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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Rating Action:

Corrections to Text, October 16, 2008 Release: Moody's Takes Action on Certain Nomura Alt-A deals

16 Oct 2008
Corrections to Text, October 16, 2008 Release: Moody's Takes Action on Certain Nomura Alt-A deals

New York, October 16, 2008 -- The current rating for the Financial Guarantor for the Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AP3 appears incorrectly in the October 16, 2008 release.

The correct rating is as follows:

Cl. A-6, Downgraded to Aa2 from Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3 on review for possible downgrade)

Underlying Rating: Aa2

Revised release follows:

New York, October 16, 2008 -- Moody's Investors Service has downgraded the ratings of 83 tranches from 16 Alt-A transactions issued by Nomura. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Alt-A mortgage loans.

Ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. Also, for certain seasoned deals, step-down, or the possibility thereof, is likely to cause further erosion of credit support from subordination.

Moody's Investors Service has also published the underlying rating on one insured note as identified below, and has taken action on it accordingly. The underlying ratings reflect the intrinsic credit quality of the notes in the absence of the guarantee. The ratings on securities that are guaranteed or "wrapped" by a financial guarantor is the higher of a) the rating of the guarantor or b) the published underlying rating. The current ratings on the below notes are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and any underlying rating that is public.

The actions described below are a result of Moody's on-going review process.

Complete rating actions are as follows:

Issuer: Nomura Asset Acceptance Corporation Alternative Loan Trust, Series 2005-AP2

Cl. A-2, Downgraded to A3 from Aaa

Cl. A-3, Downgraded to Baa3 from Aaa

Cl. A-4, Downgraded to Baa3 from Aaa

Cl. A-5, Downgraded to Baa3 from Aaa

Cl. A-IO, Downgraded to A3 from Aaa

Cl. M-1, Downgraded to Caa2 from Aa2

Cl. M-2, Downgraded to Ca from A2

Cl. M-3, Downgraded to C from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AP1

Cl. M-1, Downgraded to Aa3 from Aa2

Cl. M-2, Downgraded to Baa3 from A2

Cl. M-3, Downgraded to B3 from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AP2

Cl. A-5, Downgraded to Aa1 from Aaa

Cl. A-6, Downgraded to Aa1 from Aaa

Cl. M-1, Downgraded to A1 from Aa2

Cl. M-2, Downgraded to Baa2 from A2

Cl. M-3, Downgraded to B3 from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AP3

Cl. A-5A, Downgraded to Aa2 from Aaa

Cl. A-5B, Downgraded to Aa2 from Aaa

Cl. A-6, Downgraded to Aa2 from Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3 on review for possible downgrade)

Underlying Rating: Aa2

Cl. M-1, Downgraded to A3 from A2

Cl. M-2, Downgraded to B2 from Ba1

Cl. M-3, Downgraded to C from Caa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AR1

Cl. C-B-2, Downgraded to Baa1 from A3

Cl. C-B-3, Downgraded to B1 from Baa3

Cl. V-M-1, Downgraded to Baa1 from Aa2

Cl. V-M-2, Downgraded to B2 from A1

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AR2

Cl. M-2, Downgraded to A2 from A1

Cl. M-3, Downgraded to B1 from A3

Cl. M-4, Downgraded to Ca from Baa1

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AR3

Cl. M-1, Downgraded to Aa3 from Aa2

Cl. M-3, Downgraded to Ca from A3

Cl. M-2, Downgraded to Ba2 from A1

Cl. M-4, Downgraded to C from Baa1

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2004-AR4

Cl. M-2, Downgraded to A3 from A1

Cl. M-3, Downgraded to Caa1 from A3

Cl. M-4, Downgraded to C from Baa1

Cl. M-5, Downgraded to C from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AP1

Cl. II-A-2, Downgraded to Aa1 from Aaa

Cl. II-A-3, Downgraded to Aa1 from Aaa

Cl. II-A-4, Downgraded to Aa1 from Aaa

Cl. II-A-5, Downgraded to Aa1 from Aaa

Cl. II-A-IO, Downgraded to Aa1 from Aaa

Cl. I-A-1, Downgraded to A1 from Aaa

Cl. I-B-1, Downgraded to Ba3 from Aa3

Cl. I-B-2, Downgraded to Ca from A3

Cl. I-B-3, Downgraded to C from Baa3

Cl. II-M-1, Downgraded to A2 from Aa2

Cl. II-M-2, Downgraded to Ba1 from A2

Cl. II-M-3, Downgraded to Caa2 from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR1

Cl. M-1, Downgraded to A1 from Aa2

Cl. M-2, Downgraded to Ba1 from Aa3

Cl. M-3, Downgraded to Caa2 from A2

Cl. M-4, Downgraded to Ca from A3

Cl. M-5, Downgraded to C from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR2

Cl. M-1, Downgraded to Baa1 from Aa2

Cl. M-2, Downgraded to Caa2 from A1

Cl. M-3, Downgraded to Ca from A3

Cl. M-4, Downgraded to C from Baa1

Cl. M-5, Downgraded to C from Baa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR3

Cl. I-A-1, Downgraded to Aa3 from Aaa

Cl. I-A-2, Downgraded to Baa2 from Aaa

Cl. II-A, Downgraded to Aa2 from Aaa

Cl. M-1, Downgraded to Caa1 from Aa2

Cl. M-2, Downgraded to Ca from A1

Cl. M-3, Downgraded to C from A3

Cl. M-4, Downgraded to C from Baa1

Cl. M-5, Downgraded to C from Baa3

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4

Cl. V-A-1, Downgraded to Aa1 from Aaa

Cl. V-A-2, Downgraded to Aa2 from Aaa

Cl. V-A-3, Downgraded to Aa2 from Aaa

Cl. M-1, Downgraded to Caa3 from B3

Cl. M-2, Downgraded to C from B3

Cl. M-3, Downgraded to C from Caa1

Cl. M-4, Downgraded to C from Caa2

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR5

Cl. M-1, Downgraded to B3 from B2

Cl. M-2, Downgraded to C from B3

Cl. M-3, Downgraded to C from Caa1

Cl. M-4, Downgraded to C from Caa1

Cl. M-5, Downgraded to C from Caa3

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-WF1

Cl. M-1, Downgraded to A1 from Aa2

Cl. M-2, Downgraded to Ba1 from A2

Cl. M-3, Downgraded to Caa3 from Baa2

Issuer: Nomura Asset Acceptance Corporation, Aternative Loan Trust, Series 2003-A2

Cl. B6, Downgraded to Caa1 from B2

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF145771

For more information please see www.moodys.com.

New York

Navneet Agarwal

VP - Senior Credit Officer

Structured Finance Group

Moody's Investors Service

JOURNALISTS: 212-553-0376

SUBSCRIBERS: 212-553-1653

New York

Ola Hannoun-Costa

Associate Analyst

Structured Finance Group

Moody's Investors Service

JOURNALISTS: 212-553-0376

SUBSCRIBERS: 212-553-1653

New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Ola Hannoun-Costa
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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