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Rating Action:

Moody's Downgrades Certain MABS Subprime RMBS

17 Apr 2008
Moody's Downgrades Certain MABS Subprime RMBS

New York, April 17, 2008 -- Moody's Investors Service has downgraded the ratings of 212 tranches from 22 subprime RMBS transactions issued by MABS. 46 downgraded tranches remain on review for possible further downgrade. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, subprime residential 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 surveillance process.

Complete rating actions are as follows:

MASTR Asset Backed Securities Trust 2005-HE2

Cl. M-5, Downgraded to Baa1 from A2

Cl. M-6, Downgraded to Ba1 from A3

Cl. M-7, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa2 from Baa2

Cl. M-9, Downgraded to Caa3 from B1

MASTR Asset Backed Securities Trust 2005-NC2

Cl. M-1, Downgraded to Aa3 from Aa1

Cl. M-2, Downgraded to Baa3 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from A2

Cl. M-6, Downgraded to Caa2 from A3

Cl. M-7, Downgraded to Caa3 from Baa3

Cl. M-8, Downgraded to Ca from Ba2

Cl. M-9, Downgraded to Ca from B1

MASTR Asset Backed Securities Trust 2005-WF1

Cl. M-5, Downgraded to Baa1 from A2

Cl. M-6, Downgraded to Baa3 from A3

Cl. M-7, Downgraded to Ba3 from Baa1

Cl. M-8, Downgraded to B1 from Baa2

Cl. M-9, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

MASTR Asset Backed Securities Trust 2006-AM1

Cl. M-4, Downgraded to Baa1 from A1

Cl. M-5, Downgraded to Ba3 from A2

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa3

Cl. M-9, Downgraded to Caa2 from Ba2

Cl. M-10, Downgraded to Caa3 from B1

Cl. M-11, Downgraded to Ca from B3

MASTR Asset Backed Securities Trust 2006-AM2

Cl. M-1, Downgraded to A1 from Aa1

Cl. M-2, Downgraded to Ba2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Ba2

Cl. M-7, Downgraded to Caa2 from B3

Cl. M-8, Downgraded to Caa3 from B3

Cl. M-9, Downgraded to Ca from B3

Cl. M-10, Downgraded to Ca from Caa3

MASTR Asset Backed Securities Trust 2006-AM3

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to Ba3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Ba1

Cl. M-7, Downgraded to Caa2 from B1

Cl. M-8, Downgraded to Caa3 from B3

Cl. M-9, Downgraded to Ca from Caa1

Cl. M-10, Downgraded to Ca from Caa1

Cl. M-11, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-FRE1

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to B3 from Aa2

Cl. M-3, Downgraded to Caa1 from Aa3

Cl. M-4, Downgraded to Caa2 from A3

Cl. M-5, Downgraded to Caa3 from Baa2

Cl. M-6, Downgraded to Ca from Ba2

Cl. M-7, Downgraded to C from Caa1

Cl. M-8, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-FRE2

Cl. M-1, Downgraded to Baa3 from Aa1

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa2

Cl. M-5, Downgraded to Caa2 from Ba2

Cl. M-6, Downgraded to Caa3 from B3

MASTR Asset Backed Securities Trust 2006-HE1

Cl. M-3, Downgraded to A1 from Aa3

Cl. M-4, Downgraded to Ba1 from A1

Cl. M-5, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Baa1

Cl. M-7, Downgraded to Caa2 from Ba1

Cl. M-8, Downgraded to Caa3 from Ba3

Cl. M-9, Downgraded to Ca from B3

Cl. M-10, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-HE2

Cl. A-4, Downgraded to Aa2 from Aaa

Cl. M-1, Downgraded to B1 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa2

Cl. M-5, Downgraded to Caa2 from Ba2

Cl. M-6, Downgraded to Caa3 from B3

Cl. M-7, Downgraded to C from Ca

Cl. M-8, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-HE3

Cl. A-1, Downgraded to Aa1 from Aaa

Cl. A-2, Downgraded to A3 from Aaa

Cl. A-3, Downgraded to Baa2 from Aaa

Cl. A-4, Downgraded to Baa3 from Aaa

Cl. M-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3

Cl. M-4, Downgraded to Caa2 from B1

Cl. M-5, Downgraded to Caa3 from B3

Cl. M-6, Downgraded to Ca from B3

Cl. M-7, Downgraded to Ca from Caa3

Cl. M-8, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-HE4

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to A1 from Aaa

Cl. M-1, Downgraded to Ba2 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Ba1

Cl. M-6, Downgraded to Caa2 from Ba3

Cl. M-7, Downgraded to Caa3 from B3

Cl. M-8, Downgraded to Ca from Caa1

Cl. M-9, Downgraded to Ca from Caa2

Cl. M-10, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-HE5

Cl. A-3, Downgraded to Aa1 from Aaa

Cl. A-4, Downgraded to Aa3 from Aaa

Cl. M-1, Downgraded to Ba1 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Ba1

Cl. M-6, Downgraded to Caa2 from Ba3

Cl. M-7, Downgraded to Caa3 from B3

Cl. M-8, Downgraded to Ca from B3

Cl. M-9, Downgraded to Ca from Caa1

Cl. M-10, Downgraded to C from Caa2

Cl. M-11, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-NC1

Cl. M-3, Downgraded to A2 from Aa3

Cl. M-4, Downgraded to Ba1 from A1

Cl. M-5, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Baa3

Cl. M-8, Downgraded to Caa2 from Ba1

Cl. M-9, Downgraded to Caa3 from B1

Cl. M-10, Downgraded to Ca from B3

MASTR Asset Backed Securities Trust 2006-NC2

Cl. A-1, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to Aa2 from Aaa

Cl. A-5, Downgraded to A1 from Aaa

Cl. M-1, Downgraded to Ba1 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Baa3

Cl. M-6, Downgraded to Caa2 from Ba2

Cl. M-7, Downgraded to Caa3 from B2

Cl. M-8, Downgraded to Ca from B3

Cl. M-9, Downgraded to Ca from Caa2

Cl. M-10, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-NC3

Cl. A-5, Downgraded to Aa2 from Aaa

Cl. M-1, Downgraded to Baa3 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Baa3

Cl. M-6, Downgraded to Caa2 from Ba3

Cl. M-7, Downgraded to Caa3 from B3

Cl. M-8, Downgraded to Ca from Caa1

Cl. M-9, Downgraded to Ca from Caa1

Cl. M-10, Downgraded to C from Caa2

MASTR Asset Backed Securities Trust 2006-WMC1

Cl. M-2, Downgraded to Baa2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Baa2

Cl. M-7, Downgraded to Caa2 from Ba3

Cl. M-8, Downgraded to Caa3 from B3

Cl. M-9, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-WMC2

Cl. A-1, Downgraded to A2 from Aaa

Cl. A-4, Downgraded to Baa3 from Aaa

Cl. A-5, Downgraded to B1 from Aaa

Cl. M-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to Caa1 from Aa2

Cl. M-3, Downgraded to Caa2 from Aa3

Cl. M-4, Downgraded to Caa3 from Ba1

Cl. M-5, Downgraded to Ca from B1

Cl. M-6, Downgraded to C from B3

Cl. M-7, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2006-WMC3

Cl. A-1, Downgraded to Baa2 from Aaa

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to Baa1 from Aaa

Cl. A-5, Downgraded to Baa2 from Aaa

Cl. M-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3

Cl. M-4, Downgraded to Caa2 from Ba1

Cl. M-5, Downgraded to Caa3 from B2

Cl. M-6, Downgraded to Ca from B3

Cl. M-7, Downgraded to C from Caa3

MASTR Asset Backed Securities Trust 2006-WMC4

Cl. A-1, Downgraded to A3 from Aaa

Cl. A-2, Downgraded to A3 from Aaa

Cl. A-3, Downgraded to Aa1 from Aaa

Cl. A-4, Downgraded to Aa2 from Aaa

Cl. A-5, Downgraded to Baa2 from Aaa

Cl. A-6, Downgraded to Baa3 from Aaa

Cl. M-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3

Cl. M-4, Downgraded to Caa2 from Ba2

Cl. M-5, Downgraded to Caa3 from B3

Cl. M-6, Downgraded to Ca from B3

Cl. M-7, Downgraded to C from Caa1

Cl. M-8, Downgraded to C from Ca

Cl. M-9, Downgraded to C from Ca

MASTR Asset Backed Securities Trust 2007-HE1

Cl. M-2, Downgraded to Baa2 from Aa2

Cl. M-3, Downgraded to Ba1 from Aa2

Cl. M-4, Downgraded to Ba3 from Aa3

Cl. M-5, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Ba1

Cl. M-9, Downgraded to Caa2 from Ba2

Cl. M-10, Downgraded to Caa3 from B3

MASTR Asset Backed Securities Trust 2007-WMC1

Cl. A-1, Downgraded to B1 from Aaa

Cl. A-2, Downgraded to A1 from Aaa

Cl. A-3, Downgraded to Ba3 from Aaa

Cl. A-4, Downgraded to B1 from Aaa

Cl. A-5, Downgraded to B2 from Aaa

Cl. M-1, Downgraded to Caa2 from Aa1

Cl. M-2, Downgraded to Caa3 from Aa2

Cl. M-3, Downgraded to Ca from Aa3

Cl. M-4, Downgraded to C from Caa2

Cl. M-5, Downgraded to C from Caa3

Cl. M-6, Downgraded to C from Ca

A list of these actions including CUSIP identifiers may be found at:

PDF: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF129647

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF129648

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
Gulmira Karaguishiyeva
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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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