Moody's Downgrades Certain Citigroup Alt-A deals
New York, May 05, 2008 -- Moody's Investors Service has downgraded the ratings of 45 tranches from
13 Alt-A transactions issued by Citigroup Mortgage Loan Trust.
Seventeen tranches remain on review for possible further downgrade.
Additionally, 27 tranches were placed on review for possible downgrade.
The collateral backing these transactions consists primarily of first-lien,
fixed and adjustable-rate, Alt-A mortgage loans.
The 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: Citigroup Mortgage Loan Trust Inc. 2005-7
Cl. 1-A1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-AIO1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-AIO2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-B1, Downgraded to Ba1 from Aa2
Cl. 1-B2, Downgraded to B3 from A2; Placed Under
Review for further Possible Downgrade
Cl. 1-B3, Downgraded to Caa1 from Baa2; Placed
Under Review for further Possible Downgrade
Issuer: Citigroup Mortgage Loan Trust Series 2005-8
Cl. II-B1, Downgraded to A2 from Aa2
Cl. II-B2, Downgraded to Ba3 from A2
Cl. II-B3, Downgraded to B2 from Baa3; Placed
Under Review for further Possible Downgrade
Issuer: Citigroup Mortgage Loan Trust Series 2005-10
Cl. I-A12B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. I-A34B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. I-A5B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. I-B1, Downgraded to Baa3 from Aa2
Cl. I-B2, Downgraded to B2 from A3; Placed Under
Review for further Possible Downgrade
Cl. I-B3, Downgraded to Caa1 from Ba2; Placed
Under Review for further Possible Downgrade
Issuer: Citigroup Mortgage Loan Trust, Series 2005-WF2
Cl. MF-1, Downgraded to Aa3 from Aa2
Cl. MF-2, Downgraded to Baa1 from A2
Cl. MF-3, Downgraded to B3 from Baa2
Cl. MF-4, Downgraded to B3 from Baa3; Placed
Under Review for further Possible Downgrade
Cl. MV-5, Downgraded to Baa2 from Baa1
Cl. MV-6, Downgraded to Caa1 from Baa2; Placed
Under Review for further Possible Downgrade
Cl. MV-7, Downgraded to Ca from Ba1
Issuer: Citigroup Mortgage Loan Trust 2006-4
Cl. B1, Downgraded to A1 from Aa2
Cl. B2, Downgraded to Ba2 from A2
Cl. B3, Downgraded to B1 from Baa3; Placed Under Review
for further Possible Downgrade
Issuer: Citigroup Mortgage Loan Trust 2006-AR3
Cl. 2-A12B, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 2-1AX, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-2AX, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A34B, Placed on Review for Possible Downgrade,
currently Aa1
Issuer: Citigroup Mortgage Loan Trust 2006-AR6
Cl. 2-A4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-M1, Downgraded to B2 from Aa2
Cl. 2-M2, Downgraded to B3 from Baa1; Placed
Under Review for further Possible Downgrade
Cl. 2-M3, Downgraded to Caa1 from Ba1; Placed
Under Review for further Possible Downgrade
Cl. 2-M4, Downgraded to Ca from Ba3
Issuer: Citigroup Mortgage Loan Trust 2006-FX1
Cl. M-2, Downgraded to Baa2 from A2
Cl. M-3, Downgraded to B2 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. M-4, Downgraded to Ca from Ba1
Issuer: Citigroup Mortgage Loan Trust Inc. 2006-WF1
Cl. M-1, Downgraded to Baa1 from Aa2
Cl. M-2, Downgraded to B2 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to Ca from Ba2
Cl. M-4, Downgraded to Ca from B1
Cl. M-5, Downgraded to Ca from Caa2
Issuer: Citigroup Mortgage Loan Trust Inc. 2006-WF2
Cl. M-1, Downgraded to Baa2 from Aa2
Cl. M-2, Downgraded to B2 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to Ca from Ba1
Cl. M-4, Downgraded to Ca from B3
Cl. M-5, Downgraded to Ca from Caa3
Issuer: Citigroup Mortgage Loan Trust 2007-AR1
Cl. A1, Placed on Review for Possible Downgrade, currently
Aaa
Cl. A2, Placed on Review for Possible Downgrade, currently
Aaa
Cl. M1, Downgraded to B3 from Aa2; Placed Under Review
for further Possible Downgrade
Cl. M2, Downgraded to Ca from B1
Issuer: Citigroup Mortgage Loan Trust 2007-AR7
Cl. 3IO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. 4IO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B1, Downgraded to B3 from Aa2; Placed Under Review
for further Possible Downgrade
Cl. B2, Downgraded to Ca from B3
Cl. B3, Downgraded to Ca from Caa3
Issuer: Citigroup Mortgage Loan Trust 2007-OPX1
Cl. A-1A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-1B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-3A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-3B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-4A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-4B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-5A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-5B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. M-1, Downgraded to Ba1 from Aa2; Placed Under
Review for further Possible Downgrade
Cl. M-2, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to Ca from Ba3
Cl. M-4, Downgraded to Ca from B1
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF131288
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
Karandeep Bains
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653