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