Moody's Takes Action on Certain GSAA Alt-A deals
New York, July 31, 2008 -- Moody's Investors Service has downgraded the ratings of 108 tranches from
16 Alt-A transactions issued by GSAA. Nine tranches remain
on review for possible further downgrade. Additionally, 13
senior tranches were confirmed at Aaa. The collateral backing these
transactions consists primarily of first-lien, fixed and
adjustable-rate, Alt-A mortgage loans.
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.
Certain tranches were confirmed due to additional enhancement provided
by structural features. The actions described below are a result
of Moody's on-going review process.
Complete rating actions are as follows:
Issuer: GSAA Home Equity Trust Asset Backed Certificates Series
2005-12
Cl. B-1, Downgraded to Baa3 from Baa1
Cl. B-2, Downgraded to B1 from Ba1
Cl. B-3, Downgraded to Ca from B3
Cl. B-4, Downgraded to Ca from Caa3
Issuer: GSAA Home Equity Trust 2005-14
Cl. 1A2, Downgraded to Aa2 from Aaa
Cl. 2A2, Downgraded to Aa3 from Aaa
Cl. 2A4, Downgraded to A1 from Aaa
Cl. M-6, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2005-15
Cl. 1A2, Downgraded to Aa1 from Aaa
Cl. 2A1, Downgraded to Aa3 from Aaa
Cl. 2A2, Downgraded to A1 from Aaa
Cl. 2A4, Downgraded to A1 from Aaa
Cl. B-1, Downgraded to Ca from B3
Cl. M-1, Downgraded to A3 from Aa3
Cl. M-2, Downgraded to Baa2 from A2
Cl. M-3, Downgraded to Baa3 from Baa1
Issuer: GSAA Home Equity Trust 2006-1
Cl. A-1, Downgraded to Aa1 from Aaa
Cl. A-2, Downgraded to Aa3 from Aaa
Cl. A-4, Downgraded to A1 from Aaa
Cl. M-1, Downgraded to Baa2 from Baa1
Cl. M-5, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2006-9
Cl. A-2, Downgraded to Aa2 from Aaa
Cl. A-3, Downgraded to Aa3 from Aaa
Cl. A-4-B, Downgraded to A2 from Aaa
Cl. M-4, Downgraded to Ca from B3
Cl. M-5, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2006-14
Cl. A-1, Downgraded to Aa3 from Aaa
Cl. A-2, Downgraded to Baa1 from Aaa
Cl. A-3A, Confirmed at Aaa
Cl. A-3B, Downgraded to Ba1 from Aaa
Cl. M-3, Downgraded to Ca from B3
Cl. M-4, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2006-16, Asset-Backed
Certificates, Series 2006-16
Cl. A-1, Downgraded to Aa2 from Aaa
Cl. A-2, Downgraded to Aa3 from Aaa
Cl. A-3-B, Downgraded to A1 from Aaa
Cl. M-1, Downgraded to Baa1 from A1
Cl. B-1, Downgraded to Ca from B3
Cl. M-5, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2006-17
Cl. A-1, Downgraded to Aa3 from Aaa
Cl. A-2, Downgraded to Baa1 from Aaa
Cl. A-3A, Confirmed at Aaa
Cl. A-3B, Downgraded to Ba1 from Aaa
Cl. M-4, Downgraded to Ca from B3
Cl. M-5, Downgraded to Ca from B3
Cl. M-6, Downgraded to Ca from Caa1
Issuer: GSAA Home Equity Trust 2006-19
Cl. A-1, Downgraded to Aa3 from Aaa
Cl. A-2, Downgraded to Baa1 from Aaa
Cl. A-3-A, Confirmed at Aaa
Cl. A-3-B, Downgraded to Ba1 from Aaa
Cl. M-1, Downgraded to B1 from Ba3; Placed Under
Review for further Possible Downgrade
Cl. M-4, Downgraded to Ca from B3
Cl. M-5, Downgraded to Ca from B3
Cl. M-6, Downgraded to Ca from B3
Cl. B-1, Downgraded to Ca from Caa1
Issuer: GSAA Home Equity Trust 2006-20
Cl. A4A, Confirmed at Aaa
Cl. A4B, Downgraded to Baa3 from Aaa
Cl. 1A1, Downgraded to A1 from Aaa
Cl. 1A2, Downgraded to Baa3 from Aaa
Cl. 2A1A, Confirmed at Aaa
Cl. 2A1B, Downgraded to Aa1 from Aaa
Cl. B-1, Downgraded to Ca from B3
Cl. M-4, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. M-5, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2007-1
Cl. A4B, Downgraded to A3 from Aaa
Cl. 1A1, Downgraded to A1 from Aaa
Cl. 1A2, Downgraded to A3 from Aaa
Cl. 2A1B, Downgraded to Aa1 from Aaa
Cl. M1, Downgraded to Baa2 from A2
Cl. M5, Downgraded to B3 from B2; Placed Under Review
for further Possible Downgrade
Cl. M6, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2007-2
Cl. AF2, Downgraded to Aa3 from Aaa
Cl. AF3, Downgraded to A2 from Aaa
Cl. AF4B, Downgraded to A3 from Aaa
Cl. AF5A, Confirmed at Aaa
Cl. AF5B, Downgraded to A3 from Aaa
Cl. AF6A, Confirmed at Aaa
Cl. AF6B, Downgraded to A2 from Aaa
Cl. AV1, Downgraded to Aa2 from Aaa
Cl. M1, Downgraded to Baa2 from A2
Cl. M2, Downgraded to Ba1 from Baa3
Cl. M6, Downgraded to B3 from B2; Placed Under Review
for further Possible Downgrade
Issuer: GSAA Home Equity Trust 2007-3
Cl. A4A, Downgraded to Aa3 from Aaa
Cl. A4B, Downgraded to Baa3 from Aaa
Cl. 1A1A, Downgraded to Aa2 from Aaa
Cl. 1A1B, Downgraded to Baa3 from Aaa
Cl. 1A2, Downgraded to Baa3 from Aaa
Cl. 2A1A, Confirmed at Aaa
Cl. 2A1B, Downgraded to Aa3 from Aaa
Cl. B-1, Downgraded to Ca from B3
Cl. M-1, Downgraded to B1 from Ba1
Cl. M-3, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. M-4, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. M-5, Downgraded to Ca from B3
Cl. M-6, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2007-4
Cl. A-1, Downgraded to Baa2 from Aaa
Cl. A-2, Downgraded to Baa3 from Aaa
Cl. A-3B, Downgraded to Ba1 from Aaa
Cl. M-1, Downgraded to B1 from Baa3
Cl. M-2, Downgraded to B3 from B1; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to B3 from B1; Placed Under
Review for further Possible Downgrade
Cl. M-4, Downgraded to Ca from B2
Cl. M-5, Downgraded to Ca from B2
Cl. M-6, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2007-5
Cl. 2A1A, Confirmed at Aaa
Cl. 2A1B, Downgraded to Baa2 from Aaa
Cl. 2A2A, Confirmed at Aaa
Cl. 2A2B, Downgraded to Baa2 from Aaa
Cl. 2A3A, Confirmed at Aaa
Cl. 2A3B, Downgraded to Baa3 from Aaa
Cl. 2M5, Downgraded to Ca from B2
Cl. 2M6, Downgraded to Ca from B3
Issuer: GSAA Home Equity Trust 2007-6
Cl. A4, Downgraded to Aa1 from Aaa
Cl. A5, Downgraded to Ba1 from Aaa
Cl. 1A1, Downgraded to Aa1 from Aaa
Cl. 1A2, Downgraded to Aa1 from Aaa
Cl. 2A1, Confirmed at Aaa
Cl. 3A1A, Confirmed at Aaa
Cl. 3A1B, Downgraded to Ba2 from Aaa
Cl. M4, Downgraded to B3 from B2; Placed Under Review
for further Possible Downgrade
Cl. M5, Downgraded to Ca from B3
Cl. M6, Downgraded to Ca from B3
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF139103
For more information please see www.moodys.com.
New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Gerard Mazi
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653