MOODY'S RATES CSFB MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-1, Aaa to Ba2.
Approximately $794.7 Million of Mortgage-Backed Securities Rated.
New York, February 25, 2003 -- Moody's Investors Service has assigned ratings of Aaa to the Group I,
Group II, and Group III senior certificates of the Credit Suisse
First Boston Mortgage Securities Corp. Mortgage-Backed Pass-Through
Certificates, Series 2003-1 transaction. Moody's also
assigned ratings ranging from Aa3 to Ba2 to the Group I, Group II,
and Group III, mezzanine and subordinated tranches.
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.
The fixed-rate first lien mortgage loans backing the CSFB 2003-1
transaction have been divided into three groups. Group I consists
of 1,363 mortgage loans that have a weighted-average loan-to-value
ratio (LTV) of 84.17%, with a weighted-average
coupon of 8.11% and a $146,857 average loan
amount. Approximately 79% of the loans are owner-occupied,
55% are single-family residences, and 56% are
purchase money loans. The largest state concentration is California
with 20% of the loans.
Group II consists of 348 mortgage loans that have a weighted-average
LTV of 75.81%, with a weighted-average coupon
of 7.45% and a $444,866 average loan amount.
Approximately 88% of the loans are owner-occupied,
76% single-family residences, and 50% are purchase
money loans. The largest state concentration is California with
33% of the loans.
Group III consists of 933 mortgage loans that have a weighted-average
LTV of 68.06%, with a weighted-average coupon
of 6.43% and a $471,307 average loan amount.
Approximately 97% of the loans are owner-occupied,
75% single-family residences, and 21% are purchase
money loans. The largest state concentration is California with
50% of the loans.
The complete rating actions are as follows:
Depositor: Credit Suisse First Boston Mortgage Securities Corp.
Securities: CSFB Mortgage Pass-Through Certificates,
Series 2003-1
Class I-A-1, $175,427,560,
7.00%, rated Aaa
Class II-A-1, $98,999,807,
5.00%, rated Aaa
Class II-A-2, Interest Only, 5.75%,
rated Aaa
Class II-A-3, $500,000, 5.05%,
rated Aaa
Class II-A-4, $37,809,926,
Variable, rated Aaa
Class II-A-5, Interest Only, Variable,
rated Aaa
Class III-A-1, $300,685,000,
6.00%, rated Aaa
Class III-A-2, $32,500,000,
6.00%, rated Aaa
Class III-A-3, $20,000,000,
5.50%, rated Aaa
Class III-A-4, $36,562,461,
6.00%, rated Aaa
Class III-A-5, $1,750,000,
5.50%, rated Aaa
Class III-A-6, Interest Only, 6.00%,
rated Aaa
Class III-A-7, $5,835,000,
6.00%, rated Aaa
Class III-A-8, $20,037,000,
6.00%, rated Aaa
Class III-A-9, $4,750,000,
5.50%, rated Aaa
Class III-A-10, $1,848,000,
5.50%, rated Aaa
Class I-X, Interest Only, 7.00%,
rated Aaa
Class A-X, Interest Only, 6.00%,
rated Aaa
Class I-P, $2,219,474, Principal
Only, rated Aaa
Class II-P, $87,310, Principal Only,
rated Aaa
Class III-P, $2,349,950, Principal
Only, rated Aaa
Class III-B-1, $6,815,802,
6.00%, rated Aa3
Class III-B-2, $3,078,104,
6.00%, rated A3
Class III-B-3, $1,319,188,
6.00%, rated Baa3
Class D-B-1, $15,619,089,
Variable, rated Aa2
Class D-B-2, $8,696,993,
Variable, rated A2
Class D-B-3, $6,922,096,
Variable, rated Baa2
Class AR, 50, 7.00%, rated Aaa
Class D-B-4, $3,017,324,
Variable, rated Ba2
Washington Mutual Mortgage Securities Corp. and Bank of America,
N.A. will service the loans. Fairbanks Capital Corp.
will act as servicer and special servicer for the loans. Chase
Manhattan Mortgage Corporation will act as master servicer and Bank One,
National Association will act as trustee.
Additional research is available on www.moodys.com.
New York
Jay A. Siegel
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