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Rating Action:

Moody's Downgrades Certain RFC (RASC) Subprime RMBS

17 Oct 2008
Moody's Downgrades Certain RFC (RASC) Subprime RMBS

New York, October 17, 2008 -- Moody's Investors Service has downgraded the ratings of 346 tranches from 43 subprime RMBS transactions issued by RFC (RASC). 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 takes action on certain insured notes as identified below. 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 underlying ratings on these insured notes reflect the intrinsic credit quality of the notes in the absence of the guarantee. 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: RASC Series 2005-AHL1 Trust

Cl. M-5, Downgraded to Ba1 from Baa3

Cl. M-6, Downgraded to B3 from B2

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: RASC Series 2005-AHL2 Trust

Cl. M-4, Downgraded to Baa3 from Baa2

Cl. M-5, Downgraded to B1 from Ba3

Cl. M-6, Downgraded to Ca 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

Issuer: RASC Series 2005-AHL3 Trust

Cl. M-1, Downgraded to A2 from A1

Cl. M-3, Downgraded to Caa1 from B3

Cl. M-4, Downgraded to Ca 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: RASC Series 2005-EMX1 Trust

Cl. M-5, Downgraded to Baa3 from Baa2

Cl. M-6, Downgraded to Ba2 from Ba1

Cl. B, Downgraded to Ca from Ba3

Issuer: RASC Series 2005-EMX2 Trust

Cl. M-2, Downgraded to A1 from Aa2

Cl. M-3, Downgraded to A2 from Aa3

Cl. M-4, Downgraded to Baa1 from A1

Cl. M-5, Downgraded to Baa2 from Baa1

Cl. M-6, Downgraded to Ba1 from Baa2

Cl. M-7, Downgraded to B2 from Baa3

Cl. M-8, Downgraded to Caa1 from Ba1

Cl. M-9, Downgraded to Caa3 from Ba3

Cl. B, Downgraded to Ca from B2

Issuer: RASC Series 2005-EMX3 Trust

Cl. M-8, Downgraded to Ba2 from Baa3

Cl. M-9, Downgraded to Caa2 from B3

Cl. M-10, Downgraded to C from Caa1

Issuer: RASC Series 2005-EMX4 Trust

Cl. M-5, Downgraded to Baa2 from A2

Cl. M-6, Downgraded to B1 from A3

Cl. M-7, Downgraded to Caa3 from Baa2

Cl. M-8, Downgraded to C from Ba2

Cl. M-9, Downgraded to C from B2

Issuer: RASC Series 2005-EMX5 Trust

Cl. A-2, Downgraded to B1 from Aa3

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Caa1

Cl. A-3, Currently B1

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Caa2

Issuer: RASC Series 2005-KS1 Trust

Cl. M-2, Downgraded to Baa2 from A2

Cl. M-3, Downgraded to Ba1 from A3

Cl. M-4, Downgraded to B2 from Baa1

Cl. M-5, Downgraded to Ca from Baa2

Cl. M-6, Downgraded to C from Baa3

Cl. B, Downgraded to C from Ba1

Issuer: RASC Series 2005-KS10 Trust

Cl. M-6, Downgraded to Ba1 from Baa3

Cl. M-7, Downgraded to Caa2 from B2

Cl. M-8, Downgraded to C from B2

Cl. M-9, Downgraded to C from B3

Cl. B, Downgraded to C from Caa1

Issuer: RASC Series 2005-KS11 Trust

Cl. M-3, Downgraded to A1 from Aa3

Cl. M-4, Downgraded to Baa1 from A1

Cl. M-5, Downgraded to Ba3 from A3

Cl. M-6, Downgraded to Caa2 from Baa3

Cl. M-7, Downgraded to C from B2

Cl. M-8, Downgraded to C from B2

Cl. M-9, Downgraded to C from Caa1

Issuer: RASC Series 2005-KS12 Trust

Cl. M-3, Downgraded to A1 from Aa3

Cl. M-4, Downgraded to Baa2 from A1

Cl. M-5, Downgraded to B1 from A2

Cl. M-6, Downgraded to Caa2 from Baa2

Cl. M-7, Downgraded to C from Ba3

Cl. M-8, Downgraded to C from B3

Cl. M-9, Downgraded to C from Caa1

Issuer: RASC Series 2005-KS2 Trust

Cl. M-1, Downgraded to A1 from Aa2

Cl. M-2, Downgraded to Baa3 from A2

Cl. M-3, Downgraded to Ba3 from A3

Cl. M-4, Downgraded to Ca from Baa1

Cl. M-5, Downgraded to C from Baa2

Cl. M-6, Downgraded to C from Baa3

Cl. B, Downgraded to C from Ba1

Issuer: RASC Series 2005-KS3 Trust

Cl. M-8, Downgraded to Ba3 from Ba2

Cl. M-9, Downgraded to Caa1 from Ba3

Cl. M-10, Downgraded to C from B2

Cl. B-1, Downgraded to C from Caa1

Cl. B-2, Downgraded to C from Caa2

Issuer: RASC Series 2005-KS4 Trust

Cl. M-3, Downgraded to Baa1 from A2

Cl. M-5, Downgraded to Ba1 from Baa3

Cl. M-6, Downgraded to B2 from Ba2

Cl. M-7, Downgraded to Ca from B1

Cl. B-1, Downgraded to C from B3

Issuer: RASC Series 2005-KS5 Trust

Cl. M-8, Downgraded to Ba2 from Ba1

Cl. M-9, Downgraded to Caa2 from Ba2

Cl. B-1, Downgraded to C from B1

Cl. B-2, Downgraded to C from Caa2

Issuer: RASC Series 2005-KS6 Trust

Cl. M-6, Downgraded to Baa1 from A3

Cl. M-7, Downgraded to Baa3 from Baa1

Cl. M-8, Downgraded to Ba1 from Baa3

Cl. M-9, Downgraded to Caa2 from Ba2

Cl. M-10, Downgraded to C from B1

Issuer: RASC Series 2005-KS7 Trust

Cl. M-8, Downgraded to Baa3 from Baa2

Cl. M-9, Downgraded to B2 from Ba3

Cl. M-10, Downgraded to Ca from B3

Issuer: RASC Series 2005-KS8 Trust

Cl. M-8, Downgraded to B1 from Ba2

Cl. M-9, Downgraded to Ca from B2

Cl. M-10, Downgraded to C from B3

Issuer: RASC Series 2005-KS9 Trust

Cl. M-9, Downgraded to B2 from B1

Cl. B-1, Downgraded to Ca from B3

Cl. B-2, Downgraded to C from Caa1

Issuer: RASC Series 2006-EMX1 Trust

Cl. M-2, Downgraded to Baa1 from Aa2

Cl. M-3, Downgraded to Ba1 from Aa3

Cl. M-4, Downgraded to B1 from A1

Cl. M-5, Downgraded to Caa2 from A2

Cl. M-6, Downgraded to C from A3

Cl. M-7, Downgraded to C from Baa3

Cl. M-8, Downgraded to C from B2

Cl. M-9, Downgraded to C from B3

Issuer: RASC Series 2006-EMX2 Trust

Cl. A-3, Downgraded to Aa1 from Aaa

Cl. M-1, Downgraded to A1 from Aa1

Cl. M-2, Downgraded to Baa3 from Aa2

Cl. M-3, Downgraded to B1 from Aa3

Cl. M-4, Downgraded to Caa2 from A1

Cl. M-5, Downgraded to C from A2

Cl. M-6, Downgraded to C from Baa2

Cl. M-7, Downgraded to C from B2

Cl. M-8, Downgraded to C from B3

Cl. M-9, Downgraded to C from Caa1

Issuer: RASC Series 2006-EMX3 Trust

Cl. A-2, Downgraded to Aa2 from Aaa

Cl. A-3, Downgraded to A1 from Aaa

Cl. M-1, Downgraded to Baa2 from Aa1

Cl. M-2, Downgraded to B2 from Aa2

Cl. M-3, Downgraded to Caa2 from Aa3

Cl. M-4, Downgraded to C from Baa1

Cl. M-5, Downgraded to C from B1

Cl. M-6, Downgraded to C from B2

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: RASC Series 2006-EMX4 Trust

Cl. A-3, Downgraded to A3 from Aaa

Cl. A-4, Downgraded to Baa1 from Aaa

Cl. M-1, Downgraded to Ba3 from Aa1

Cl. M-2, Downgraded to Caa2 from A3

Cl. M-3, Downgraded to C from Ba1

Cl. M-4, Downgraded to C from B1

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

Issuer: RASC Series 2006-EMX5 Trust

Cl. A-3, Downgraded to Ba1 from Aaa

Cl. A-4, Downgraded to Ba2 from Aaa

Cl. M-1, Downgraded to Caa2 from Aa1

Cl. M-2, Downgraded to C from Baa1

Cl. M-3, Downgraded to C from Ba3

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: RASC Series 2006-EMX6 Trust

Cl. A-3, Downgraded to Baa3 from Aaa

Cl. A-4, Downgraded to Ba1 from Aaa

Cl. M-1, Downgraded to B3 from Aa3

Cl. M-2, Downgraded to Ca 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

Issuer: RASC Series 2006-EMX7 Trust

Cl. A-3, Downgraded to Baa2 from Aaa

Cl. A-4, Downgraded to Baa3 from Aaa

Cl. M-1, Downgraded to B3 from Aa3

Cl. M-2, Downgraded to Ca from Ba1

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

Issuer: RASC Series 2006-EMX8 Trust

Cl. A-I-3, Downgraded to Ba3 from Aaa

Cl. A-I-4, Downgraded to B1 from Aaa

Cl. A-II, Downgraded to Ba3 from Aaa

Cl. M-1, Downgraded to Caa3 from A3

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

Issuer: RASC Series 2006-EMX9 Trust

Cl. A-I-2, Downgraded to Aa2 from Aaa

Cl. A-I-3, Downgraded to Ba1 from Aaa

Cl. A-I-4, Downgraded to Ba2 from Aaa

Cl. A-II, Downgraded to Ba1 from Aaa

Cl. M-1, Downgraded to Caa2 from Aa3

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. M-7, Downgraded to C from Caa2

Cl. M-8, Downgraded to C from Caa3

Cl. M-9, Downgraded to C from Ca

Issuer: RASC Series 2006-KS1 Trust

Cl. M-2, Downgraded to A1 from Aa2

Cl. M-3, Downgraded to Baa1 from Aa3

Cl. M-4, Downgraded to Ba1 from A2

Cl. M-5, Downgraded to B3 from Baa1

Cl. M-6, Downgraded to C from Baa3

Cl. M-7, Downgraded to C from B3

Cl. M-8, Downgraded to C from B3

Cl. M-9, Downgraded to C from Caa1

Issuer: RASC Series 2006-KS2 Trust

Cl. M-2, Downgraded to A1 from Aa2

Cl. M-3, Downgraded to A3 from Aa3

Cl. M-4, Downgraded to Baa2 from A1

Cl. M-5, Downgraded to B1 from A2

Cl. M-6, Downgraded to Caa2 from A3

Cl. M-7, Downgraded to C from Ba2

Cl. M-8, Downgraded to C from B2

Cl. M-9, Downgraded to C from B3

Cl. M-10, Downgraded to C from Caa2

Issuer: RASC Series 2006-KS3 Trust

Cl. M-1, Downgraded to A1 from Aa1

Cl. M-2, Downgraded to Baa2 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa3

Cl. M-4, Downgraded to Caa2 from A1

Cl. M-5, Downgraded to C from Baa2

Cl. M-6, Downgraded to C from B1

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: RASC Series 2006-KS4 Trust

Cl. A-4, 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 Ba3 from A1

Cl. M-4, Downgraded to Caa2 from Baa2

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 Caa2

Cl. M-9, Downgraded to C from Ca

Cl. M-10, Downgraded to C from Ca

Issuer: RASC Series 2006-KS5 Trust

Cl. A-3, Downgraded to Aa3 from Aaa

Cl. A-4, Downgraded to A2 from Aaa

Cl. M-1, Downgraded to Baa2 from Aa1

Cl. M-2, Downgraded to B2 from Aa2

Cl. M-3, Downgraded to Ca from A1

Cl. M-4, Downgraded to C from Baa3

Cl. M-5, Downgraded to C from B1

Cl. M-6, Downgraded to C from B2

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, Downgraded to C from Ca

Issuer: RASC Series 2006-KS6 Trust

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to A1 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 A1

Cl. M-4, Downgraded to Caa2 from Baa2

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. B, Downgraded to C from Caa3

Issuer: RASC Series 2006-KS7 Trust

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. A-4, Downgraded to A1 from Aaa

Cl. M-1, Downgraded to Baa1 from Aa1

Cl. M-2, Downgraded to Ba1 from Aa3

Cl. M-3, Downgraded to B2 from Baa1

Cl. M-4, Downgraded to Ca 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

Issuer: RASC Series 2006-KS8 Trust

Cl. A-3, Downgraded to Baa1 from Aaa

Cl. A-4, Downgraded to Baa2 from Aaa

Cl. M-1, Downgraded to B1 from A2

Cl. M-2, Downgraded to Caa3 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

Issuer: RASC Series 2006-KS9 Trust

Cl. A-I-2, Downgraded to Aa2 from Aaa

Cl. A-I-3, Downgraded to Ba3 from Aaa

Cl. A-I-4, Downgraded to B1 from Aaa

Cl. A-II, Downgraded to Ba3 from Aaa

Cl. M-1S, Downgraded to Caa3 from A3

Cl. M-2S, Downgraded to C from B1

Cl. M-3S, 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: RASC Series 2007-EMX1 Trust

Cl. A-I-1, Downgraded to B1 from A1

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: B3

Cl. A-I-2, Downgraded to B1 from Ba2

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Caa2

Cl. A-I-3, Currently B1

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Caa3

Cl. A-I-4, Currently B1

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Caa3

Cl. A-II, Currently B1

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Caa2

Issuer: RASC Series 2007-KS1 Trust

Cl. A-2, Downgraded to A2 from Aaa

Cl. A-3, Downgraded to Baa1 from Aaa

Cl. A-4, Downgraded to Baa2 from Aaa

Cl. M-1S, Downgraded to B1 from Aa1

Cl. M-2S, Downgraded to Caa2 from A1

Cl. M-3S, Downgraded to C from Baa1

Cl. M-4, Downgraded to C from Ba2

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 Caa2

Cl. M-9, Downgraded to C from Ca

Issuer: RASC Series 2007-KS2 Trust

Cl. A-I-2, Downgraded to Baa2 from Aaa

Cl. A-I-3, Downgraded to Ba1 from Aaa

Cl. A-I-4, Downgraded to Ba2 from Aaa

Cl. A-II, Downgraded to Ba1 from Aaa

Cl. M-1, Downgraded to Caa1 from Aa3

Cl. M-2, Downgraded to C from Baa3

Cl. M-3, Downgraded to C from B1

Cl. M-4, Downgraded to C 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

Issuer: RASC Series 2007-KS3 Trust

Cl. A-I-2, Downgraded to Baa2 from Aaa

Cl. A-I-3, Downgraded to Ba1 from Aaa

Cl. A-I-4, Downgraded to Ba2 from Aaa

Cl. A-II, Downgraded to Ba1 from Aaa

Cl. M-1S, Downgraded to Caa2 from A1

Cl. M-2S, Downgraded to C from Ba3

Cl. M-3S, Downgraded to C from B1

Cl. M-4, Downgraded to C 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 Ca

Issuer: RASC Series 2007-KS4 Trust

Cl. A-2, Downgraded to Baa2 from Aaa

Cl. A-3, Downgraded to Ba2 from Aaa

Cl. A-4, Downgraded to Ba3 from Aaa

Cl. M-1S, Downgraded to B3 from Aa1

Cl. M-2S, Downgraded to C from Baa1

Cl. M-3S, Downgraded to C from Baa2

Cl. M-4, Downgraded to C 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 Ca

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF145710

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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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 JPY100,000 to approximately JPY550,000,000.

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

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