Moody's Downgrades Certain First Franklin Subprime RMBS
New York, October 16, 2008 -- Moody's Investors Service has downgraded the ratings of 366 tranches from
39 subprime RMBS transactions issued by First Franklin. 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: First Franklin Mortgage Loan Trust 2005-FF1
Cl. B-1, Downgraded to Ba3 from Ba2
Cl. B-2, Downgraded to B3 from Ba3
Cl. B-3, Downgraded to Ca from B1
Cl. B-4, Downgraded to C from Caa2
Issuer: First Franklin Mortgage Loan Trust 2005-FF11
Cl. M-4, Downgraded to Baa1 from A3
Cl. M-5, Downgraded to Ba1 from Baa2
Cl. M-6, Downgraded to B2 from Ba1
Cl. B-1, Downgraded to Caa2 from B1
Cl. B-2, Downgraded to C from B2
Cl. B-3, Downgraded to C from B3
Issuer: First Franklin Mortgage Loan Trust 2005-FF12
Cl. M-4, Downgraded to Baa1 from A3
Cl. M-5, Downgraded to Ba1 from Baa3
Cl. M-6, Downgraded to B2 from B1
Cl. B-1, Downgraded to Ca from B2
Cl. B-2, Downgraded to C from B3
Cl. B-3, Downgraded to C from Caa1
Issuer: First Franklin Mortgage Loan Trust 2005-FF2
Cl. M-3, Downgraded to A2 from Aa3
Cl. M-4, Downgraded to Baa1 from A3
Cl. M-5, Downgraded to Baa2 from Baa1
Cl. M-6, Downgraded to Ba1 from Baa3
Cl. B-1, Downgraded to B2 from Ba2
Cl. B-2, Downgraded to Caa2 from Ba3
Cl. B-3, Downgraded to Ca from B2
Cl. B-4, Downgraded to Ca from Caa2
Cl. B-5, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2005-FF3
Cl. M6, Downgraded to Ba1 from Baa3
Cl. M7, Downgraded to B2 from Ba3
Cl. M8, Downgraded to Caa2 from B2
Cl. M9, Downgraded to Caa3 from Caa2
Cl. B1, Downgraded to Ca from Caa3
Issuer: First Franklin Mortgage Loan Trust 2005-FF4
Cl. M-7, Downgraded to B3 from Ba2
Cl. M-8, Downgraded to Ca from B3
Issuer: First Franklin Mortgage Loan Trust 2005-FF7
Cl. M-8, Downgraded to Caa2 from B2
Cl. M-9, Downgraded to Ca from Caa1
Issuer: First Franklin Mortgage Loan Trust 2005-FF8
Cl. B-2, Downgraded to Caa2 from B3
Cl. B-3, Downgraded to C from Caa1
Cl. B-4, Downgraded to C from Caa2
Issuer: First Franklin Mortgage Loan Trust 2005-FFH1
Cl. M-1, Downgraded to Aa2 from Aa1
Cl. M-2, Downgraded to A2 from Aa2
Cl. M-3, Downgraded to Baa2 from Aa3
Cl. M-4, Downgraded to Ba2 from A3
Cl. M-5, Downgraded to B3 from Baa2
Cl. M-6, Downgraded to C from Ba1
Cl. B-1, Downgraded to C from B1
Cl. B-2, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2005-FFH2
Cl. M2, Downgraded to A1 from Aa2
Cl. M3, Downgraded to A3 from Aa3
Cl. M4, Downgraded to Baa3 from Baa1
Cl. M5, Downgraded to B2 from Baa3
Cl. M6, Downgraded to Ca from Ba3
Cl. M7, Downgraded to C from B3
Cl. M8, Downgraded to C from Caa2
Cl. M9, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2005-FFH3
Cl. M-7, Downgraded to Caa2 from B2
Cl. M-8, Downgraded to C from Caa1
Cl. M-9, Downgraded to C from Caa2
Cl. M-10, Downgraded to C from Caa2
Cl. B-1, Downgraded to C from Caa3
Cl. B-2, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2005-FFH4
Cl. M-6, Downgraded to Caa1 from B1
Cl. M-7, Downgraded to C from B2
Cl. M-8, Downgraded to C from B3
Cl. M-9, Downgraded to C from Caa1
Cl. M-10, Downgraded to C from Caa2
Cl. B-1, Downgraded to C from Caa3
Cl. B-2, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF1
Cl. M-2, Downgraded to A2 from Aa2
Cl. M-3, Downgraded to Baa2 from Aa3
Cl. M-4, Downgraded to Ba2 from A1
Cl. M-5, Downgraded to Caa1 from Baa1
Cl. M-6, Downgraded to Ca from Ba2
Cl. M-7, Downgraded to C from B2
Cl. M-8, Downgraded to C from B3
Cl. M-9, Downgraded to C from Caa1
Cl. M-10, Downgraded to C from Caa2
Cl. M-11, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2006-FF10
Cl. A1, Downgraded to Aa1 from Aaa
Cl. A5, Downgraded to Baa1 from Aaa
Cl. M1, Downgraded to Ba1 from A3
Cl. M2, Downgraded to Caa2 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: First Franklin Mortgage Loan Trust 2006-FF11
Cl. I-A-2, Downgraded to A3 from A2
Cl. II-A-3, Downgraded to Baa2 from Baa1
Cl. II-A-4, Downgraded to Baa3 from Baa2
Cl. M-1, Downgraded to B2 from B1
Cl. M-2, Downgraded to Ca from B2
Cl. M-3, Downgraded to C from B3
Cl. M-4, Downgraded to C from Caa1
Cl. M-5, Downgraded to C from Caa2
Cl. M-6, Downgraded to C from Caa3
Cl. M-7, Downgraded to C from Ca
Cl. M-8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF12
Cl. A4, Downgraded to Aa2 from Aaa
Cl. A5, Downgraded to Baa2 from Aa2
Cl. M1, Downgraded to B1 from Ba1
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: First Franklin Mortgage Loan Trust 2006-FF13
Cl. A-2C, Downgraded to Baa1 from Aa3
Cl. A-2D, Downgraded to Baa2 from A1
Cl. M-1, Downgraded to Ba3 from Ba2
Cl. M-2, Downgraded to Caa2 from B1
Cl. M-3, Downgraded to C from B2
Cl. M-4, Downgraded to C from B3
Cl. M-5, Downgraded to C from Caa1
Cl. M-6, Downgraded to C from Caa2
Cl. M-7, Downgraded to C from Caa3
Cl. M-8, Downgraded to C from Ca
Cl. M-9, Downgraded to C from Ca
Cl. B-1, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF14
Cl. A1, Downgraded to Aa3 from Aaa
Cl. A5, Downgraded to A2 from A1
Cl. A6, Downgraded to Ba1 from A3
Cl. M1, Downgraded to Caa2 from B1
Cl. M2, Downgraded to C from B2
Cl. M3, Downgraded to C from B3
Cl. M4, Downgraded to C from Caa1
Cl. M5, Downgraded to C from Caa2
Cl. M6, Downgraded to C from Caa3
Cl. M7, Downgraded to C from Ca
Cl. M8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF15
Cl. A1, Downgraded to A3 from Aaa
Cl. A2, Downgraded to A1 from Aaa
Cl. A5, Downgraded to Baa2 from Aa1
Cl. A6, Downgraded to B1 from Baa1
Cl. M1, Downgraded to Caa3 from B1
Cl. M2, Downgraded to C from B2
Cl. M3, Downgraded to C from B3
Cl. M4, Downgraded to C from Caa1
Cl. M5, Downgraded to C from Caa2
Cl. M6, Downgraded to C from Caa3
Cl. M7, Downgraded to C from Ca
Cl. M8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF16
Cl. I-A1, Downgraded to Baa1 from Aaa
Cl. II-A3, Downgraded to B2 from Baa2
Cl. II-A4, Downgraded to B3 from Baa3
Cl. M-1, Downgraded to Ca from B1
Cl. M-2, Downgraded to C from B2
Cl. M-3, Downgraded to C from B3
Cl. M-4, Downgraded to C from Caa1
Cl. M-5, Downgraded to C from Caa2
Cl. M-6, Downgraded to C from Caa3
Cl. M-7, Downgraded to C from Ca
Cl. M-8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF17
Cl. A1, Downgraded to Baa1 from Aaa
Cl. A2, Downgraded to Baa3 from Aa1
Cl. A4, Downgraded to Aa3 from Aaa
Cl. A5, Downgraded to B2 from Aa3
Cl. A6, Downgraded to B3 from Ba1
Cl. M1, Downgraded to C from B1
Cl. M2, Downgraded to C from B2
Cl. M3, Downgraded to C from B3
Cl. M4, Downgraded to C from Caa1
Cl. M5, Downgraded to C from Caa2
Cl. M6, Downgraded to C from Caa3
Cl. M7, Downgraded to C from Ca
Cl. M8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF18
Cl. A-1, Downgraded to A1 from Aaa
Cl. A-2B, Downgraded to Aa2 from Aaa
Cl. A-2C, Downgraded to Ba2 from Aa2
Cl. A-2D, Downgraded to Ba3 from A1
Cl. M-1, Downgraded to Caa2 from Ba2
Cl. M-2, Downgraded to C from Ba3
Cl. M-3, Downgraded to C from B1
Cl. M-4, Downgraded to C from B2
Cl. M-5, Downgraded to C from B3
Cl. M-6, Downgraded to C from Caa2
Cl. B-1, Downgraded to C from Caa2
Cl. B-2, Downgraded to C from Caa3
Cl. B-3, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF3
Cl. A-2C, Downgraded to Aa1 from Aaa
Cl. M-1, Downgraded to A2 from Aa1
Cl. M-2, Downgraded to Baa3 from Aa2
Cl. M-3, Downgraded to B1 from Baa1
Cl. M-4, Downgraded to Caa2 from Ba2
Cl. M-5, Downgraded to C from B2
Cl. M-6, Downgraded to C from B3
Cl. M-7, Downgraded to C from Caa1
Cl. M-8, Downgraded to C from Caa2
Cl. M-9, Downgraded to C from Caa3
Cl. B-1, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF4
Cl. A-3, Downgraded to Aa1 from Aaa
Cl. M-1, Downgraded to A2 from Aa1
Cl. M-2, Downgraded to Baa2 from A2
Cl. M-3, Downgraded to Ba3 from Ba1
Cl. M-4, Downgraded to Caa2 from B1
Cl. M-5, Downgraded to C from B2
Cl. M-6, Downgraded to C from B3
Cl. M-7, Downgraded to C from Caa1
Cl. M-8, Downgraded to C from Caa2
Cl. B-1, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2006-FF5
Cl. II-A-3, Downgraded to Aa1 from Aaa
Cl. II-A-4, Downgraded to Aa3 from Aaa
Cl. II-A-5, Downgraded to Aa2 from Aaa
Cl. M-1, Downgraded to A2 from Aa1
Cl. M-2, Downgraded to Ba2 from Ba1
Cl. M-3, Downgraded to B3 from B1
Cl. M-4, Downgraded to Ca from B2
Cl. M-5, Downgraded to C from B3
Cl. M-6, Downgraded to C from Caa2
Cl. M-7, Downgraded to C from Caa3
Cl. M-8, Downgraded to C from Ca
Cl. M-9, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF6
Cl. A-4, Downgraded to Aa1 from Aaa
Cl. M-1, Downgraded to Baa3 from Baa2
Cl. M-2, Downgraded to Ca from B2
Cl. M-3, Downgraded to C from B3
Cl. M-4, Downgraded to C from Caa1
Cl. M-5, Downgraded to C from Caa2
Cl. M-6, Downgraded to C from Caa3
Cl. M-7, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2006-FF7
Cl. I-A, Downgraded to A1 from Aaa
Cl. II-A-3, Downgraded to Baa3 from Aaa
Cl. II-A-4, Downgraded to Ba1 from Aaa
Cl. M-1, Downgraded to Caa2 from Baa1
Cl. M-2, Downgraded to C from B1
Cl. M-3, Downgraded to C from B2
Cl. M-4, Downgraded to C from B3
Cl. M-5, Downgraded to C from Caa1
Cl. M-6, Downgraded to C from Caa3
Cl. M-7, Downgraded to C from Ca
Cl. M-8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FF8
Cl. II-A-4, Downgraded to Aa2 from Aaa
Cl. M-1, Downgraded to A3 from Aa1
Cl. M-2, Downgraded to Ba1 from Baa1
Cl. M-3, Downgraded to B2 from Ba2
Cl. M-4, Downgraded to Caa2 from B1
Cl. M-5, Downgraded to C from B2
Cl. M-6, Downgraded to C from B3
Cl. M-7, Downgraded to C from Caa1
Cl. M-8, Downgraded to C from Caa2
Cl. M-9, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2006-FF9
Cl. II-A-3, Downgraded to A3 from Aaa
Cl. II-A-4, Downgraded to Baa1 from Aa2
Cl. M-1, Downgraded to Ba2 from Baa3
Cl. M-2, Downgraded to Caa2 from B1
Cl. M-3, Downgraded to C from B2
Cl. M-4, Downgraded to C from B3
Cl. M-5, Downgraded to C from Caa1
Cl. M-6, Downgraded to C from Caa2
Cl. M-7, Downgraded to C from Caa3
Cl. M-8, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust 2006-FFH1
Cl. M-2, Downgraded to A1 from Aa2
Cl. M-3, Downgraded to Baa1 from Aa3
Cl. M-4, Downgraded to Baa2 from A1
Cl. M-5, Downgraded to Ba2 from Baa2
Cl. M-6, Downgraded to B3 from Ba3
Cl. M-7, Downgraded to Ca from B2
Cl. M-8, Downgraded to C from B3
Cl. M-9, Downgraded to C from Caa1
Cl. M-10, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2007-FF1
Cl. A-1, Downgraded to A3 from Aaa
Cl. A-2B, Downgraded to A2 from Aaa
Cl. A-2C, Downgraded to Ba3 from Aa1
Cl. A-2D, Downgraded to B1 from Aa3
Cl. M-1, Downgraded to Caa2 from Baa3
Cl. M-2, Downgraded to C from B1
Cl. M-3, Downgraded to C from B2
Cl. M-4, Downgraded to C from B3
Cl. M-5, Downgraded to C from Caa1
Cl. M-6, Downgraded to C from Caa2
Cl. B-1, Downgraded to C from Caa3
Cl. B-2, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF2
Cl. A-1, Downgraded to B2 from A3
Cl. A-2C, Downgraded to B3 from Baa3
Cl. A-2D, Downgraded to Caa1 from Ba1
Cl. M-1, Downgraded to C from B1
Cl. M-2, Downgraded to C from B2
Cl. M-3, Downgraded to C from B3
Cl. M-4, Downgraded to C from Caa2
Cl. M-5, Downgraded to C from Caa3
Cl. M-6, Downgraded to C from Ca
Issuer: First Franklin Mortgage Loan Trust Series 2005-FF6
Cl. M-4, Downgraded to Baa1 from A2
Cl. M-5, Downgraded to Baa3 from Baa2
Cl. B-1, Downgraded to Ba3 from Baa3
Cl. B-2, Downgraded to Caa2 from Ba2
Cl. B-3, Downgraded to Ca from B1
Cl. B-4, Downgraded to C from Caa1
Issuer: Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-1
Cl. A-1, Downgraded to B1 from A2
Cl. A-2C, Downgraded to B3 from Baa3
Cl. A-2D, Downgraded to Caa1 from Ba1
Cl. M-1, Downgraded to C from B1
Cl. M-2, Downgraded to C from B2
Cl. M-3, Downgraded to C from B3
Cl. M-4, Downgraded to C from Caa2
Cl. M-5, Downgraded to C from Caa3
Cl. M-6, Downgraded to C from Ca
Cl. B-1, Downgraded to C from Ca
Cl. B-2, Downgraded to C from Ca
Issuer: Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-2
Cl. A-1, Downgraded to Baa1 from Aaa
Cl. A-2B, Downgraded to Baa2 from Aaa
Cl. A-2C, Downgraded to B1 from Aa1
Cl. A-2D, Downgraded to B2 from Aa3
Cl. M-1, Downgraded to Ca from Baa3
Cl. M-2, Downgraded to C from B1
Cl. M-3, Downgraded to C from B1
Cl. M-4, Downgraded to C from B2
Cl. M-5, Downgraded to C from B3
Cl. M-6, Downgraded to C from Caa1
Cl. B-1, Downgraded to C from Caa2
Cl. B-2, Downgraded to C from Caa3
Cl. B-3, Downgraded to C from Ca
Issuer: Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3
Cl. A-1C, Downgraded to A3 from Aaa
Cl. A-1D, Downgraded to Baa1 from Aaa
Cl. A-2B, Downgraded to Baa2 from Aaa
Cl. A-2C, Downgraded to Ba1 from Aaa
Cl. A-2D, Downgraded to Ba2 from Aaa
Cl. M-1-1, Downgraded to Caa2 from A3
Cl. M-1-2, Downgraded to Caa2 from A3
Cl. M-2-1, Downgraded to C from Ba3
Cl. M-2-2, Downgraded to C from Ba3
Cl. M-3-1, Downgraded to C from B1
Cl. M-3-2, Downgraded to C from B1
Cl. M-4-1, Downgraded to C from B2
Cl. M-4-2, Downgraded to C from B2
Cl. M-5, Downgraded to C from B3
Cl. M-6, Downgraded to C from B3
Cl. B-1, Downgraded to C from Caa1
Cl. B-2, Downgraded to C from Caa2
Cl. B-3, Downgraded to C from Caa3
Issuer: Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-4
Cl. 1-A, Downgraded to Baa3 from Aaa
Cl. 2-A2, Downgraded to Baa2 from Aaa
Cl. 2-A3, Downgraded to B2 from Aa1
Cl. 2-A4, Downgraded to B3 from Aa3
Cl. 1-M1, Downgraded to C from Ba1
Cl. 2-M1, Downgraded to C from Ba1
Cl. 1-M2, Downgraded to C from Ba3
Cl. 2-M2, Downgraded to C from Ba3
Cl. 1-M3, Downgraded to C from B1
Cl. 2-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 B3
Cl. B1, Downgraded to C from Caa1
Cl. B2, Downgraded to C from Caa2
Cl. B3, Downgraded to C from Caa3
Issuer: Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-5
Cl. 2-A3, Downgraded to Aa1 from Aaa
Cl. M-1, Downgraded to A1 from Aa1
Cl. M-2, Downgraded to A3 from Aa2
Cl. M-3, Downgraded to Baa1 from A1
Cl. M-4, Downgraded to Baa2 from Baa1
Cl. M-5, Downgraded to Ba1 from Baa2
Cl. B-2, Downgraded to Caa2 from B2
Issuer: Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-H1
Cl. 1-A1, Downgraded to A1 from Aaa
Cl. 1-A2, Downgraded to Baa1 from Aaa
Cl. 1-A3, Downgraded to Ba1 from Aaa
Cl. 2-A1, Downgraded to Ba3 from Aaa
Cl. 2-A2, Downgraded to B2 from Aaa
Cl. 2-A3A, Downgraded to B3 from Aaa
Cl. 2-A3B, Downgraded to B3 from Aaa
Cl. X-A, Downgraded to A1 from Aaa
Cl. M-1, Downgraded to Ca from Ba2
Cl. M-2, Downgraded to C from B1
Cl. M-3, Downgraded to C from B2
Cl. M-4, Downgraded to C from B3
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF145023
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
Joseph Rocco
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653