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Rating Action:

Moody's Downgrades Certain Bear Stearns Alt-A deals

24 Apr 2008
Moody's Downgrades Certain Bear Stearns Alt-A deals

New York, April 24, 2008 -- Moody's Investors Service has downgraded the ratings of 98 tranches from 18 Alt-A transactions issued by Bear Stearns. Fifty seven tranches remain on review for possible further downgrade. Additionally, 34 tranches were placed on review for possible downgrade, and the ratings on 5 tranches were confirmed.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Alt-A mortgage loans. Ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. The actions described below are a result of Moody's on-going review process.

Complete rating actions are as follows:

Issuer: Bear Stearns ARM Trust 2005-6

Cl. B-2, Downgraded to A3 from A2

Cl. B-3, Downgraded to Ba1 from Baa2

Issuer: Bear Stearns ARM Trust 2005-12

Cl. II-1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2-A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. II-3-A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. II-4-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-5-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-B-1, Downgraded to Aa3 from Aa2

Cl. I-B-2, Downgraded to Baa1 from A2

Cl. I-B-3, Downgraded to Ba3 from Baa3

Cl. II-B-1, Downgraded to Baa1 from Aa2

Cl. II-B-2, Downgraded to B1 from A2

Cl. II-B-3, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AC5

Cl. I-B-1, Confirmed at Baa1

Cl. I-B-2, Confirmed at Baa2

Cl. I-B-4, Downgraded to Ca from Ba2

Cl. I-B-3, Downgraded to B1 from Baa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AC6

Cl. I-B-2, Confirmed at Baa2

Cl. I-B-3, Confirmed at Baa3

Cl. I-B-4, Downgraded to Caa3 from Ba2

Cl. II-B-2, Downgraded to Ba3 from Baa1

Issuer: Bear Stearns Asset Backed Securities Trust I Series 2005-AC7

Cl. B-2, Confirmed at Baa2

Cl. B-3, Downgraded to Ba2 from Baa3

Cl. B-4, Downgraded to Ca from Ba2

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AC8

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-7, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-8, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-9, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-10, Placed on Review for Possible Downgrade, currently Aaa

Cl. X-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. PO, Placed on Review for Possible Downgrade, currently Aaa

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AC9

Cl. M-1, Downgraded to Aa3 from Aa2

Cl. M-2, Downgraded to Baa1 from A2

Cl. M-3, Downgraded to Ba1 from A3

Cl. B-1, Downgraded to Ba2 from Baa1

Cl. B-2, Downgraded to B3 from Baa2

Cl. B-3, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-4, Downgraded to Ca from Caa2

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC1

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-1X, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-1PO, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. II-2X, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2PO, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-M-2, Downgraded to Baa1 from A2

Cl. I-M-3, Downgraded to Ba2 from A3

Cl. I-B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. I-B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

.Cl. I-B-3, Downgraded to Ca from Ba3

Cl. I-B-4, Downgraded to Ca from Caa3

Cl. II-B-1, Downgraded to Ba3 from Aa2

Cl. II-B-2, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. II-B-3, Downgraded to Ca from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC2

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-1A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-1A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-1A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-1A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-2A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-PO, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-X, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-M-2, Downgraded to Baa1 from A2

Cl. I-M-3, Downgraded to Ba3 from A3

Cl. I-B-1, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. I-B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. I-B-3, Downgraded to Ca from B1

Cl. II-B-1, Downgraded to Ba2 from Aa2

Cl. II-B-3, Downgraded to Ca from B3

Cl. II-B-2, Downgraded to Ca from Ba1

Cl. I-B-4, Downgraded to Ca from Caa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC3

Cl. M-3, Downgraded to Baa3 from A3

Cl. B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Ca from B1

Cl. B-4, Downgraded to Ca from Caa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC4

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aa1

Cl. M-1, Downgraded to B1 from Aa2

Cl. M-2, Downgraded to B3 from A1; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Ca from Ba1

Cl. B-4, Downgraded to Ca from Ba3

Cl. B-5, Downgraded to Ca from B3

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC5

Cl. A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from A1; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Ca from Ba1

Cl. B-4, Downgraded to Ca from Ba3

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AC1

Cl. A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B1 from Aa2

Cl. M-2, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Ca from Ba2

Cl. B-3, Downgraded to Ca from B1

Cl. B-4, Downgraded to Ca from Caa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AC2

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B1 from Aa2

Cl. M-2, Downgraded to B1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Ba1

Cl. B-2, Downgraded to Ca from Ba3

Cl. B-3, Downgraded to Ca from Caa1

Cl. B-4, Downgraded to Ca from Caa2

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AC3

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Ba1

Cl. B-2, Downgraded to Ca from Ba2

Cl. B-3, Downgraded to Ca from Caa1

Cl. B-4, Downgraded to Ca from Caa2

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AC4

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B3 from Aa2

Cl. M-2, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Caa1

Cl. B-2, Downgraded to Ca from Caa3

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AC5

Cl. A-4, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-7, Placed on Review for Possible Downgrade, currently Aa1

Cl. B-1, Downgraded to Ba3 from Aa2

Cl. B-2, Downgraded to B2 from Ba2

Issuer: Bear Stearns Mortgage Funding Trust 2006-AC1

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B2 from Aa2

Cl. M-2, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Ba1

Cl. B-2, Downgraded to Ca from B1

Cl. B-3, Downgraded to Ca from B2

Cl. B-4, Downgraded to Ca from B3

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF130954

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gerard Mazi
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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