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Related Issuers
First Franklin Mortgage Loan Trust 2005-FF1
First Franklin Mortgage Loan Trust 2005-FF11
First Franklin Mortgage Loan Trust 2005-FF12
First Franklin Mortgage Loan Trust 2005-FF2
First Franklin Mortgage Loan Trust 2005-FF3
First Franklin Mortgage Loan Trust 2005-FF4
First Franklin Mortgage Loan Trust 2005-FF7
First Franklin Mortgage Loan Trust 2005-FF8
First Franklin Mortgage Loan Trust 2005-FFH1
First Franklin Mortgage Loan Trust 2005-FFH2
First Franklin Mortgage Loan Trust 2005-FFH3
First Franklin Mortgage Loan Trust 2005-FFH4
First Franklin Mortgage Loan Trust 2006-FF1
First Franklin Mortgage Loan Trust 2006-FF10
First Franklin Mortgage Loan Trust 2006-FF11
First Franklin Mortgage Loan Trust 2006-FF12
First Franklin Mortgage Loan Trust 2006-FF13
First Franklin Mortgage Loan Trust 2006-FF14
First Franklin Mortgage Loan Trust 2006-FF15
First Franklin Mortgage Loan Trust 2006-FF16
First Franklin Mortgage Loan Trust 2006-FF17
First Franklin Mortgage Loan Trust 2006-FF18
First Franklin Mortgage Loan Trust 2006-FF3
First Franklin Mortgage Loan Trust 2006-FF4
First Franklin Mortgage Loan Trust 2006-FF5
First Franklin Mortgage Loan Trust 2006-FF6
First Franklin Mortgage Loan Trust 2006-FF7
First Franklin Mortgage Loan Trust 2006-FF8
First Franklin Mortgage Loan Trust 2006-FF9
First Franklin Mortgage Loan Trust 2006-FFH1
First Franklin Mortgage Loan Trust 2007-FF1
First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed Certificates, Series 2007-FF2
First Franklin Mortgage Loan Trust Series 2005-FF6
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-1
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-5
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1
Rating Action:

Moody's Downgrades Certain First Franklin Subprime RMBS

16 Oct 2008
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

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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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