Moody's Downgrades Certain INABS Subprime RMBS
New York, October 30, 2008 -- Moody's Investors Service has downgraded the ratings of 108 tranches from
11 subprime RMBS transactions issued by INABS. 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: Home Equity Mortgage Loan Asset-Backed Trust,
Series INABS 2007-B
Cl. 1A-1, Downgraded to B1 from Aa2
Cl. 1A-2, Downgraded to B1 from Aa2
Cl. 2A-2, Downgraded to Baa2 from Aa2
Cl. 2A-3, Downgraded to B2 from Aa3
Cl. 2A-4, Downgraded to B3 from A1
Cl. M-1, Downgraded to Ca from Ba1
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 B3
Cl. M-6, Downgraded to C from Caa1
Cl. M-7, Downgraded to C from Caa2
Cl. M-8, Downgraded to C from Caa3
Cl. M-9, Downgraded to C from Ca
Cl. M-10, Downgraded to C from Ca
Cl. M-11, Downgraded to C from Ca
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2005-A
Cl. M-10, Downgraded to Caa2 from B3
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2005-B
Cl. M-8, Downgraded to B3 from B1
Cl. M-9, Downgraded to Ca from Caa2
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2005-C
Cl. M-3, Downgraded to A2 from A1
Cl. M-4, Downgraded to Baa2 from Baa1
Cl. M-5, Downgraded to B1 from Ba1
Cl. M-6, Downgraded to Caa2 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. M-10, Downgraded to C from Ca
Cl. M-11, Downgraded to C from Ca
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2005-D
Cl. M-2, Downgraded to A3 from Aa2
Cl. M-3, Downgraded to Ba1 from A3
Cl. M-4, Downgraded to B2 from Baa3
Cl. M-5, Downgraded to Ca from B1
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: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2006-A
Cl. A-3, Downgraded to Aa3 from Aaa
Cl. A-4, Downgraded to A2 from Aaa
Cl. M-1, Downgraded to Ba1 from Aa1
Cl. M-2, Downgraded to Caa2 from Baa1
Cl. M-3, Downgraded to C from Ba2
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. M-7, Downgraded to C from Caa2
Cl. M-8, Downgraded to C from Caa3
Cl. M-9, Downgraded to C from Ca
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2006-B
Cl. 2A-3, Downgraded to Aa3 from Aaa
Cl. 2A-4, Downgraded to A2 from Aaa
Cl. M-1, Downgraded to Ba1 from Aa1
Cl. M-2, Downgraded to Caa2 from Baa3
Cl. M-3, Downgraded to C from B2
Cl. M-4, Downgraded to C from B3
Cl. M-5, Downgraded to C from Caa2
Cl. M-6, Downgraded to C from Caa3
Cl. M-7, Downgraded to C from Ca
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
INABS 2006-C
Cl. 3A-3, Downgraded to A1 from Aaa
Cl. 3A-4, Downgraded to A3 from Aaa
Cl. M-1, Downgraded to Ba1 from Aa1
Cl. M-2, Downgraded to Caa2 from Baa2
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: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
Series INABS 2006-D
Cl. 1A, Downgraded to A3 from Aaa
Cl. 2A-3, Downgraded to Baa2 from Aaa
Cl. 2A-4, Downgraded to Baa3 from Aaa
Cl. M-1, Downgraded to B2 from Baa1
Cl. M-2, Downgraded to Caa3 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 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. M-10, Downgraded to C from Ca
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
Series INABS 2006-E
Cl. 1A-1, Downgraded to Baa3 from Aa3
Cl. 1A-2, Downgraded to Baa3 from Aa3
Cl. 2A-3, Downgraded to Ba1 from A1
Cl. 2A-4, Downgraded to Ba2 from A2
Cl. M-1, Downgraded to Caa2 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 B2
Cl. M-5, Downgraded to C from B3
Cl. M-6, Downgraded to C from Caa1
Cl. M-7, Downgraded to C from Caa2
Cl. M-8, Downgraded to C from Caa3
Cl. M-9, Downgraded to C from Caa3
Cl. M-10, Downgraded to C from Ca
Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
Series INABS 2007-A
Cl. 1A, Downgraded to Baa2 from Aa3
Cl. 2A-2, Downgraded to A2 from Aa2
Cl. 2A-3, Downgraded to Baa3 from A1
Cl. 2A-4A, Downgraded to Baa3 from Aa3
Cl. 2A-4B, Downgraded to Ba1 from A2
Cl. M-1, Downgraded to B1 from Baa3
Cl. M-2, Downgraded to Caa3 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 B3
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. M-10, Downgraded to C from Ca
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF146461
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