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Rating Action:

MOODY'S ASSIGNS RATES CSFB'S 2003-17 MORTGAGE-BACKED SECURITIZATION Aaa

28 Jul 2003
MOODY'S ASSIGNS RATES CSFB'S 2003-17 MORTGAGE-BACKED SECURITIZATION Aaa

Approximately $1.3 Billion of Mortgage-Backed Securities Rated.

New York, July 28, 2003 -- Moody's Investors Service has assigned ratings of Aaa to the senior certificates of the Credit Suisse First Boston Mortgage Securities Corp. Mortgage-Backed Pass-Through Certificates, Series 2003-17 transaction.

Christine Lachnicht, a Moody's vice president, indicated that the ratings were the result of the quality of the collateral and the credit support provided by subordination and cross-collateralization.

The fixed-rate first lien mortgage loans backing the CSFB 2003-17 transaction consist of a seven groups of fixed-rate loans. The Group B certificates are backed by the Group I and Group II loans, the Group C-B certificates are backed by the Group V and Group VI loans. The Group D-B certificates are backed by the Group III, IV and VII loans.

The Group I loans consist of 1,449 fixed-rate, Jumbo A mortgage loans that have a weighted-average loan-to-value ratio (LTV) of 68.72%, with a weighted-average coupon of 6.076% and a $469,569.93 average loan amount. Approximately 98% of the loans are owner-occupied, 95.48% are single-family/PUD residences. 77.54% of the loans are full documentation loans, with 18.03% using reduced documentation. 22.05% of the loans are purchase money loans, with 52.97% rate-term refis. 49.76% of the mortgage properties are located in California.

The Group II loans consist of 401 fixed-rate, 15 year-term mortgage loans that have a weighted-average LTV of 60.22%, with a weighted-average coupon of 5.613% and a $485,034.50 average loan amount. Approximately 97% of the loans are owner-occupied, 86.23% are single-family/PUD residences. 78.59% of the loans are full documentation loans, with 21.03% using reduced documentation. 10.10% of the loans are purchase money loans, with 60.60% rate-term refis. 44.90% of the mortgage properties are located in California.

The Group III loans consist of 194 fixed-rate, Alt. A mortgage loans that have a weighted-average LTV of 73.13%, with a weighted-average coupon of 6.889% and a $453,795.27 average loan amount. Approximately 94% of the loans are owner-occupied, 86.29% are single-family/PUD residences. 32.77% of the loans are full documentation loans, with 35.44% using reduced documentation. 40.82% of the loans are purchase money loans, with 26.07% rate-term refis. 25.78% of the mortgage properties are located in California.

The Group IV loans consist of 478 fixed-rate, Alt. A mortgage loans that have a weighted-average LTV of 79.42%, with a weighted-average coupon of 7.756% and a $156,890.77 average loan amount. Approximately 70% of the loans are owner-occupied, 70.18% are single-family/PUD residences. 24.76% of the loans are full documentation loans, with 38.79% using reduced documentation. 53.86% of the loans are purchase money loans, with 11.58% rate-term refis. 21.01% of the mortgage properties are located in California.

The Group V loans consist of 537 fixed-rate, Alt. A mortgage loans that have a weighted-average LTV of 69.63%, with a weighted-average coupon of 6.163% and a $229,478.30 average loan amount. Approximately 86% of the loans are owner-occupied, 57.34% are single-family/PUD residences. 6.44% of the loans are full documentation loans, with 35.32% using reduced documentation and 57.14% no documentation. 37.31% of the loans are purchase money loans, with 18.80% rate-term refis. 45.09% of the mortgage properties are located in California.

The Group VI loans consist of 263 fixed-rate, Alt. A mortgage loans that have a weighted-average LTV of 61.57%, with a weighted-average coupon of 5.619% and a $202,969.23 average loan amount. Approximately 81% of the loans are owner-occupied, 50.66% are single-family/PUD residences. 1.67% of the loans are full documentation loans, with 28.54% using reduced documentation and 68.53% no documentation. 20.57% of the loans are purchase money loans, with 26.91% rate-term refis. 43.24% of the mortgage properties are located in California.

The Group VII loans consist of 230 fixed-rate, Alt. A mortgage loans that have a weighted-average LTV of 68.26%, with a weighted-average coupon of 6.362% and a $234,189.01 average loan amount. Approximately 84% of the loans are owner-occupied, 85.94% are single-family/PUD residences. 34.11% of the loans are full documentation loans, with 30.63% using reduced documentation and 10.92% no documentation. 19.72% of the loans are purchase money loans, with 29.11% rate-term refis. 28.61% of the mortgage properties are located in California.

The complete rating actions are as follows:

Depositor: Credit Suisse First Boston Mortgage Securities Corp.

Securities: CSFB Mortgage Pass-Through Certificates, Series 2003-17

Class I-A-1, $100,000,000, 2.7500, rated Aaa

Class I-A-2, Interest-Only, 5.5000, rated Aaa

Class I-A-3, $9,857,000, 5.5000, rated Aaa

Class I-A-4, $65,978,735, 5.5000, rated Aaa

Class I-A-5, $29,505,000, 5.5000, rated Aaa

Class I-A-6, $7,495,000, 5.5000, rated Aaa

Class I-A-7, $18,775,000, 5.5000, rated Aaa

Class I-A-8, $6,423,000, 5.5000, rated Aaa

Class I-A-9, $7,000,000, 5.5000, rated Aaa

Class I-A-10, $10,000,000, 5.5000, rated Aaa

Class I-A-11, $3,333,333, Variable, rated Aaa

Class I-A-12, $1,592,593, Variable, rated Aaa

Class I-A-13, $74,074, Variable, rated Aaa

Class I-A-14, $17,072,620, Variable, rated Aaa

Class I-A-15, $2,985,715, Variable, rated Aaa

Class I-A-16, $5,000,000, Variable, rated Aaa

Class I-A-17, $13,500,000, Variable, rated Aaa

Class I-A-18, $7,088,887, Variable, rated Aaa

Class I-A-19, $2,577,778, Variable, rated Aaa

Class I-A-20, $17,000,000, Variable, rated Aaa

Class I-A-21, $4,000,000, 5.5500, rated Aaa

Class I-A-22, $9,232,142, Variable, rated Aaa

Class I-A-23, $2,517,858, Variable, rated Aaa

Class I-A-24, $10,000,000, 5.5000, rated Aaa

Class I-A-25, $5,805,000, 5.5000, rated Aaa

Class I-A-26, $87,195,000, 4.0000, rated Aaa

Class I-A-27, $5,000,000, 4.5000, rated Aaa

Class I-A-28, $151,300,000, 3.8500, rated Aaa

Class I-A-29, $43,615,000, Variable, rated Aaa

Class I-A-30, $15,860,000, Variable, rated Aaa

Class I-A-31, Interest-Only, Variable, rated Aaa

Class II-A-1, $18,922,948, 5.0000, rated Aaa

Class II-A-2, $63,745,000, 4.5000, rated Aaa

Class II-A-3, Interest-Only, 5.0000, rated Aaa

Class II-A-4, $39,500,000, 3.5000, rated Aaa

Class II-A-5, $20,061,000, 2.3000, rated Aaa

Class II-A-6, $31,475,000, 3.5000, rated Aaa

Class II-A-7, $25,000, 3.5000, rated Aaa

Class II-A-8, $400,000, 3.5000, rated Aaa

Class II-A-9, Interest-Only, 5.0000, rated Aaa

Class II-A-10, $5,791,000, 3.2500, rated Aaa

Class II-A-11, $8,728,000, 3.5000, rated Aaa

Class II-A-12, $25,000, 3.5000, rated Aaa

Class II-A-13, $75,000, 3.5000, rated Aaa

Class III-A-1, $68,003,001, 4.0000, rated Aaa

Class III-A-2, $2,000,000, 5.0000, rated Aaa

Class III-A-3, Interest-Only, 5.5000, rated Aaa

Class III-A-4, $2,000,000, 5.0000, rated Aaa

Class III-A-5, $3,000,000, 5.0000, rated Aaa

Class III-A-6, $3,000,000, 5.0000, rated Aaa

Class III-A-7, $3,624,000, 5.0000, rated Aaa

Class IV-A-1, $69,430,363, 5.5000, rated Aaa

Class V-A-1, $115,665,047, 5.5000, rated Aaa

Class VI-A-1, $49,890,853, 5.0000, rated Aaa

Class VII-A-1, $49,917,149, 5.0000, rated Aaa

Class I-X, Interest-Only, 5.5000, rated Aaa

Class II-X, Interest-Only, 5.0000, rated Aaa

Class III-X, Interest-Only, 5.5000, rated Aaa

Class IV-X, Interest-Only, 5.5000, rated Aaa

Class V-X, Interest-Only, 5.5000, rated Aaa

Class VI-X, Interest-Only, 5.0000, rated Aaa

Class VII-X, Interest-Only, 5.0000, rated Aaa

Class I-P, $1,911,906, Principal Only, rated Aaa

Class III-P, $26,650, Principal Only, rated Aaa

Class IV-P, $66,377, Principal Only, rated Aaa

Class V-P, $170,960, Principal Only, rated Aaa

Class A-P, $730,593, Principal Only, rated Aaa

Class A-R, $50, 5.5000, NR

Class B-1, $14,435,943, Variable, NR

Class B-2, $1,749,811, Variable, rated A2

Class B-3, $3,499,622, Variable, rated Baa3

Class B-4, $1,312,358, Variable, NR

Class B-5, $1,749,811, Variable, NR

Class B-6, $1,312,360, Variable, NR

Class C-B-1, $6,887,820, Variable, NR

Class C-B-2, $1,412,886, Variable, NR

Class C-B-3, $971,359, Variable, NR

Class C-B-4, $441,527, Variable, NR

Class C-B-5, $529,832, Variable, NR

Class C-B-6, $353,221, Variable, NR

Class D-B-1, $6,506,806, Variable, NR

Class D-B-2, $4,012,530, Variable, rated A3

Class D-B-3, $1,952,041, 7.0000, rated Baa3

Class D-B-4, $1,084,467, Variable, NR

Class D-B-5, $1,301,361, Variable, NR

Class D-B-6, $867,576, Variable, NR

Washington Mutual Mortgage Securities Corp. (WMMSC) and Fairbanks Capital Corp. are named as servicers of the loans. Chase Manhattan Mortgage Corporation will act as master servicer, and will be obligated to make advances, on all loans, other than loans serviced by WMMSC.

Additional research is available on www.moodys.com.

New York
Pramila Gupta
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Christine Lachnicht
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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