New York, January 29, 2009 -- Moody's Investors Service has downgraded 181 tranches from 14 RAST deals.
The collateral backing these transactions consists primarily of first-lien,
fixed-rate, Alt-A mortgage loans. The actions
are triggered by rapidly increasing delinquencies, higher severities,
slower prepayments and mounting losses in the underlying collateral.
Additionally, the continued deterioration of the housing market
has also contributed to the increased loss expectations for Alt-A
pools. The actions listed below reflect Moody's updated expected
losses on the Alt-A sector announced in a press release on January
22, 2009, and are part of Moody's on-going review
process.
Moody's final rating actions are based on current ratings,
level of credit enhancement, collateral performance and updated
pool-level loss expectations relative to current level of credit
enhancement. Moody's took into account credit enhancement
provided by seniority, cross-collateralization, excess
spread, time tranching, and other structural features within
the senior note waterfalls.
For details regarding Moody's approach towards calculating updated
expected losses on Alt-A pools backed by collateral originations
from 2006 and 2007, please refer to the methodology publication
"Alt-A RMBS Loss Projection Update: January 2009,"
available on Moodys.com.
Loss estimates are subject to variability and are sensitive to assumptions
used; as a result, realized losses could ultimately turn out
higher or lower than our current expectations. Moody's will
continue to evaluate performance data as it becomes available and will
assess the pattern of potential future defaults and adjust loss expectations
accordingly as necessary.
Complete rating actions are as follows:
Residential Asset Sec Trust 2006-A14CB
Cl. 1-A-1, Downgraded to Caa2; previously
on 11/14/2006 Assigned Aaa
Cl. 1-A-2, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa3
Cl. 1-A-3, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa3
Cl. 1-A-4, Downgraded to C; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-1, Downgraded to Ca; previously
on 5/9/2008 Aaa Placed Under Review for Possible Downgrade
Cl. 2-A-2, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Aa3
Cl. 2-A-3, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa3
Cl. 2-A-4, Downgraded to Ca; previously
on 8/14/2008 Downgraded to A1
Cl. 2-A-6, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa3
Cl. 2-A-7, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa3
Cl. A-X, Downgraded to Caa2; previously on 11/14/2006
Assigned Aaa
Cl. PO, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa3
Residential Asset Securitization Tr 2006-A1
Cl. 1-A-1, Downgraded to Caa1; previously
on 3/9/2006 Assigned Aaa
Cl. 1-A-2, Downgraded to Ca; previously
on 3/9/2006 Assigned Aa1
Cl. 1-A-3, Downgraded to Caa1; previously
on 3/9/2006 Assigned Aaa
Cl. 1-A-4, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 1-A-5, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 1-A-6, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 1-A-7, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 1-A-8, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 2-A-1, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 2-A-2, Downgraded to C; previously
on 3/9/2006 Assigned Aa1
Cl. 3-A-1, Downgraded to B3; previously
on 3/9/2006 Assigned Aaa
Cl. 3-A-2, Downgraded to Caa1; previously
on 3/9/2006 Assigned Aaa
Cl. 3-A-3, Downgraded to Caa1; previously
on 3/9/2006 Assigned Aaa
Cl. 3-A-4, Downgraded to Caa2; previously
on 3/9/2006 Assigned Aaa
Cl. 3-A-5, Downgraded to C; previously
on 3/9/2006 Assigned Aa1
Cl. A-X, Downgraded to B3; previously on 3/9/2006
Assigned Aaa
Cl. PO, Downgraded to Caa2; previously on 3/9/2006 Assigned
Aaa
Cl. I-B-1, Downgraded to C; previously
on 5/9/2008 Downgraded to A2
Residential Asset Securitization Tr 2006-A11
Cl. 1-A-1, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Ba3
Cl. 1-A-2, Downgraded to Caa1; previously
on 9/15/2006 Assigned Aaa
Cl. 1-A-3, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Ba3
Cl. 1-A-4, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Ba3
Cl. 1-A-5, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Ba3
Cl. 1-A-6, Downgraded to C; previously
on 8/14/2008 Downgraded to B1
Cl. 1-A-7, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Ba3
Cl. 1-A-X, Downgraded to Caa1; previously
on 9/15/2006 Assigned Aaa
Cl. 1-PO, Downgraded to Caa3; previously on 8/14/2008
Downgraded to Ba3
Cl. 2-A-1, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba3
Cl. 2-A-2, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba2
Cl. 2-A-3, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba2
Cl. 3-A-1, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Ba3
Residential Asset Securitization Tr 2006-A15
Cl. A-10, Downgraded to Caa1; previously on 9/17/2008
Aaa Placed Under Review for Possible Downgrade
Residential Asset Securitization Tr 2006-A2
Cl. A-1, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-2, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-3, Downgraded to Caa1; previously on 4/10/2006
Assigned Aaa
Cl. A-4, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-5, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-6, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-7, Downgraded to Caa1; previously on 4/10/2006
Assigned Aaa
Cl. A-8, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-9, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-10, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Cl. A-11, Downgraded to Caa1; previously on 4/10/2006
Assigned Aaa
Cl. A-X, Downgraded to Caa1; previously on 4/10/2006
Assigned Aaa
Cl. PO, Downgraded to Caa2; previously on 4/10/2006
Assigned Aaa
Residential Asset Securitization Tr 2006-A3CB
Cl. A-1, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa1
Cl. A-X, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa1
Cl. PO, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa1
Residential Asset Securitization Tr 2006-A4IP
Cl. 1-A-1, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-1, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-10, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A3
Cl. 2-A-2, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-3, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-4, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-5, Downgraded to Caa1; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-6, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-7, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-8, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-9, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Ba1
Cl. 2-A-X, Downgraded to Caa1; previously
on 8/14/2008 Downgraded to A3
Cl. 2-PO, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Ba1
Residential Asset Securitization Tr 2006-A5CB
Cl. A-1, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa3
Cl. A-2, Downgraded to Caa2; previously on 5/19/2006
Assigned Aaa
Cl. A-3, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa3
Cl. A-4, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa3
Cl. A-5, Downgraded to Ca; previously on 8/14/2008
Downgraded to Ba1
Cl. A-6, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa3
Cl. A-7, Downgraded to Caa2; previously on 5/19/2006
Assigned Aaa
Cl. A-X, Downgraded to Caa2; previously on 5/19/2006
Assigned Aaa
Cl. PO, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa3
Cl. B-1, Downgraded to C; previously on 8/14/2008
B3 Placed Under Review for Possible Downgrade
Cl. B-2, Downgraded to C; previously on 8/14/2008
Downgraded to Ca
Residential Asset Securitization Tr 2006-A6
Cl. 1-A-1, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-2, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-3, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-4, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-5, Downgraded to Ca; previously
on 6/8/2006 Assigned Aa1
Cl. 1-A-6, Downgraded to Ca; previously
on 6/8/2006 Assigned Aa1
Cl. 1-A-7, Downgraded to Caa1; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-8, Downgraded to Caa1; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-9, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-10, Downgraded to Ca; previously
on 6/8/2006 Assigned Aa1
Cl. 1-A-11, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-12, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-13, Downgraded to Caa1; previously
on 6/8/2006 Assigned Aaa
Cl. 1-A-14, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-1, Downgraded to Caa1; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-2, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-3, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-4, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-5, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-6, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-7, Downgraded to Caa1; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-8, Downgraded to Caa1; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-9, Downgraded to Ca; previously
on 6/8/2006 Assigned Aa1
Cl. 2-A-10, Downgraded to Ca; previously
on 6/8/2006 Assigned Aa1
Cl. 2-A-11, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-12, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-13, Downgraded to Caa2; previously
on 6/8/2006 Assigned Aaa
Cl. PO, Downgraded to Caa2; previously on 6/8/2006 Assigned
Aaa
Residential Asset Securitization Tr 2006-A7CB
Cl. 1-A-1, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A2
Cl. 1-A-2, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A2
Cl. 1-A-3, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A3
Cl. 1-A-4, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A3
Cl. 1-A-5, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A3
Cl. 1-A-6, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to A3
Cl. 2-A-1, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to A3
Cl. 2-A-2, Downgraded to Caa3; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-3, Downgraded to Caa3; previously
on 6/8/2006 Assigned Aaa
Cl. 2-A-4, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-5, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to A3
Cl. 2-A-6, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to A3
Cl. 2-A-7, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to A3
Cl. 3-A-1, Downgraded to Caa3; previously
on 5/9/2008 Aaa Placed Under Review for Possible Downgrade
Cl. 3-A-2, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa1
Cl. A-X, Downgraded to Caa2; previously on 6/8/2006
Assigned Aaa
Cl. PO, Downgraded to Caa2; previously on 8/14/2008
Downgraded to A3
Cl. B-1, Downgraded to C; previously on 8/14/2008
Downgraded to B1
Cl. B-2, Downgraded to C; previously on 5/9/2008
Downgraded to Ca
Residential Asset Securitization Tr 2006-A8
Cl. 1-A-1, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 1-A-2, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 1-A-3, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 1-A-4, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 1-A-5, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-1, Downgraded to Caa3; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-2, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-3, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-4, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-5, Downgraded to Caa3; previously
on 7/10/2006 Assigned Aaa
Cl. 2-A-6, Downgraded to Caa3; previously
on 7/10/2006 Assigned Aaa
Cl. 2-A-7, Downgraded to Ca; previously
on 8/14/2008 Downgraded to Baa1
Cl. 2-A-8, Downgraded to C; previously
on 8/14/2008 Downgraded to Baa2
Cl. 3-A-1, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-2, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-3, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-4, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-5, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-6, Downgraded to Caa2; previously
on 7/10/2006 Assigned Aaa
Cl. 3-A-7, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-8, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-9, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-10, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. 3-A-11, Downgraded to Caa2; previously
on 8/14/2008 Downgraded to Baa1
Cl. PO, Downgraded to Caa2; previously on 8/14/2008
Downgraded to Baa1
Cl. B-1, Downgraded to C; previously on 5/9/2008
Downgraded to B2
Cl. B-2, Downgraded to C; previously on 8/14/2008
B3 Placed Under Review for Possible Downgrade
Cl. B-3, Downgraded to C; previously on 8/14/2008
Downgraded to Ca
Cl. B-4, Downgraded to C; previously on 5/9/2008
Downgraded to Ca
Residential Asset Securitization Tr 2006-A9CB
Cl. A-1, Downgraded to Caa3; previously on 8/22/2006
Assigned Aaa
Cl. A-2, Downgraded to Ca; previously on 8/14/2008
Downgraded to A3
Cl. A-3, Downgraded to Caa3; previously on 8/22/2006
Assigned Aaa
Cl. A-4, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-5, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A1
Cl. A-6, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-7, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-8, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-9, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-10, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-11, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-12, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. A-X, Downgraded to Caa3; previously on 8/22/2006
Assigned Aaa
Cl. PO, Downgraded to Caa3; previously on 8/14/2008
Downgraded to A2
Cl. B-1, Downgraded to C; previously on 5/9/2008
Downgraded to B3
Cl. B-2, Downgraded to C; previously on 5/9/2008
Downgraded to Ca
Residential Asset Securitization Tr 2007-A1
Cl. A-1, Downgraded to Caa2; previously on 2/15/2007
Assigned Aaa
Cl. A-2, Downgraded to C; previously on 8/14/2008
Downgraded to Baa3
Cl. A-3, Downgraded to Caa2; previously on 2/15/2007
Assigned Aaa
Residential Asset Securitization Tr 2007-A5
Cl. 2-A-3, Downgraded to Caa2; previously
on 4/9/2007 Assigned Aaa
Cl. 2-A-5, Downgraded to Caa2; previously
on 4/9/2007 Assigned Aaa
The ratings on the notes were assigned by evaluating factors determined
to be applicable to the credit profile of the notes, such as i)
the nature, sufficiency, and quality of historical performance
information regarding the asset class as well as for the transaction sponsor,
ii) an analysis of the collateral, iii) an analysis of the policies,
procedures and alignment of interests of the key parties to the transaction,
most notably the originator and the servicer, iv) an analysis of
the transaction's allocation of collateral cashflow and capital structure,
v) an analysis of the transaction's governance and legal structure,
and (vi) a comparison of these attributes against those of other similar
transactions.
Other methodologies and factors that may have been considered in the process
of rating this issue can also be found at www.moodys.com
in the Credit Policy & Methodologies directory.
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF154525
For more information please see www.moodys.com.
A list of updated estimated pool losses is being updated twice weekly
and may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF154891
For more information please see www.moodys.com.
New York
John Park
Senior Vice President
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
Moody's Takes Action on Certain RAST deals