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Rating Action:

Moody's Downgrades Certain MASTR Subprime RMBS

15 Oct 2008
Moody's Downgrades Certain MASTR Subprime RMBS

New York, October 15, 2008 -- Moody's Investors Service has downgraded the ratings of 252 tranches from 27 subprime RMBS transactions issued by MASTR. 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)

Moody's Investors Service also announced today that it has published the underlying ratings on several insured notes as identified below. The ratings of these insured notes were previously derived from public ratings on non-sequential pari passu (i.e. at the same level of seniority) or more junior uninsured tranches of the same deals.

The underlying ratings reflect the intrinsic credit quality of the notes in the absence of the guarantee. The ratings on securities that are guaranteed or "wrapped" by a financial guarantor is the higher of a) the rating of the guarantor or b) the published underlying rating. The current ratings on the below notes are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and any underlying rating that is public.

Complete rating actions are as follows:

Issuer: MASTR Asset Backed Securities Trust 2005-HE1

Cl. M-8, Downgraded to Caa2 from Caa1

Cl. M-9, Downgraded to C from Caa3

Issuer: MASTR Asset Backed Securities Trust 2005-HE2

Cl. M-4, Downgraded to A3 from A1

Cl. M-5, Downgraded to Ba1 from Baa1

Cl. M-6, Downgraded to B3 from Ba1

Cl. M-7, Downgraded to C from B3

Cl. M-8, Downgraded to C from Caa2

Cl. M-9, Downgraded to C from Caa3

Issuer: MASTR Asset Backed Securities Trust 2005-NC1

Cl. M-2, Downgraded to A1 from Aa2

Cl. M-3, Downgraded to A3 from Aa3

Cl. M-4, Downgraded to Baa1 from A1

Cl. M-5, Downgraded to Baa3 from A2

Cl. M-6, Downgraded to Ba3 from Baa2

Cl. M-7, Downgraded to B2 from Ba1

Cl. M-8, Downgraded to Caa2 from Ba2

Cl. M-9, Downgraded to C from B1

Issuer: MASTR Asset Backed Securities Trust 2005-NC2

Cl. A-3, Downgraded to Aa1 from Aaa

Cl. A-4, Downgraded to Aa3 from Aaa

Cl. M-1, Downgraded to Baa1 from Aa3

Cl. M-2, Downgraded to Ba3 from Baa3

Cl. M-3, Downgraded to Caa2 from Ba3

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

Issuer: MASTR Asset Backed Securities Trust 2005-WF1

Cl. M-6, Downgraded to Ba1 from Baa3

Cl. M-7, Downgraded to B1 from Ba3

Cl. M-8, Downgraded to B3 from B1

Cl. M-9, Downgraded to Ca from B3

Issuer: MASTR Asset Backed Securities Trust 2005-WMC1

Cl. M-2, Downgraded to Aa3 from Aa2

Cl. M-3, Downgraded to A2 from Aa3

Cl. M-4, Downgraded to Baa2 from A3

Cl. M-5, Downgraded to Ba2 from Baa1

Cl. M-6, Downgraded to B2 from Baa2

Cl. M-7, Downgraded to Caa2 from Ba1

Cl. M-8, Downgraded to Caa3 from B2

Cl. M-9, Downgraded to Caa3 from Caa1

Issuer: MASTR Asset Backed Securities Trust 2006-AM1

Cl. M-2, Downgraded to A1 from Aa2

Cl. M-3, Downgraded to A3 from Aa3

Cl. M-4, Downgraded to Baa2 from Baa1

Cl. M-6, Downgraded to Caa2 from B2

Cl. M-7, Downgraded to C from B3

Cl. M-8, Downgraded to C from Caa1

Cl. M-9, Downgraded to C from Caa2

Cl. M-10, Downgraded to C from Caa3

Cl. M-11, Downgraded to C from Ca

Issuer: MASTR Asset Backed Securities Trust 2006-AM2

Cl. A-3, Downgraded to Baa1 from Aaa

Cl. A-4, Downgraded to Baa2 from Aaa

Cl. M-1, Downgraded to B1 from A1

Cl. M-2, Downgraded to Caa2 from Ba2

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. 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

Issuer: MASTR Asset Backed Securities Trust 2006-AM3

Cl. A-3, Downgraded to Baa1 from Aaa

Cl. A-4, Downgraded to Baa2 from Aaa

Cl. M-1, Downgraded to B1 from A3

Cl. M-2, Downgraded to Caa2 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 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

Issuer: MASTR Asset Backed Securities Trust 2006-FRE1

Cl. A-4, Downgraded to Aa1 from Aaa

Cl. M-1, Downgraded to Baa1 from A3

Cl. M-3, Downgraded to Ca from Caa1

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: MASTR Asset Backed Securities Trust 2006-FRE2

Cl. A-1, Downgraded to Baa3 from Aaa

Cl. A-4, Downgraded to Ba3 from Aaa

Cl. A-5, Downgraded to B3 from Aaa

Cl. M-1, Downgraded to C from Baa3

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

Issuer: MASTR Asset Backed Securities Trust 2006-HE1

Cl. A-3, Downgraded to A3 from Aaa

Cl. A-4, Downgraded to Baa1 from Aaa

Cl. M-1, Downgraded to Ba2 from Aa1

Cl. M-2, Downgraded to Caa2 from Aa2

Cl. M-3, Downgraded to C from A1

Cl. M-4, Downgraded to C from Ba1

Cl. M-5, Downgraded to C from B2

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: MASTR Asset Backed Securities Trust 2006-HE2

Cl. A-3, Downgraded to B3 from Aaa

Cl. A-4, Downgraded to Caa1 from Aa2

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 Caa1

Cl. M-5, Downgraded to C from Caa2

Cl. M-6, Downgraded to C from Caa3

Issuer: MASTR Asset Backed Securities Trust 2006-HE3

Cl. A-3, Downgraded to Caa2 from Baa2

Cl. A-4, Downgraded to Caa2 from Baa3

Cl. M-1, Downgraded to C from B2

Cl. M-2, Downgraded to C from B3

Cl. M-3, Downgraded to C from Caa1

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. M-7, Downgraded to C from Ca

Issuer: MASTR Asset Backed Securities Trust 2006-HE4

Cl. A-2, Downgraded to Aa2 from Aaa

Cl. A-3, Downgraded to B2 from Aa2

Cl. A-4, Downgraded to B3 from A1

Cl. M-1, Downgraded to C 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

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

Issuer: MASTR Asset Backed Securities Trust 2006-HE5

Cl. A-2, Downgraded to Aa2 from Aaa

Cl. A-3, Downgraded to Ba2 from Aa1

Cl. A-4, Downgraded to Ba3 from Aa3

Cl. M-1, Downgraded to Caa2 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 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

Issuer: MASTR Asset Backed Securities Trust 2006-NC1

Cl. A-4, Downgraded to Aa2 from Aaa

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to Ba1 from Aa2

Cl. M-3, Downgraded to B2 from A2

Cl. M-4, Downgraded to Caa2 from Ba1

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: MASTR Asset Backed Securities Trust 2006-NC2

Cl. A-1, Downgraded to Ba1 from Aa2

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to B2 from Aa2

Cl. A-5, 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 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

Issuer: MASTR Asset Backed Securities Trust 2006-NC3

Cl. A-1, Downgraded to Ba3 from Aaa

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to B2 from Aaa

Cl. A-5, Downgraded to B3 from Aa2

Cl. M-1, Downgraded to Ca 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. M-7, Downgraded to C from Caa3

Cl. M-8, Downgraded to C from Ca

Cl. M-9, Downgraded to C from Ca

Issuer: MASTR Asset Backed Securities Trust 2006-WMC1

Cl. A-3, Downgraded to Ba3 from Aaa

Cl. A-4, Downgraded to B1 from Aaa

Cl. M-1, Downgraded to Caa3 from Aa1

Cl. M-2, Downgraded to C from Baa2

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. M-7, Downgraded to C from Caa2

Cl. M-8, Downgraded to C from Caa3

Issuer: MASTR Asset Backed Securities Trust 2006-WMC2

Cl. A-1, Downgraded to Caa2 from A2

Cl. A-3, Downgraded to A2 from Aaa

Cl. A-4, Downgraded to Caa2 from Baa3

Cl. A-5, Downgraded to Caa2 from B1

Cl. M-1, Downgraded to C from B2

Cl. M-2, Downgraded to C from Caa1

Cl. M-3, Downgraded to C from Caa2

Cl. M-4, Downgraded to C from Caa3

Cl. M-5, Downgraded to C from Ca

Issuer: MASTR Asset Backed Securities Trust 2006-WMC3

Cl. A-1, Downgraded to Caa1 from Baa2

Cl. A-2, Downgraded to Baa3 from Aaa

Cl. A-3, Downgraded to Caa1 from Aa2

Cl. A-4, Downgraded to Caa2 from Baa1

Cl. A-5, Downgraded to Caa2 from Baa2

Cl. M-1, Downgraded to C from B2

Cl. M-2, Downgraded to C from B3

Cl. M-3, Downgraded to C from Caa1

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: MASTR Asset Backed Securities Trust 2006-WMC4

Cl. A-1, Downgraded to B3 from A3

Cl. A-2, Downgraded to Caa3 from A3

Cl. A-3, Downgraded to Caa1 from Aa1

Cl. A-4, Downgraded to Caa2 from Aa2

Cl. A-5, Downgraded to Caa2 from Baa2

Cl. A-6, Downgraded to Caa2 from Baa3

Cl. M-1, Downgraded to C from B2

Cl. M-2, Downgraded to C from B3

Cl. M-3, Downgraded to C from Caa1

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: MASTR Asset Backed Securities Trust 2007-HE1

Cl. A-2, Downgraded to A2 from Aaa

Cl. A-3, Downgraded to Baa2 from Aaa

Cl. A-4, Downgraded to Baa3 from Aaa

Cl. M-1, Downgraded to B1 from Aa1

Cl. M-2, Downgraded to Caa2 from Baa2

Cl. M-3, Downgraded to C from Ba1

Cl. M-4, Downgraded to C from Ba3

Cl. M-5, Downgraded to C from B1

Cl. M-6, Downgraded to C from B2

Cl. M-7, Downgraded to C from B3

Cl. M-8, Downgraded to C from Caa1

Cl. M-9, Downgraded to C from Caa2

Cl. M-10, Downgraded to C from Caa3

Cl. M-11, Downgraded to C from Ca

Issuer: MASTR Asset Backed Securities Trust 2007-HE2

Cl. A-1, Downgraded to A3 from Aaa

Cl. A-3, Downgraded to Baa1 from Aaa

Cl. A-4, Downgraded to Baa2 from Aaa

Cl. M-1, Downgraded to Ba2 from Baa2

Cl. M-2, Downgraded to B3 from Ba2

Cl. M-3, Downgraded to Caa2 from B1

Cl. M-4, Downgraded to Ca from B2

Cl. M-5, Downgraded to C from Caa1

Issuer: MASTR Asset Backed Securities Trust 2007-WMC1

Cl. A-1, Downgraded to Caa1 from B1

Cl. A-2, Downgraded to Caa1 from A1

Cl. A-3, Downgraded to Caa2 from Ba3

Cl. A-4, Downgraded to Caa2 from B1

Cl. A-5, Downgraded to Caa2 from B2

Cl. M-1, Downgraded to C from Caa2

Cl. M-2, Downgraded to C from Caa3

Cl. M-3, Downgraded to C from Ca

Issuer: Mastr Asset Backed Securities Trust 2007-NCW

Cl. A-1, Currently Aaa, on review for possible downgrade

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: A2

Cl. A-2, Currently Aaa, on review for possible downgrade

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: B3

Cl. M-1, Downgraded to Caa2 from B1

Cl. M-2, Downgraded to C from B1

Cl. M-3, Downgraded to C from Caa1

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF145004

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

No Related Data.
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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