Moody's Downgrades Certain Fieldstone Subprime RMBS
New York, November 03, 2008 -- Moody's Investors Service has downgraded the ratings of 60 tranches from
7 subprime RMBS transactions issued by Fieldstone. The collateral
backing these transactions consists primarily of first-lien,
fixed and adjustable-rate, subprime residential mortgage
loans.
These actions follow and are as a result of Moody's September 18th 2008
announcement that it had updated its loss projections on first-lien
subprime RMBS. (See Moodys.com for the report: Subprime
RMBS Loss Projection Update: September 2008 for details)
Complete rating actions are as follows:
Issuer: Fieldstone Mortgage Investment Trust 2005-1
Cl. M5, Downgraded to Baa2 from A2
Cl. M6, Downgraded to Ba2 from Baa2
Cl. M7, Downgraded to B3 from Baa3
Cl. M8, Downgraded to Caa3 from Ba1
Cl. M9, Downgraded to Ca from Ba3
Issuer: Fieldstone Mortgage Investment Trust 2005-2
Cl. M5, Downgraded to Baa1 from A2
Cl. M6, Downgraded to Ba1 from Baa2
Cl. M7, Downgraded to B3 from B2
Cl. M8, Downgraded to Ca from Caa1
Cl. M9, Downgraded to C from Caa2
Issuer: Fieldstone Mortgage Investment Trust 2006-1
Cl. A2, Downgraded to Aa3 from Aaa
Cl. A3, Downgraded to A2 from Aaa
Cl. M1, Downgraded to Baa2 from Aa1
Cl. M2, Downgraded to Ba2 from Aa2
Cl. M3, Downgraded to B3 from Baa1
Cl. M4, Downgraded to Ca from Ba2
Cl. M5, Downgraded to C from B2
Cl. M6, Downgraded to C from B3
Cl. M7, Downgraded to C from Caa2
Cl. M8, Downgraded to C from Caa3
Issuer: Fieldstone Mortgage Investment Trust 2006-2
Cl. 2-A2, Downgraded to Baa1 from Aaa
Cl. 2-A3, Downgraded to Baa2 from Aaa
Cl. M1, Downgraded to B2 from A3
Cl. M2, Downgraded to Ca from B1
Cl. M3, Downgraded to C from B2
Cl. M4, Downgraded to C from B3
Cl. M5, Downgraded to C from Caa1
Cl. M6, Downgraded to C from Caa2
Cl. M7, Downgraded to C from Caa3
Cl. M8, Downgraded to C from Ca
Cl. M9, Downgraded to C from Ca
Issuer: Fieldstone Mortgage Investment Trust 2006-3
Cl. 1-A, Downgraded to Aa3 from Aaa
Cl. 2-A2, Downgraded to Ba3 from Aaa
Cl. 2-A3, Downgraded to B2 from Aa1
Cl. 2-A4, Downgraded to B3 from Aa3
Cl. M1, Downgraded to C from Ba2
Cl. M2, Downgraded to C from B1
Cl. M3, Downgraded to C from B2
Cl. M4, Downgraded to C from B3
Cl. M5, Downgraded to C from Caa1
Cl. M6, Downgraded to C from Caa2
Cl. M7, Downgraded to C from Caa3
Cl. M8, Downgraded to C from Ca
Issuer: Fieldstone Mortgage Investment Trust 2007-1
Cl. 1-A1, Downgraded to A3 from Aaa
Cl. 2-A2, Downgraded to B2 from Aaa
Cl. 2-A3, Downgraded to B3 from Aa1
Cl. M1, Downgraded to C from A3
Cl. M2, Downgraded to C from Ba1
Cl. M3, Downgraded to C from B1
Cl. M4, Downgraded to C from B2
Cl. M5, Downgraded to C from B3
Cl. M6, Downgraded to C from Ca
Issuer: Fieldstone Mortgage Investment Trust, 2005-3
Cl. M2, Downgraded to A2 from Aa2
Cl. M3, Downgraded to Baa1 from Aa3
Cl. M4, Downgraded to Ba1 from A2
Cl. M5, Downgraded to B2 from Baa2
Cl. M6, Downgraded to Caa2 from Ba2
Cl. M7, Downgraded to C from B3
Cl. M8, Downgraded to C from Caa1
Cl. M9, Downgraded to C from Caa2
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF147071
For more information please see www.moodys.com.
New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Kimberly Spinney
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653