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Rating Action:

MOODY'S RATES WAMU'S 2003-AR11 DEAL Aaa

01 Dec 2003
MOODY'S RATES WAMU'S 2003-AR11 DEAL Aaa

Approximately $568 Million of Mortgage-Backed Securities Rated

New York, December 01, 2003 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates issued in the WaMu Mortgage Pass-Through Certificates, Series 2003-AR11 securitization of prime-quality jumbo hybrid adjustable rate loans. Moody's has also assigned ratings of Aa2 to the Class B-1 Certificates, A2 to the Class B-2 Certificates, Baa2 to the Class B-3 Certificates, Ba2 the Class B-4 Certificates, and B2 to the Class B-5 Certificates. The Class B-4 and B-5 Certificates were not publicly offered.

Moody's ratings are based on the credit support provided through subordination, the integrity of the cash flow, and the legal structure, as well as WaMu's capability as a servicer of mortgage loans, according to Daniel Gringauz, a Moody's analyst.

The loan characteristics of this pool are similar to those of previously securitized pools. Approximately 87% of the pool consists of loans which are interest only for the first five years. The incremental risk due to the slower equity buildup on this portion of the pool is offset by its positive characteristics that minimize loss frequency and severity. These include good obligor quality with weighted average FICO scores of 751 and a low loan-to-value ratio of 61.5%. Also, owner-occupied dwellings represent 95% of the pool. There is some geographic concentration in this portion of the loan pool, with about 71% of the loans originated in California.

The other 13% of the pool consists of fully amortizing thirty-year hybrid 5/1 ARM loans. These borrowers have relatively lower FICO scores, with a weighted average of 721, and higher weighted average loan-to-value ratio of 68%. This portion the loan pool is less geographically concentrated than the interest only portion, with only about 58% of the loans in California.

The complete rating actions are as follows:

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR11 Trust

Securities: WaMu Mortgage Pass-Through Certificates, Series 2003-AR11

Master Servicer/Depositor: Washington Mutual Mortgage Securities Corp.

Class A-1, $111,356,000, Aaa

Class A-2, $49,767,000, Aaa

Class A-3, $83,709,000, Aaa

Class A-4, $63,906,000, Aaa

Class A-5, $60,933,000, Aaa

Class A-6, $184,007,000, Aaa

Class X-1, Interest Only, Aaa

Class X-2, Interest Only, Aaa

Class R, $100, Aaa

Class B-1, $5,978,000, Aa2

Class B-2, $4,270,000, A2

Class B-3, $2,277,000, Baa2

Class B-4, $854,000, Ba2

Class B-5, $854,000, B2

Additional research will be available on www.moodys.com

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

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

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