MOODY'S REVIEWS FOR POSSIBLE UPGRADE AND DOWNGRADE CERTIFICATES OF VARIOUS DEALS ORIGINATED BY AMERIQUEST AND ARGENT MORTGAGE COMPANIES
New York, May 23, 2006 -- Moody's Investors Service has placed under review for possible upgrade
seventeen certificates from seven 2003 deals originated by Ameriquest
Mortgage Company and Argent Mortgage Company, the retail and wholesale
mortgage loan originators of ACC Capital Holdings (ACH). The transactions
are backed by adjustable- and fixed-rate subprime mortgage
loans. These certificates are being placed on review for upgrade
based on their levels of credit enhancement provided by the excess spread,
overcollateralization, subordinate classes, and in some cases
mortgage insurance. Moody's review will focus on the degree
to which projected losses are expected to be covered by credit support
for these certificates.
In addition, Moody's has placed under review for possible
downgrade fifteen certificates from ten deals originated by Ameriquest
Mortgage Company and Argent Mortgage Company. The review was prompted
by existing credit enhancement levels being low relative to the current
projected losses on the underlying pools. Moody's review
will focus on the degree to which projected losses are likely to cause
eventual erosion of credit enhancement and potential loss to certificateholders.
Moody's complete rating actions are as follows:
Review for possible upgrade:
Issuer: Ameriquest Mortgage Securities Inc.
Series 2003-3; Class M-1, current rating Aa2,
under review for possible upgrade
Quest Trust 2003-X1; Class M-1, current rating
Aa2, under review for possible upgrade
Quest Trust 2003-X1; Class M-2, current rating
A1, under review for possible upgrade
Series 2003-AR1; Class M-1, current rating Aa2,
under review for possible upgrade
Series 2003-AR1; Class M-2, current rating A2,
under review for possible upgrade
Series 2003-AR3; Class M-1, current rating Aa2,
under review for possible upgrade
Series 2003-AR3; Class M-2, current rating A2,
under review for possible upgrade
Series 2003-AR3; Class M-3, current rating A3,
under review for possible upgrade
Series 2003-AR3; Class M-4, current rating Baa1,
under review for possible upgrade
Issuer: Argent Securities Inc.
Series 2003-W1; Class M-1, current rating Aa2,
under review for possible upgrade
Series 2003-W1; Class M-2, current rating A2,
under review for possible upgrade
Series 2003-W4; Class M-1, current rating Aa2,
under review for possible upgrade
Series 2003-W4; Class M-2, current rating A2,
under review for possible upgrade
Series 2003-W4; Class M-3, current rating Baa1,
under review for possible upgrade
Series 2003-W5; Class M-1, current rating Aa2,
under review for possible upgrade
Series 2003-W5; Class M-2, current rating A2,
under review for possible upgrade
Series 2003-W5; Class M-3, current rating A3,
under review for possible upgrade
Review for possible downgrade:
Issuer: Ameriquest Mortgage Securities Inc.
Series 2002-3; Class M-4, current rating Baa3,
under review for possible downgrade
Series 2002-C; Class M-2, current rating Baa3,
under review for possible downgrade
Series 2003-1; Class M-4, current rating Baa3,
under review for possible downgrade
Series 2003-2; Class M-3, current rating Baa2,
under review for possible downgrade
Series 2003-2; Class M-4, current rating Baa3,
under review for possible downgrade
Series 2003-5; Class M-3, current rating A3,
under review for possible downgrade
Series 2003-7; Class M-5, current rating Baa3,
under review for possible downgrade
Series 2003-8; Class M-5, current rating Baa2,
under review for possible downgrade
Series 2003-8; Class MV-6, current rating Baa3,
under review for possible downgrade
Series 2003-8; Class MF-6, current rating Baa3,
under review for possible downgrade
Quest Trust 2003-X4; Class M-3, current rating
Baa3, under review for possible downgrade
Series 2003-AR2; Class M-3, current rating Baa1,
under review for possible downgrade
Issuer: Argent Securities Inc.
Series 2004-PW1; Class M-9, current rating Baa3,
under review for possible downgrade
Series 2004-PW1; Class M-10, current rating Ba1,
under review for possible downgrade
Series 2004-PW1; Class M-11, current rating Ba2,
under review for possible downgrade
For more information please see www.moodys.com.
New York
Nicolas S. Weill
Managing Director - Chief Credit
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Amelia (Amy) Tobey
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653