Moody's Downgrades Certain RAST Alt-A deals
New York, May 09, 2008 -- Moody's Investors Service has downgraded the ratings of 29 tranches from
13 Alt-A transactions issued by Residential Asset Securitization
Trust. Six tranches remain on review for possible further downgrade.
Additionally, 132 tranches were placed on review for possible downgrade
The collateral backing these transactions consists primarily of first-lien,
fixed -rate, Alt-A 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 review process.
Complete rating actions are as follows:
Issuer: Residential Asset Securitization Trust 2005-A11CB
Cl. B-1, Downgraded to A3 from Aa2
Cl. B-2, Downgraded to Baa1 from Aa3
Cl. B-3, Downgraded to Ba3 from A2
Cl. B-4, Downgraded to B2 from A3
Cl. B-5, Downgraded to B2 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Issuer: Residential Asset Securitization Trust 2005-A12
Cl. A-5, Placed on Review for Possible Downgrade,
currently Aa1
Cl. A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-9, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to A3 from Aa2
Cl. B-3, Downgraded to B1 from A2
Cl. B-5, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Issuer: Residential Asset Securitization Trust 2005-A15
Cl. 1-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-9, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 1-A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-9, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-12, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-13, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 2-A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 4-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 5-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 5-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 5-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to Ba1 from Aa2
Cl. B-2, Downgraded to B2 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to Ca from B1
Issuer: Residential Asset Securitization Trust 2006-A1
Cl. I-B-1, Downgraded to A2 from Aa2
Issuer: Residential Asset Securitization Trust 2006-A11
Cl. 1-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-6, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 1-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-PO, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Issuer: Residential Asset Securitization Trust 2006-A14CB
Cl. 1-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-4, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-5, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 2-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Issuer: Residential Asset Securitization Trust 2006-A3CB
Cl. A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Issuer: Residential Asset Securitization Trust 2006-A4IP
Cl. 1-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-9, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-10, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-PO, Placed on Review for Possible Downgrade,
currently Aaa
Issuer: Residential Asset Securitization Trust 2006-A5CB
Cl. A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-5, Placed on Review for Possible Downgrade,
currently Aa1
Cl. A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to B2 from Aa3
Cl. B-2, Downgraded to Caa3 from Ba3
Cl. B-3, Downgraded to Ca from B3
Issuer: Residential Asset Securitization Trust 2006-A7CB
Cl. 1-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to Ba2 from Aa2
Cl. B-2, Downgraded to Ca from Ba2
Cl. B-3, Downgraded to Ca from B3
Issuer: Residential Asset Securitization Trust 2006-A8
Cl. 1-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A-8, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 3-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-9, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-10, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-11, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to B2 from Aa2
Cl. B-2, Downgraded to B2 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to Ca from Ba3
Cl. B-5, Downgraded to Ca from B2
Cl. B-6, Downgraded to Ca from B3
Cl. B-7, Downgraded to Ca from Caa2
Issuer: Residential Asset Securitization Trust 2006-A9CB
Cl. A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-9, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-10, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-11, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-12, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to B3 from Aa2
Cl. B-2, Downgraded to Ca from Ba2
Cl. B-3, Downgraded to Ca from B3
Issuer: Residential Asset Securitization Trust 2007-A1
Cl. A-2, Placed on Review for Possible Downgrade,
currently Aa1
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF131883
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
Ilana Fried
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653