MOODY'S UPGRADES 398 JUMBO RESIDENTIAL MBS TRANCHES
New York, September 01, 2004 -- Moody's has upgraded 254 tranches from 73 I-structure securitizations
and 144 tranches from 42 Y-structure securitizations, concluding
a review. The rating actions follow Moody's comprehensive
examination of "jumbo" mortgage deals rated from 1998 through
2003. The examination was prompted by the unusually strong mortgage
credit environment of the past few years, which includes rapid industry-wide
prepayment speeds and generally rising home prices.
Over the last several years the jumbo RMBS securitization market has experienced
very strong performance. Many securitization pools have experienced
no losses or very low levels of losses. High prepayment rates,
combined with the virtually standard jumbo RMBS shifting-interest
structure, have resulted in a significant increase in tranche credit
enhancement levels. In the standard shifting interest structure,
100% of prepayment principal is allocated to the most senior tranches,
typically for at least the first five years. High prepayment rates
have also reduced loss rates, as some loans that may have defaulted
in later years have prepaid prior to the borrower experiencing a "life
event." While the economic environment of the recent past
has caused some financial strain on borrowers, the strong housing
market has enabled many borrowers to avoid foreclosure by selling their
properties prior to incurring any loss on the mortgage loan. In
addition, the continued strong housing market has decreased the
amount of the loss realized on the low percentage of loans that have experienced
a loss.
Among the 398 tranches that Moody's upgraded were 25 super senior
support tranches. Super senior support tranches carry more risk
than a senior tranche that is not divided into super senior and support
tranches. This risk is due to the potentially higher severity of
loss on the support tranche, should a loss be realized. The
25 senior support tranches have been upgraded due to the substantial increase
in credit enhancement percentages since issuance.
The complete rating action is as follows:
The following I-Structure classes are being upgraded:
ABN AMRO 2002-6, Class B-1, Upgrade from A2
to Aa1
ABN AMRO 2002-6, Class B-2, Upgrade from Baa2
to Aa3
ABN AMRO 2002-9, Class M, Upgrade from Aa3 to Aa1
ABN AMRO 2002-9, Class B-1, Upgrade from A3
to Aa3
ABN AMRO 2002-9, Class B-2, Upgrade from Baa3
to A3
ABN AMRO 2002-9, Class B-3, Upgrade from Ba3
to Baa3
ABN AMRO 2003-3, Class B-1, Upgrade from A3
to Aa3
ABN AMRO 2003-3, Class B-2, Upgrade from Baa3
to A3
ABN AMRO 2003-4, Class M, Upgrade from Aa3 to Aa1
ABN AMRO 2003-4, Class B-1, Upgrade from A3
to A1
ABN AMRO 2003-4, Class B-2, Upgrade from Baa3
to Baa1
Banc of America 2002-L, Class 1-A-3,
Upgrade from Aa1 to Aaa
Banc of America 2002-L, Class 2-A-4,
Upgrade from Aa1 to Aaa
Banc of America 2003-A, Class 2-A-9,
Upgrade from Aa1 to Aaa
Banc of America 2003-B, Class 2-A-8,
Upgrade from Aa1 to Aaa
Banc of America 2003-C, Class 1-A-3,
Upgrade from Aa1 to Aaa
Banc of America 2003-C, Class 2-A-3,
Upgrade from Aa1 to Aaa
Banc of America 2003-D, Class 1-A-2,
Upgrade from Aa1 to Aaa
Banc of America 2003-D, Class 2-A-6,
Upgrade from Aa1 to Aaa
Banc of America 2003-E, Class 1-A-3,
Upgrade from Aa1 to Aaa
Bank of America 2002-7, Class 1-A-37,
Upgrade from Aa1 to Aaa
Bank of America 2002-7, Class 1-B-1,
Upgrade from Aa2 to Aaa
Bank of America 2002-7, Class 1-B-2,
Upgrade from A2 to Aa1
Bank of America 2002-7, Class 1-B-3,
Upgrade from Baa2 to Aa3
Bank of America 2002-7, Class 1-B-4,
Upgrade from Ba2 to A3
Bank of America 2002-7, Class 1-B-5,
Upgrade from B2 to Ba1
Bank of America 2002-7, Class 2-A-4,
Upgrade from Aa2 to Aaa
Bear Stearns ARM Trust 2002-4, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2002-4, Class B-2, Upgrade
from A2 to Aa2
Bear Stearns ARM Trust 2002-4, Class B-3, Upgrade
from Baa2 to A2
Bear Stearns ARM Trust 2002-4, Class B-4, Upgrade
from Ba2 to Baa2
Bear Stearns ARM Trust 2002-12, Class I-B-1,
Upgrade from Aa2 to Aaa
Bear Stearns ARM Trust 2002-12, Class I-B-2,
Upgrade from A2 to Aa2
Bear Stearns ARM Trust 2002-12, Class I-B-3,
Upgrade from Baa2 to A2
Bear Stearns ARM Trust 2002-12, Class II-B-1,
Upgrade from Aa2 to Aaa
Bear Stearns ARM Trust 2002-12, Class II-B-2,
Upgrade from A2 to Aa2
Bear Stearns ARM Trust 2002-12, Class II-B-3,
Upgrade from Baa2 to A2
Cendant Mortgage 2002-1, Class B-2, Upgrade
from A3 to Aa3
Cendant Mortgage 2002-1, Class B-3, Upgrade
from Baa3 to A3
Cendant Mortgage 2002-1, Class B-4, Upgrade
from Ba3 to Baa3
Cendant Mortgage 2002-3, Class B-3, Upgrade
from Baa3 to A3
Cendant Mortgage 2002-3, Class B-4, Upgrade
from Ba3 to Baa3
Chase Mortgage 2001-S7, Class B-1, Upgrade from
Aa3 to Aa2
Chase Mortgage 2001-S7, Class B-2, Upgrade from
A3 to A2
Chase Mortgage 2002-S3, Class B-1, Upgrade from
Aa3 to Aaa
Chase Mortgage 2002-S3, Class B-2, Upgrade from
A2 to Aa2
CHL Mortgage 2002-J1, Class B-2, Upgrade from
A2 to Aa1
CHL Mortgage 2002-18, Class A-9, Upgrade from
Aa1 to Aaa
CHL Mortgage 2002-30, Class M, Upgrade from Aa2 to
Aaa
CHL Mortgage 2002-30, Class B-1, Upgrade from
A2 to Aa2
CHL Mortgage 2002-30, Class B-2, Upgrade from
Baa2 to A2
CHL Mortgage 2002-30, Class B-3, Upgrade from
Ba2 to Baa2
CHL Mortgage 2002-30, Class B-4, Upgrade from
B2 to Ba2
CHL Mortgage 2002-34, Class A-16, Upgrade from
Aa1 to Aaa
CHL Mortgage 2002-36, Class A-24, Upgrade from
Aa1 to Aaa
CHL Mortgage 2003-1, Class 1-A-5, Upgrade
from Aa2 to Aaa
CHL Mortgage 2003-1, Class 1-A-15, Upgrade
from Aa1 to Aaa
Citicorp Mortgage 2003-1, Class A-65, Upgrade
from Aa1 to Aaa
CSFB Mortgage 2003-1, Class III-B-1,
Upgrade from Aa3 to Aaa
CSFB Mortgage 2003-1, Class III-B-2,
Upgrade from A3 to Aa3
CSFB Mortgage 2003-1, Class III-B-3,
Upgrade from Baa3 to A3
CSFB Mortgage 2003-7, Class I-B-2, Upgrade
from A3 to Aa3
CSFB Mortgage 2003-7, Class I-B-3, Upgrade
from Baa3 to A3
FNT Mortgage 2001-5, Class B-1, Upgrade from
Aa2 to Aaa
FNT Mortgage 2001-5, Class B-2, Upgrade from
A2 to Aa2
FNT Mortgage 2001-5, Class B-3, Upgrade from
Baa2 to A2
FNT Mortgage 2001-5, Class B-4, Upgrade from
Ba2 to Baa2
MASTR Adjustable Rate Mortgage 2003-1, Class 2-A-3,
Upgrade from Aa1 to Aaa
Merrill Lynch Mortgage Investors 2000-3, Class M-1,
Upgrade from Aa2 to Aaa
Merrill Lynch Mortgage Investors 2000-3, Class M-2,
Upgrade from A2 to Aaa
Merrill Lynch Mortgage Investors 2000-3, Class B-1,
Upgrade from Baa2 to Aa3
Merrill Lynch Mortgage Investors 2000-3, Class B-2,
Upgrade from Ba2 to A3
Merrill Lynch Mortgage Investors 2000-3, Class B-3,
Upgrade from B2 to Ba1
Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-2,
Upgrade from Aa2 to Aaa
Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-3,
Upgrade from A2 to Aa3
Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-4,
Upgrade from Baa2 to A3
Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-5,
Upgrade from Ba2 to Ba1
MRFC 2001-TBC 1, Class B-1, Upgrade from Aa2
to Aaa
MRFC 2001-TBC 1, Class B-2, Upgrade from A2
to Aa2
MRFC 2001-TBC 1, Class B-3, Upgrade from Baa2
to A2
MRFC 2001-TBC 1, Class B-4, Upgrade from Ba2
to Baa3
MRFC 2002-TBC 1, Class B-1, Upgrade from Aa2
to Aaa
MRFC 2002-TBC 1, Class B-2, Upgrade from A2
to Aa2
MRFC 2002-TBC 1, Class B-3, Upgrade from Baa2
to A2
RAST 2002-A2J, Class B-1, Upgrade from Aa2 to
Aaa
RAST 2002-A2J, Class B-2, Upgrade from A2 to
Aa2
RAST 2002-A2J, Class B-3, Upgrade from Baa2
to A2
RAST 2002-A14J, Class A-9, Upgrade from Aa1
to Aaa
RFMSI 2002-SA1, Class M-1, Upgrade from Aa2
to Aaa
RFMSI 2002-SA1, Class M-2, Upgrade from A2 to
Aa2
RFMSI 2002-SA1, Class M-3, Upgrade from Baa2
to A2
RFMSI 2002-SA2, Class M-1, Upgrade from Aa2
to Aaa
RFMSI 2002-SA2, Class M-2, Upgrade from A2 to
Aa2
RFMSI 2002-SA2, Class M-3, Upgrade from Baa2
to A2
RFSC 2002-RM1, Class M-I-1, Upgrade from
Aa2 to Aaa
RFSC 2002-RM1, Class M-I-2, Upgrade from
A2 to Aa2
RFSC 2002-RM1, Class M-I-3, Upgrade from
Baa2 to A2
RFSC 2002-RM1, Class B-I-1, Upgrade from
Ba2 to Baa2
RFSC 2002-RM1, Class B-I-2, Upgrade from
B2 to Ba2
RFSC 2002-RM1, Class M-II-1, Upgrade
from Aa2 to Aaa
RFSC 2002-RM1, Class M-II-2, Upgrade
from A2 to Aa2
RFSC 2002-RM1, Class M-II-3, Upgrade
from Baa2 to A2
RFSC 2002-RM1, Class B-II-1, Upgrade
from Ba2 to Baa2
RFSC 2002-RM1, Class B-II-2, Upgrade
from B2 to Ba2
RFSC 2002-RM1, Class M-III-1, Upgrade
from Aa2 to Aaa
RFSC 2002-RM1, Class M-III-2, Upgrade
from A2 to Aa2
RFSC 2002-RM1, Class M-III-3, Upgrade
from Baa2 to A2
RFSC 2002-RM1, Class B-III-1, Upgrade
from Ba2 to Baa2
RFSC 2002-RM1, Class B-III-2, Upgrade
from B2 to Ba2
SBMS VII 2000-BoA1, Class B-1, Upgrade from
Aa2 to Aaa
SBMS VII 2000-BoA1, Class B-2, Upgrade from
A2 to Aa1
SBMS VII 2000-BoA1, Class B-3, Upgrade from
Baa2 to Aa3
Salomon 2001-CPB1, Class B-2, Upgrade from Aa2
to Aaa
Salomon 2001-CPB1, Class B-3, Upgrade from A2
to Aa2
Salomon 2001-CPB1, Class B-4, Upgrade from Baa2
to A3
Salomon 2001-CPB1, Class B-5, Upgrade from Ba2
to Ba1
SASC 2001-18A, Class B1, Upgrade from Aa2 to Aaa
SASC 2001-18A, Class B2, Upgrade from A2 to Aa1
SASC 2001-18A, Class B3, Upgrade from Baa2 to A2
SASC 2002-18A, Class B2-I, Upgrade from A2 to
A1
SASC 2002-18A, Class B3, Upgrade from Baa2 to A2
SASC 2002-18A, Class B2-I-X, Upgrade
from A2 to A1
SASC 2002-24, Class A14, Upgrade from Aa1 to Aaa
Thornburg Mortgage 2001-1, Class B-1, Upgrade
from Aa2 to Aaa
Thornburg Mortgage 2001-1, Class B-2, Upgrade
from A2 to Aaa
Thornburg Mortgage 2001-1, Class B-3, Upgrade
from Baa2 to Aa3
Thornburg Mortgage 2001-1, Class B-4, Upgrade
from Ba2 to A3
Thornburg Mortgage 2001-1, Class B-5, Upgrade
from B2 to Ba1
Thornburg Mortgage 2001-2, Class B-1, Upgrade
from Aa2 to Aaa
Thornburg Mortgage 2001-2, Class B-2, Upgrade
from A2 to Aa2
Thornburg Mortgage 2001-2, Class B-3, Upgrade
from Baa2 to A2
Thornburg Mortgage 2002-1, Class B-1, Upgrade
from Aa2 to Aaa
Thornburg Mortgage 2002-1, Class B-2, Upgrade
from A2 to Aa2
Thornburg Mortgage 2002-1, Class B-3, Upgrade
from Baa2 to A2
WaMu 2001-AR5, Class B-1, Upgrade from Aa2 to
Aa1
WaMu 2001-AR5, Class B-2, Upgrade from A2 to
A1
WaMu 2001-AR5, Class B-3, Upgrade from Baa2
to Baa1
WaMu 2001-AR5, Class B-4, Upgrade from Ba2 to
Ba1
WaMu 2001-AR6, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2001-AR6, Class B-2, Upgrade from A2 to
Aaa
WaMu 2001-AR6, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2001-AR6, Class B-4, Upgrade from Ba2 to
A3
WaMu 2001-AR6, Class B-5, Upgrade from B2 to
Ba1
WaMu 2002-AR1, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR1, Class B-2, Upgrade from A2 to
Aaa
WaMu 2002-AR1, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2002-AR1, Class B-4, Upgrade from Ba2 to
A3
WaMu 2002-AR1, Class B-5, Upgrade from B2 to
Ba1
WaMu 2002-AR2, Class B-1, Upgrade from Aa2 to
Aa1
WaMu 2002-AR2, Class B-2, Upgrade from A2 to
A1
WaMu 2002-AR2, Class B-3, Upgrade from Baa2
to A3
WaMu 2002-AR2, Class B-4, Upgrade from Ba2 to
Ba1
WaMu 2002-AR3, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR3, Class B-2, Upgrade from A2 to
Aaa
WaMu 2002-AR3, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2002-AR3, Class B-4, Upgrade from Ba2 to
A3
WaMu 2002-AR3, Class B-5, Upgrade from B2 to
Ba1
WaMu 2002-AR4, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR4, Class B-2, Upgrade from A2 to
Aaa
WaMu 2002-AR4, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2002-AR4, Class B-4, Upgrade from Ba2 to
A3
WaMu 2002-AR4, Class B-5, Upgrade from B2 to
Ba1
WaMu 2002-AR6, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR6, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR6, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR6, Class B-4, Upgrade from Ba2 to
Baa2
WaMu 2002-AR6, Class B-5, Upgrade from B2 to
Ba3
WaMu 2002-AR7, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR7, Class B-2, Upgrade from A2 to
Aaa
WaMu 2002-AR7, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2002-AR8, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR8, Class B-2, Upgrade from A2 to
Aaa
WaMu 2002-AR8, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2002-AR8, Class B-4, Upgrade from Ba2 to
A3
WaMu 2002-AR8, Class B-5, Upgrade from B2 to
Ba1
WaMu 2002-AR9, Class I-B-1, Upgrade from
Aa2 to Aaa
WaMu 2002-AR9, Class I-B-2, Upgrade from
A2 to Aa2
WaMu 2002-AR9, Class I-B-3, Upgrade from
Baa2 to A2
WaMu 2002-AR9, Class I-B-4, Upgrade from
Ba2 to Ba1
WaMu 2002-AR9, Class I-B-5, Upgrade from
B2 to B1
WaMu 2002-AR9, Class II-B-1, Upgrade
from Aa2 to Aaa
WaMu 2002-AR9, Class II-B-2, Upgrade
from A2 to Aa2
WaMu 2002-AR9, Class II-B-3, Upgrade
from Baa2 to A2
WaMu 2002-AR9, Class II-B-4, Upgrade
from Ba2 to Ba1
WaMu 2002-AR9, Class II-B-5, Upgrade
from B2 to B1
WaMu 2002-AR10, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR10, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR10, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR10, Class B-4, Upgrade from Ba2
to Baa2
WaMu 2002-AR10, Class B-5, Upgrade from B2 to
Ba2
WaMu 2002-AR11, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR11, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR11, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR12, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR12, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR12, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR12, Class B-4, Upgrade from Ba2
to Baa2
WaMu 2002-AR12, Class B-5, Upgrade from B2 to
Ba2
WaMu 2002-AR13, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR13, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR13, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR13, Class B-4, Upgrade from Ba2
to Baa2
WaMu 2002-AR13, Class B-5, Upgrade from B2 to
Ba2
WaMu 2002-AR14, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR14, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR14, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR14, Class B-4, Upgrade from Ba2
to Baa2
WaMu 2002-AR14, Class B-5, Upgrade from B2 to
Ba2
WaMu 2002-AR15, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR15, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR15, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR15, Class B-4, Upgrade from Ba2
to Baa2
WaMu 2002-AR15, Class B-5, Upgrade from B2 to
Ba2
WaMu 2002-AR16, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR16, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR16, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR16, Class B-4, Upgrade from Ba2
to Baa2
WaMu 2002-AR16, Class B-5, Upgrade from B2 to
Ba3
WaMu 2002-AR18, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR18, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR18, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR18, Class B-4, Upgrade from Ba2
to Baa3
WaMu 2002-AR18, Class B-5, Upgrade from B2 to
Ba3
WaMu 2002-AR19, Class B-1, Upgrade from Aa2
to Aaa
WaMu 2002-AR19, Class B-2, Upgrade from A2 to
Aa2
WaMu 2002-AR19, Class B-3, Upgrade from Baa2
to A2
WaMu 2002-AR19, Class B-4, Upgrade from Ba2
to Baa3
WaMu 2002-AR19, Class B-5, Upgrade from B2 to
Ba3
WaMu 2003-AR1, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2003-AR1, Class B-2, Upgrade from A2 to
Aa2
WaMu 2003-AR1, Class B-3, Upgrade from Baa2
to A3
WaMu 2003-AR1, Class B-4, Upgrade from Ba2 to
Ba1
WaMu 2003-AR1, Class B-5, Upgrade from B2 to
B1
WaMu 2003-AR2, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2003-AR2, Class B-2, Upgrade from A2 to
Aa2
WaMu 2003-AR2, Class B-3, Upgrade from Baa2
to A2
WaMu 2003-AR3, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2003-AR3, Class B-2, Upgrade from A2 to
Aa2
WaMu 2003-AR3, Class B-3, Upgrade from Baa2
to A3
WaMu 2003-AR4, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2003-AR4, Class B-2, Upgrade from A2 to
Aa2
WaMu 2003-AR4, Class B-3, Upgrade from Baa2
to A3
WaMu 2003-AR4, Class B-4, Upgrade from Ba2 to
Ba1
WaMu 2003-AR4, Class B-5, Upgrade from B2 to
B1
Washington Mutual 2000-1, Class M-1, Upgrade
from Aa2 to Aaa
Washington Mutual 2000-1, Class M-2, Upgrade
from A2 to Aa2
Washington Mutual 2000-1, Class M-3, Upgrade
from Baa2 to A2
Washington Mutual 2003-MS6 Three, Class III-B-1,
Upgrade from Aa3 to Aaa
Washington Mutual 2003-MS6 Three, Class III-B-2,
Upgrade from A3 to Aa3
Washington Mutual 2003-MS6 Three, Class III-B-3,
Upgrade from Baa3 to A3
Wells Fargo 2003-1, Class I-A-2, Upgrade
from Aa1 to Aaa
Wells Fargo 2003-C, Class A-7, Upgrade from
Aa1 to Aaa
Wells Fargo 2003-C, Class B-3, Upgrade from
Baa3 to A2
Wells Fargo 2003-D, Class B-3, Upgrade from
Baa2 to A2
The following Y-Structure classes are being upgraded:
ABN AMRO 2002-1A, Class B-1, Upgrade from Aa2
to Aaa
ABN AMRO 2002-1A, Class B-2, Upgrade from A2
to Aa2
ABN AMRO 2002-1A, Class B-3, Upgrade from Baa2
to A3
ABN AMRO 2002-1A, Class B-4, Upgrade from Ba2
to Ba1
ABN AMRO 2002-5, Class B-1, Upgrade from Aa2
to Aaa
ABN AMRO 2002-5, Class B-2, Upgrade from A2
to Aa2
ABN AMRO 2002-5, Class B-3, Upgrade from Baa2
to A3
ABN AMRO 2002-5, Class B-4, Upgrade from B2
to Ba1
Bank of America 2002-H, Class B-2, Upgrade from
Aa2 to Aaa
Bank of America 2002-H, Class B-3, Upgrade from
A2 to Aa2
Bank of America 2002-H, Class B-4, Upgrade from
Baa2 to A3
Bank of America 2002-H, Class B-5, Upgrade from
Ba2 to Ba1
Bear Stearns ARM Trust 2001-4, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2001-4, Class B-2, Upgrade
from A2 to Aa2
Bear Stearns ARM Trust 2001-4, Class B-3, Upgrade
from Baa2 to A2
Bear Stearns ARM Trust 2001-7, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2001-7, Class B-2, Upgrade
from A2 to Aa3
Bear Stearns ARM Trust 2001-7, Class B-3, Upgrade
from Baa2 to A3
Bear Stearns ARM Trust 2001-7, Class B-4, Upgrade
from Ba2 to Baa2
Bear Stearns ARM Trust 2002-5, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2002-5, Class B-2, Upgrade
from A2 to Aa1
Bear Stearns ARM Trust 2002-5, Class B-3, Upgrade
from Baa2 to A1
Bear Stearns ARM Trust 2002-7, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2002-7, Class B-2, Upgrade
from A2 to Aaa
Bear Stearns ARM Trust 2002-7, Class B-3, Upgrade
from Baa2 to Aa3
Bear Stearns ARM Trust 2002-8, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2002-8, Class B-2, Upgrade
from A2 to Aaa
Bear Stearns ARM Trust 2002-8, Class B-3, Upgrade
from Baa2 to Aa3
Bear Stearns ARM Trust 2002-8, Class B-4, Upgrade
from Ba2 to A3
Bear Stearns ARM Trust 2002-8, Class B-5, Upgrade
from B2 to Ba1
Bear Stearns ARM Trust 2002-9, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2002-9, Class B-2, Upgrade
from A2 to Aa3
Bear Stearns ARM Trust 2002-9, Class B-3, Upgrade
from Baa2 to A3
Bear Stearns ARM Trust 2002-10, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2002-10, Class B-2, Upgrade
from A2 to Aa2
Bear Stearns ARM Trust 2002-10, Class B-3, Upgrade
from Baa2 to A2
Bear Stearns ARM Trust 2002-10, Class B-4, Upgrade
from Ba2 to Baa2
Bear Stearns ARM Trust 2003-1, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2003-1, Class B-2, Upgrade
from A2 to Aa2
Bear Stearns ARM Trust 2003-1, Class B-3, Upgrade
from Baa2 to A2
Bear Stearns ARM Trust 2003-3, Class B-1, Upgrade
from Aa2 to Aaa
Bear Stearns ARM Trust 2003-3, Class B-2, Upgrade
from A2 to Aa3
Chase Mortgage 2002-S6, Class M, Upgrade from Aa1 to
Aaa
Chase Mortgage 2002-S6, Class B-1, Upgrade from
A1 to Aaa
Chase Mortgage 2002-S6, Class B-2, Upgrade from
Baa1 to Aa3
Chase Mortgage 2002-S6, Class B-3, Upgrade from
Ba2 to A3
CHL Mortgage 2002-1, Class B-1, Upgrade from
Aa2 to Aaa
CHL Mortgage 2002-1, Class B-2, Upgrade from
A2 to Aaa
CHL Mortgage 2002-7, Class B-1, Upgrade from
Aa2 to Aaa
CHL Mortgage 2002-7, Class B-2, Upgrade from
A2 to Aa2
CHL Mortgage 2002-7, Class B-3, Upgrade from
Baa2 to A3
CHL Mortgage 2001-HYB1, Class B-1, Upgrade from
Aa2 to Aaa
CHL Mortgage 2001-HYB1, Class B-2, Upgrade from
A3 to Aa2
CHL Mortgage 2001-HYB1, Class B-3, Upgrade from
Baa2 to A3
CHL Mortgage 2001-HYB1, Class B-4, Upgrade from
Ba3 to Ba1
CHL Mortgage 2001-HYB2, Class M, Upgrade from Aa2 to
Aaa
CHL Mortgage 2001-HYB2, Class B-1, Upgrade from
A2 to Aa3
CHL Mortgage 2003-HYB1, Class M, Upgrade from Aa2 to
Aaa
CHL Mortgage 2003-HYB1, Class B-1, Upgrade from
A2 to Aa2
CHL Mortgage 2003-HYB1, Class B-2, Upgrade from
Baa2 to A2
CHL Mortgage 2003-HYB2, Class M, Upgrade from Aa2 to
Aaa
CHL Mortgage 2003-HYB2, Class B-1, Upgrade from
A2 to Aa2
CHL Mortgage 2003-HYB2, Class B-2, Upgrade from
Baa2 to A3
Citicorp Mortgage 2003-2, Class IA-14, Upgrade
from Aa1 to Aaa
Citicorp Mortgage 2003-2, Class B-2, Upgrade
from A2 to Aa2
Citicorp Mortgage 2003-2, Class B-3, Upgrade
from Baa2 to A2
Fifth Third Mortgage 2002-FTB1, Class C-B-1,
Upgrade from Aa3 to Aa2
FNT Mortgage 2001-1, Class M-3, Upgrade from
A2 to Aa2
GSR Mortgage 2003-1, Class B-1, Upgrade from
Aa2 to Aaa
GSR Mortgage 2003-1, Class B-2, Upgrade from
A2 to Aa2
GSR Mortgage 2003-1, Class B-3, Upgrade from
Baa2 to A2
MASTR Adjustable Rate Mortgages 2002-3, Class B-1,
Upgrade from Aa3 to Aaa
MASTR Adjustable Rate Mortgages 2002-3, Class B-2,
Upgrade from A2 to Aa2
MASTR Adjustable Rate Mortgages 2002-3, Class B-3,
Upgrade from Baa2 to A2
MASTR Adjustable Rate Mortgages 2002-3, Class B-4,
Upgrade from Ba2 to Baa2
MASTR Adjustable Rate Mortgages 2002-4, Class B-1,
Upgrade from Aa2 to Aaa
MASTR Adjustable Rate Mortgages 2002-4, Class B-2,
Upgrade from A2 to Aa2
MASTR Adjustable Rate Mortgages 2002-4, Class B-3,
Upgrade from Baa2 to A2
MASTR Adjustable Rate Mortgages 2002-4, Class B-4,
Upgrade from Ba2 to Baa2
MASTR Adjustable Rate Mortgages 2002-4, Class B-5,
Upgrade from B3 to Ba3
MASTR Asset Securitization 2002-6, Class 3-A-2,
Upgrade from Aa1 to Aaa
MASTR Asset Securitization 2002-6, Class B-2,
Upgrade from A3 to Aa3
MASTR Asset Securitization 2002-7, Class 1-A-5,
Upgrade from Aa1 to Aaa
MASTR Asset Securitization 2002-7, Class 2-A-14,
Upgrade from Aa1 to Aaa
MASTR Asset Securitization 2002-7, Class 2-A-15,
Upgrade from Aa1 to Aaa
MASTR Asset Securitization 2002-7, Class B-1,
Upgrade from Aa3 to Aaa
MASTR Asset Securitization 2002-7, Class B-2,
Upgrade from A3 to Aa3
MASTR Asset Securitization 2002-7, Class B-3,
Upgrade from Baa3 to A3
MASTR Asset Securitization 2002-7, Class B-4,
Upgrade from Ba3 to Baa3
Merrill Lynch Mortgage 2001-S1, Class M-2, Upgrade
from Aa2 to Aaa
Merrill Lynch Mortgage 2001-S1, Class M-3, Upgrade
from A2 to Aa3
MLMI 2002-A2, Class M-1, Upgrade from Aa1 to
Aaa
MLMI 2002-A2, Class M-2, Upgrade from A1 to
Aaa
MLMI 2002-A2, Class M-3, Upgrade from Baa1 to
Aa2
MLMI 2002-A2, Class B-1, Upgrade from Ba1 to
A3
MLMI 2002-A2, Class B-2, Upgrade from B2 to
Ba1
Salomon 2002-HYB1, Class M-2, Upgrade from Aa2
to Aaa
Salomon 2002-HYB1, Class M-3, Upgrade from A2
to Aaa
Salomon 2002-HYB1, Class B-1, Upgrade from Baa2
to Aa3
Salomon 2002-HYB1, Class B-2, Upgrade from Ba2
to Ba1
Wachovia Asset 2002-1, Class B-1, Upgrade from
Aa2 to Aaa
Wachovia Asset 2002-1, Class B-2, Upgrade from
A2 to Aa2
Wachovia Asset 2002-1, Class B-3, Upgrade from
Baa2 to A2
Wachovia Asset 2002-1, Class B-4, Upgrade from
Ba2 to Baa2
Wachovia Asset 2002-1, Class B-5, Upgrade from
B2 to Ba3
WaMu 2002-AR5, Class B-1, Upgrade from Aa2 to
Aaa
WaMu 2002-AR5, Class B-2, Upgrade from A2 to
Aaa
WaMu 2002-AR5, Class B-3, Upgrade from Baa2
to Aa3
WaMu 2002-AR5, Class B-4, Upgrade from Ba2 toA3
WaMu 2002-AR5, Class B-5, Upgrade from B2 to
Ba1
WaMu MSC 2001-MS14, Class C-B-2, Upgrade
from Aa2 to Aaa
WaMu MSC 2001-MS14, Class C-B-3, Upgrade
from Baa2 to Aa3
WaMu MSC 2001-MS14, Class C-B-4, Upgrade
from Ba2 to A3
Washington Mutual MSC 2002-MS3, Class C-B-1,
Upgrade from Aa1 to Aaa
Washington Mutual MSC 2002-MS3, Class C-B-2,
Upgrade from Aa3 to Aaa
Washington Mutual MSC 2002-MS3, Class C-B-3,
Upgrade from A3 to Aa1
Washington Mutual MSC 2002-MS3, Class C-B-4,
Upgrade from Baa3 to A3
Washington Mutual MSC 2002-MS4, Class C-B-1,
Upgrade from Aa1 to Aaa
Washington Mutual MSC 2002-MS4, Class C-B-2,
Upgrade from Aa3 to Aaa
Washington Mutual MSC 2002-MS4, Class C-B-3,
Upgrade from A3 to Aa3
Washington Mutual MSC 2002-MS4, Class C-B-4,
Upgrade from Ba1 to Baa1
Washington Mutual MSC 2002-MS5, Class C-B-1,
Upgrade from Aa1 to Aaa
Washington Mutual MSC 2002-MS5, Class C-B-2,
Upgrade from Aa3 to Aa1
Washington Mutual MSC 2002-MS5, Class C-B-3,
Upgrade from A3 to A1
Washington Mutual MSC 2002-MS5, Class C-B-4,
Upgrade from Baa3 to Baa1
Washington Mutual MSC 2002-MS6, Class C-B-2,
Upgrade from Aa3 to Aaa
Washington Mutual MSC 2002-MS6, Class C-B-3,
Upgrade from A3 to Aa3
Washington Mutual MSC 2002-MS6, Class C-B-4,
Upgrade from Baa3 to Baa1
Washington Mutual MSC Mortgage 2002-AR2, Class B-1,
Upgrade from Aa2 to Aaa
Washington Mutual MSC Mortgage 2002-AR2, Class B-2,
Upgrade from A2 to Aa2
Washington Mutual MSC Mortgage 2002-AR2, Class B-3,
Upgrade from Baa2 to A2
Washington Mutual MSC Mortgage 2002-AR3, Class B-1,
Upgrade from Aa2 to Aaa
Washington Mutual MSC Mortgage 2002-AR3, Class B-2,
Upgrade from A2 to Aa2
Washington Mutual MSC Mortgage 2002-AR3, Class B-3,
Upgrade from Baa2 to A2
Washington Mutual MSC Mortgage 2003-AR1, Class B-1,
Upgrade from Aa2 to Aaa
Washington Mutual MSC Mortgage 2003-AR1, Class B-2,
Upgrade from A2 to Aa2
Washington Mutual MSC Mortgage 2003-AR1, Class B-3,
Upgrade from Baa2 to A2
Washington Mutual MSC Mortgage 2003-AR2, Class B-1,
Upgrade from Aa2 to Aaa
Washington Mutual MSC Mortgage 2003-AR2, Class B-2,
Upgrade from A2 to Aa3
Washington Mutual MSC Mortgage 2003-AR2, Class B-3,
Upgrade from Baa2 to A3
Washington Mutual MSC Mortgage 2002-MS2, Class C-B-2,
Upgrade from Aa3 to Aaa
Washington Mutual MSC Mortgage 2002-MS2, Class C-B-3,
Upgrade from A2 to Aa2
Washington Mutual MSC Mortgage 2002-MS2, Class C-B-4,
Upgrade from Baa2 to A3
Washington Mutual MSC Mortgage 2002-MS2, Class C-B-5,
Upgrade from Ba3 to Ba2
New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Warren Kornfeld
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
