent losses. A second
approach is based on pipeline defaults -- derived from days-aged
delinquencies and Moody's assumptions for default based on days delinquent
or REO. The third approach calculates the default to liquidation
which linearly extrapolates future losses based on the current cumulative
loss given the current pool factor. Moody's assumes 85%
severity for manufactured homes at an expected case. After CDR
is calculated using the three methods, the effective CDR for loss
projection purposes is determined by using a weighted average of the CDRs
with weightings determined on a transaction by transaction basis.
Moody's will project future CDR rates based on delinquency and loss trends.
For the actions noted above, in most cases, Moody's has assumed
that CDR will remain constant over the life of each deal. A sudden
reversal in the existing trend of projected defaults and losses is not
anticipated for these deals as they are well seasoned.
Based on calculated CPR and CDR, Moody's calculates projected deal-specific
cumulative losses and the weighted average life of the deal. The
credit enhancement calculation may also include credit for excess spread,
i.e. the aggregate, positive difference in the weighted
average loan coupon and the all-inclusive securities' interest
and deal fees, including servicing. Excess spread benefit
is calculated by multiplying the stressed annualized excess spread by
the weighted average life of the deal. Aggregate credit enhancement
which combines subordination benefit (including overcollateralization
and/or reserve accounts) and support from letters of credit or guarantees
and excess spread benefit, is compared with projected cumulative
losses for the deal to derive coverage multiples and associated ratings
by tranche. Moody's will analyze tranche coverage multiples after
consideration of tranche-specific loss allocation and timing of
principal repayment.
Methodologies and factors that may have been considered in the process
of rating this issue can be found at www.moodys.com
in the Rating Methodology & Performance directory.
Complete Rating Action are as follows;
Access Financial MH Contract Trust 1995-1
B-1, Downgraded to Caa2; previously on 3/22/2005 Downgraded
to B2
Access Financial MH Contract Trust 1996-1
A-5, Currently Aaa, placed on review for possible downgrade;
previously on 5/29/1996 Assigned Aaa
A-6, Downgraded to Ba2; previously on 3/22/2005 Downgraded
to A1
Associates Manufactured Housing 1996-1
B-1, Downgraded to A3; previously on 11/15/2001 Upgraded
to Aa1
Associates Manufactured Housing 1997-1
B-1, Downgraded to A3; previously on 11/15/2001 Upgraded
to Aa1
Associates Manufactured Housing 1997-2
A-6, Currently Aaa, placed on review for possible downgrade;
previously on 9/24/1997 Assigned Aaa
B-1, Downgraded to A3; previously on 11/15/2001 Upgraded
to Aa1
B-2, Downgraded to A3; previously on 11/15/2001 Upgraded
to Aa1
M, Downgraded to A2; previously on 12/16/2004 Downgraded to
A1
BCMSC Trust 1999-A
A-2, Downgraded to B3; previously on 7/28/2004 Downgraded
to B1
A-3, Downgraded to B3; previously on 7/28/2004 Downgraded
to B1
A-4, Downgraded to B3; previously on 7/28/2004 Downgraded
to B1
A-5, Downgraded to B3; previously on 7/28/2004 Downgraded
to B1
BCMSC Trust 2001-A
Cl. M-1, Downgraded to Ca; previously on 7/28/2004
Downgraded to Caa3
Bombardier Capital Mortgage Sec Corp 1998-A
B-1, Downgraded to C; previously on 7/28/2004 Downgraded
to Ca
M, Downgraded to Ca; previously on 7/28/2004 Downgraded to
Ba2
Bombardier Capital Mortgage Sec Corp 1998-B
A, Downgraded to Caa1; previously on 7/28/2004 Downgraded to
B2
C-BASS Series 2006-MH1 Trust
Cl. AF-2, Currently Aaa, placed on review for
possible downgrade; previously on 9/15/2006 Assigned Aaa
Cl. AF-3, Currently Aaa, placed on review for
possible downgrade; previously on 9/15/2006 Assigned Aaa
Cl. AF-4, Currently Aaa, placed on review for
possible downgrade; previously on 9/15/2006 Assigned Aaa
Cl. B-1, Downgraded to Ca; previously on 9/15/2006
Assigned Baa2
Cl. B-2, Downgraded to C; previously on 9/15/2006
Assigned Ba2
Cl. B-3, Downgraded to C; previously on 9/15/2006
Assigned B2
Cl. M-1, Downgraded to A1; previously on 9/15/2006
Assigned Aa2
Cl. M-2, Downgraded to Ba2; previously on 9/15/2006
Assigned A2
CIT Group Securitization Corp II MH 1995-1
A-5, Downgraded to Baa2 and Placed Under Review for Possible
Downgrade; previously on 9/28/2004 Downgraded to A2
CIT Group Securitization Corp II MH 1995-2
B, Downgraded to Ca; previously on 9/28/2004 Downgraded to
Ba1
Conseco Finance Securitization Corp 2002-2
Class B-1, Downgraded to C; previously on 8/2/2006 Downgraded
to Ca
Class M-2, Downgraded to Ca; previously on 8/2/2006
Downgraded to Caa1
Conseco Finance Securitizations Corp 2000-1
Cl. A-5, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Conseco Finance Securitizations Corp 2000-2
Cl. A-5, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Cl. A-6, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Conseco Finance Securitizations Corp 2000-3
Cl. A-1, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Conseco Finance Securitizations Corp 2000-4
Cl. A-5, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Cl. A-6, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Conseco Finance Securitizations Corp 2000-5
Cl. A-6, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Cl. A-7, Downgraded to Ca; previously on 8/31/2004
Downgraded to Caa1
Conseco Finance Securitizations Corp 2000-6
Cl. A-5, Downgraded to Caa1; previously on 8/2/2006
Downgraded to B3
Class A-4, Currently B1, placed on review for possible
downgrade; previously on 8/2/2006 Downgraded to B1
Conseco Finance Securitizations Corp 2002-1
Class M-2, Downgraded to Ca; previously on 8/2/2006
Downgraded to Caa2
CSFB ABS Trust Manufactured Housing Pass-Thru 2001-MH29
Cl. B-1, Downgraded to Ca; previously on 12/5/2001
Assigned Baa2
Cl. B-2, Downgraded to Baa2 and Placed Under Review
for Possible Downgrade; previously on 12/5/2001 Assigned A2
Cl. M-1, Currently Aa2, placed under review
for possible downgrade; previously on 12/5/2001 Assigned Aa2
Cl. M-2, Downgraded to Baa3; previously on 12/5/2001
Assigned A2
CSFB ABS Trust Series 2002-MH3
Cl. A, Currently Aaa, placed on review for possible
downgrade; previously on 5/6/2002 Assigned Aaa
Cl. B-1, Downgraded to C; previously on 6/9/2006
Downgraded to Ba3
Cl. B-2, Downgraded to Baa2 and Placed Under Review
for Possible Downgrade; previously on 5/6/2002 Assigned A2
Cl. M-1, Downgraded to A3; previously on 5/6/2002
Assigned Aa2
Cl. M-2, Downgraded to B2; previously on 6/9/2006
Downgraded to Baa2
Deutsche Financial Capital Sec LLC, 1997-I
Class M, Currently B3, placed on review for possible downgrade;
previously on 4/8/2004 Downgraded to B3
Deutsche Financial Capital Sec LLC, 1998-I
Class M, Downgraded to Ca; previously on 4/8/2004 Downgraded
to Caa2
Green Tree Financial Corporation MH 1995-06
B-1, Downgraded to Caa1; previously on 8/2/2006 Downgraded
to B3
Green Tree Financial Corporation MH 1995-08
B-1, Downgraded to Caa1; previously on 12/29/2003 Downgraded
to B3
Green Tree Financial Corporation MH 1995-10
B-1, Currently B3, placed under review for possible
downgrade; previously on 12/29/2003 Downgraded to B3
Green Tree Financial Corporation MH 1996-01
B-1, Downgraded to Caa2; previously on 12/29/2003 Downgraded
to B3
Green Tree Financial Corporation MH 1996-02
M-1, Currently B3, placed on review for possible downgrade;
previously on 8/2/2006 Downgraded to B3
Green Tree Financial Corporation MH 1996-03
M-1, Downgraded to Caa3; previously on 8/2/2006 Downgraded
to Caa2
Green Tree Financial Corporation MH 1996-04
M-1, Downgraded to Ca; previously on 8/2/2006 Downgraded
to Caa2
Green Tree Financial Corporation MH 1996-06
M-1, Downgraded to Caa1; previously on 12/13/2004 Downgraded
to B3
Green Tree Financial Corporation MH 1996-07
M-1, Downgraded to B3; previously on 12/13/2004 Downgraded
to B1
Green Tree Financial Corporation MH 1996-08
M-1, Downgraded to Caa2; previously on 12/13/2004 Downgraded
to B3
Green Tree Financial Corporation MH 1996-09
M-1, Downgraded to Caa1; previously on 12/13/2004 Downgraded
to B2
Green Tree Financial Corporation MH 1997-01
M-1, Downgraded to Caa2; previously on 12/13/2004 Downgraded
to B3
Green Tree Financial Corporation MH 1997-02
M-1, Downgraded to Ca; previously on 12/13/2004 Downgraded
to Caa1
Green Tree Financial Corporation MH 1997-03
A-7, Downgraded from Baa1 to Ba1 on 3/30/2009; Changed to Baa1 on 4/3/2009
M-1, Downgraded to Ca; previously on 12/13/2004 Downgraded
to Caa1
Green Tree Financial Corporation MH 1997-04
M-1, Downgraded to Ca; previously on 12/13/2004 Downgraded
to B3
Green Tree Financial Corporation MH 1997-07
M-1, Downgraded to Caa3; previously on 8/2/2006 Downgraded
to Caa2
Green Tree Financial Corporation MH 1998-01
M-1, Downgraded to Caa3; previously on 8/2/2006 Downgraded
to Caa2
Green Tree Financial Corporation MH 1998-02
A-5, Downgraded to Ba1; previously on 12/13/2004 Downgraded
to Baa3
Green Tree Financial Corporation MH 1998-07
M-1, Downgraded to Ca; previously on 8/2/2006 Downgraded
to Caa3
Green Tree Financial Corporation MH 1998-08
M-1, Downgraded to Ca; previously on 8/2/2006 Downgraded
to Caa3
Greenpoint Manufactured Housing Contract Trust 2001-1
Cl. I M-2, Downgraded to Baa3; previously on
3/30/2001 Assigned Aa3
Cl. II M-2, Downgraded to B1; previously on 3/30/2001
Assigned Aa3
IndyMac MH Contract 1997-1
A-2, Downgraded to Caa3; previously on 9/24/2004 Downgraded
to B1
A-3, Downgraded to Caa3; previously on 9/24/2004 Downgraded
to B1
A-4, Downgraded to Caa3; previously on 9/24/2004 Downgraded
to B1
A-5, Downgraded to Caa3; previously on 9/24/2004 Downgraded
to B1
A-6, Downgraded to Caa3; previously on 9/24/2004 Downgraded
to B1
IndyMac MH Contract 1998-1
A-3, Downgraded to Ca; previously on 9/24/2004 Downgraded
to B3
A-4, Downgraded to Ca; previously on 9/24/2004 Downgraded
to B3
A-5, Downgraded to Ca; previously on 9/24/2004 Downgraded
to B3
Mid-State Capital Corporation 2005-1 Trust
Cl. A, Downgraded to Ba1; previously on 12/20/2005 Assigned
Aaa
Cl. B, Downgraded to Ca; previously on 12/20/2005 Assigned
Baa2
Cl. M-1, Downgraded to B3; previously on 12/20/2005
Assigned Aa2
Cl. M-2, Downgraded to Ca; previously on 12/20/2005
Assigned A2
Mid-State Capital Corporation 2006-1 Trust
Cl. A, Downgraded to Ba3; previously on 11/13/2006 Assigned
Aaa
Cl. B, Downgraded to Ca; previously on 11/13/2006 Assigned
Baa2
Cl. M-1, Downgraded to Ca; previously on 11/13/2006
Assigned Aa2
Cl. M-2, Downgraded to Ca; previously on 11/13/2006
Assigned A2
Mid-State Trust VI
A-1, Downgraded to Aa3; previously on 6/11/1997 Assigned
Aaa
A-2, Downgraded to Baa2; previously on 6/11/1997 Assigned
Aa2
A-3, Downgraded to Ba1; previously on 6/11/1997 Assigned
A2
A-4, Downgraded to Caa3; previously on 6/11/1997 Assigned
Baa2
Mid-State Trust X
Cl. A-1, Downgraded to B1; previously on 11/20/2001
Assigned Aaa
Cl. A-2, Downgraded to B1; previously on 11/20/2001
Assigned Aaa
Cl. B, Downgraded to Ca; previously on 11/20/2001 Assigned
Baa2
Cl. M-1, Downgraded to Caa1; previously on 11/20/2001
Assigned Aa2
Cl. M-2, Downgraded to Caa3; previously on 11/20/2001
Assigned A2
Mid-State Trust XI
Cl. A, Downgraded to Baa1; previously on 7/14/2003 Assigned
Aaa
Cl. B, Downgraded to Ca; previously on 7/14/2003 Assigned
Baa2
Cl. M-1, Downgraded to B3; previously on 7/14/2003
Assigned Aa2
Cl. M-2, Downgraded to Ca; previously on 7/14/2003
Assigned A2
Oakwood Mortgage Investors, Inc. 1997-D
M, Currently Ba3, placed on review for possible downgrade;
previously on 3/25/2004 Downgraded to Ba3
Oakwood Mortgage Investors, Inc. 1998-A
M, Downgraded to Caa2; previously on 3/25/2004 Downgraded to
Caa1
Oakwood Mortgage Investors, Inc. 1999-A
A-2, Currently Ba1, placed on review for possible downgrade;
previously on 12/21/2004 Downgraded to Ba1
A-3, Currently Ba1, placed on review for possible downgrade;
previously on 12/21/2004 Downgraded to Ba1
A-4, Currently Ba1, placed on review for possible downgrade;
previously on 12/21/2004 Downgraded to Ba1
A-5, Currently Ba1, placed on review for possible downgrade;
previously on 12/21/2004 Downgraded to Ba1
M-1, Downgraded to Ca; previously on 3/25/2004 Downgraded
to Caa3
Oakwood Mortgage Investors, Inc. 1999-B
A-2, Downgraded to Caa2; previously on 3/25/2004 Downgraded
to B3
A-3, Downgraded to Caa2; previously on 3/25/2004 Downgraded
to B3
A-4, Downgraded to Caa2; previously on 3/25/2004 Downgraded
to B3
Oakwood Mortgage Investors, Inc. 1999-D
A-1, Downgraded to Caa2; previously on 3/25/2004 Downgraded
to Caa1
OMI Trust 2000-C
Cl. A-1, Downgraded to Caa2; previously on 12/21/2004
Downgraded to B2
OMI Trust 2000-D
Cl. A-4, Downgraded to C; previously on 12/21/2004
Downgraded to Caa3
OMI Trust 2001-B
Cl. A-2, Downgraded to B3; previously on 12/21/2004
Downgraded to Ba3
Cl. A-3, Downgraded to B3; previously on 12/21/2004
Downgraded to Ba3
Cl. A-4, Downgraded to B3; previously on 12/21/2004
Downgraded to Ba3
OMI Trust 2001-C
Cl. A-IO, Downgraded to Ca; previously on 12/21/2004
Downgraded to Caa3
OMI Trust 2001-D
Cl. A-1, Downgraded to Ca; previously on 12/21/2004
Downgraded to B2
Cl. A-2, Downgraded to Ca; previously on 12/21/2004
Downgraded to B2
Cl. A-3, Downgraded to Ca; previously on 12/21/2004
Downgraded to B2
Cl. A-4, Downgraded to Ca; previously on 12/21/2004
Downgraded to B2
Cl. A-IO, Downgraded to Ca; previously on 12/21/2004
Downgraded to B1
OMI Trust 2001-E
Cl. A-1, Downgraded to Caa3; previously on 12/21/2004
Downgraded to B3
Cl. A-2, Downgraded to Caa3; previously on 12/21/2004
Downgraded to B3
Cl. A-3, Downgraded to Caa3; previously on 12/21/2004
Downgraded to B3
Cl. A-4, Downgraded to Caa3; previously on 12/21/2004
Downgraded to B3
Cl. A-IO, Downgraded to Caa3; previously on 12/21/2004
Downgraded to B2
OMI Trust 2002-A
Cl. A-1, Downgraded to B3; previously on 12/21/2004
Downgraded to B1
Cl. A-2, Downgraded to B3; previously on 12/21/2004
Downgraded to B1
Cl. A-3, Downgraded to B3; previously on 12/21/2004
Downgraded to B1
Cl. A-4, Downgraded to B3; previously on 12/21/2004
Downgraded to B1
Cl. A-IO, Downgraded to B3; previously on 3/25/2004
Downgraded to Ba3
Cl. M-1, Downgraded to C; previously on 3/25/2004
Downgraded to Ca
OMI Trust 2002-B
Cl. A-1, Downgraded to Caa1; previously on 12/21/2004
Downgraded to Ba2
Cl. A-2, Downgraded to Caa1; previously on 12/21/2004
Downgraded to Ba2
Cl. A-3, Downgraded to Caa1; previously on 12/21/2004
Downgraded to Ba2
Cl. A-4, Downgraded to Caa1; previously on 12/21/2004
Downgraded to Ba2
Cl. IO, Downgraded to Caa1; previously on 3/25/2004
Downgraded to Ba1
Cl. M-1, Downgraded to C; previously on 3/25/2004
Downgraded to Ca
OMI Trust 2002-C
Cl. A-1, Downgraded to Caa1; previously on 3/25/2004
Downgraded to Ba1
Cl. A-IO, Downgraded to Caa1; previously on 3/25/2004
Downgraded to Ba1
Cl. M-1, Downgraded to C; previously on 3/25/2004
Downgraded to Ca
Origen Manufactured Housing Contract Trust 2001-A
Cl. A-6, Downgraded to B2; previously on 9/7/2004
Downgraded to A2
Cl. A-7, Downgraded to B1; previously on 9/7/2004
Downgraded to A2
Cl. M-1, Downgraded to C; previously on 1/17/2007
Downgraded to B3
Origen Manufactured Housing Contract Trust 2002-A
Cl. B-1, Downgraded to Ca; previously on 9/7/2004
Downgraded to Caa3
Origen Manufactured Housing Contract Trust 2005-B
Cl. B-1, Downgraded to Baa3; previously on 12/21/2005
Assigned Baa2
Cl. B-2, Downgraded to Ba2; previously on 12/21/2005
Assigned Baa3
Signal Securitization Corp. MH 1998-2
Class A, Downgraded to Caa3; previously on 10/29/2004 Downgraded
to B1
UCFC Funding Corporation 1997-4
M, Downgraded to C; previously on 9/28/2004 Downgraded to Ca
UCFC Funding Corporation 1998-2
A-4, Downgraded to B1; previously on 9/28/2004 Downgraded
to Ba2
M-1, Downgraded to C; previously on 9/28/2004 Downgraded
to Ca
Vanderbilt Mortgage and Finance Inc. 1997-A
I A-6, Currently Aa2, placed on review for possible
downgrade; previously on 3/7/2005 Upgraded to Aa2
Vanderbilt Mortgage and Finance Inc. 1997-B
I A-6, Downgraded to A1; previously on 5/28/1997 Assigned
Aa3
Vanderbilt Mortgage and Finance Inc. 1997-C
I A-6, Currently Aa3, placed on review for possible
downgrade; previously on 8/29/1997 Assigned Aa3
Vanderbilt Mortgage and Finance Inc. 1997-D
I A-6, Currently Aa3, placed on review for possible
downgrade; previously on 12/1/1997 Assigned Aa3
Vanderbilt Mortgage and Finance Inc. 1998-B
I A-6, Currently Aa3, placed on review for possible
downgrade; previously on 5/27/1998 Assigned Aa3
Vanderbilt Mortgage and Finance Inc. 1999-A
IA-6, Downgraded to A2; previously on 2/26/1999 Assigned
Aa3
IM-1, Downgraded to Baa1; previously on 2/26/1999 Assigned
A2
Vanderbilt Mortgage and Finance Inc. 1999-D
Cl. IIA-1, Currently Aaa, placed on review for
possible downgrade; previously on 11/30/1999 Assigned Aaa
Cl. IIB-4, Upgraded to Baa1; previously on 11/30/1999
Assigned Baa2
Vanderbilt Mortgage and Finance Inc. 2000-B
Cl. IA-5, Downgraded to A2; previously on 5/31/2000
Assigned Aa3
Cl. IM-1, Downgraded to Baa2; previously on 5/31/2000
Assigned A2
Vanderbilt Mortgage and Finance Inc. 2000-C
Cl. M-1, Downgraded to A3; previously on 8/29/2000
Assigned A2
Vanderbilt Mortgage and Finance Inc. 2001-A
Cl. A-5, Downgraded to A1; previously on 2/28/2001
Assigned Aa2
Cl. B-1, Currently Baa2, placed on review for
possible downgrade; previously on 2/28/2001 Assigned Baa2
Cl. M-1, Downgraded to Baa1; previously on 2/28/2001
Assigned A2
Vanderbilt Mortgage and Finance, Inc. 2001-C
Cl. M-1, Currently A2, placed on review for
possible downgrade; previously on 11/29/2001 Assigned A2
Vanderbilt Mortgage and Finance, Inc. 2001-B
Cl. A-5, Downgraded to Aa3; previously on 8/23/2001
Assigned Aa2
Cl. B-1, Currently Baa2, placed on review for
possible downgrade; previously on 8/23/2001 Assigned Baa2
Cl. M-1, Downgraded to Baa1; previously on 8/23/2001
Assigned A2
Vanderbilt Mortgage and Finance, Inc. 2002-A
Cl. A-5, Downgraded to A2; previously on 2/26/2002
Assigned Aa2
Cl. B-1, Downgraded to Baa3; previously on 2/26/2002
Assigned Baa2
Cl. M-1, Downgraded to Baa2; previously on 2/26/2002
Assigned A2
Vanderbilt Mortgage and Finance, Inc. 2002-B
Cl. B-1, Currently Baa2, placed on review for
possible downgrade; previously on 8/29/2002 Assigned Baa2
Cl. M-1, Currently A2, placed on review for
possible downgrade; previously on 8/29/2002 Assigned A2
A list of these actions including CUSIP identifiers may be found at:
http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF161331
For more information please see www.moodys.com.
San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Correction to Text: March 30, 2009 Moody's takes Rating Actions on Manufactured Housing transactions
