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Rating Action:

Moody's Takes Action on Certain SASCO-A Alt-A Seasoned Deals

01 May 2009

New York, May 01, 2009 -- Moody's Investors Service has downgraded the ratings of 120 tranches from 13 Alt-A RMBS transactions issued by Structured Asset Securities Corporation. The collateral backing these transactions consists primarily of first-lien, adjustable-rate, Alt-A residential mortgage loans.

These actions are a result of updated loss expectations on the underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A pools, takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions ranging from 40% to 55%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Once expected losses have been determined, Moody's assesses available credit enhancement from subordination, overcollateralization, excess spread and any external support (mortgage insurance, pool policy, etc.). The available enhancement is weighed against projected future losses to ultimately arrive at an updated rating.

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 and Methodologies directory.

List of actions:

Structured Asset Sec Corp Trust 2003-31A

Cl. 1-A, Downgraded to A1; previously on 10/27/2003 Assigned Aaa

Cl. 2-A1, Downgraded to A1; previously on 10/27/2003 Assigned Aaa

Cl. 2-A7, Downgraded to A1; previously on 10/27/2003 Assigned Aaa

Cl. 3-A, Downgraded to A1; previously on 10/27/2003 Assigned Aaa

Structured Asset Sec Corp Trust 2003-34A

Cl. 1-A, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 2-A1, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 2-A2, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 2-A3, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 3-A1, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 3-A2, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 3-A3, Downgraded to Aa3; previously on 11/14/2003 Assigned Aaa

Cl. 3-A4, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 3-A5, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 3-A6, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 4-A, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 5-A5, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Cl. 6-A, Downgraded to A1; previously on 11/14/2003 Assigned Aaa

Structured Asset Sec Corp Trust 2003-37A

Cl. 1-A, Downgraded to Baa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A6, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A7, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-AX, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-PAX, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 6-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 7-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 8-A1, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 8-A2, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. B1-I, Downgraded to Baa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Structured Asset Sec Corp Trust 2003-40A

Cl. 1-A, Downgraded to A2; previously on 1/6/2004 Assigned Aaa

Cl. 2-A, Downgraded to A2; previously on 1/6/2004 Assigned Aaa

Cl. 3-A1, Downgraded to A1; previously on 1/6/2004 Assigned Aaa

Cl. 3-A2, Downgraded to A2; previously on 1/6/2004 Assigned Aaa

Cl. 4-A, Downgraded to A2; previously on 1/6/2004 Assigned Aaa

Cl. 5-A, Downgraded to A2; previously on 1/6/2004 Assigned Aaa

Structured Asset Securities Corp Tr 2002-11A

Cl. 1-A1, Downgraded to Aa3; previously on 6/24/2002 Assigned Aaa

Cl. 1-A2, Downgraded to Aa3; previously on 6/24/2002 Assigned Aaa

Cl. 2-A1, Downgraded to Baa3; previously on 6/24/2002 Assigned Aaa

Cl. 2-A3, Downgraded to Baa3; previously on 6/24/2002 Assigned Aaa

Cl. 3-A, Downgraded to Baa3; previously on 6/24/2002 Assigned Aaa

Cl. 4-A, Downgraded to Baa1; previously on 6/24/2002 Assigned Aaa

Cl. 5-A, Downgraded to Aa2; previously on 6/24/2002 Assigned Aaa

Cl. B1-I, Downgraded to Baa2; previously on 11/30/2005 Upgraded to Aaa

Cl. B1-II, Downgraded to Ba1; previously on 11/30/2005 Upgraded to Aaa

Cl. B1-I-X, Downgraded to Baa2; previously on 6/24/2002 Assigned Aa2

Cl. B2-I, Downgraded to Caa3; previously on 11/30/2005 Upgraded to Aa2

Cl. B2-II, Downgraded to Caa3; previously on 11/30/2005 Upgraded to Aa2

Cl. B2-I-X, Downgraded to Caa3; previously on 6/24/2002 Assigned A2

Cl. B3, Downgraded to Ca; previously on 11/30/2005 Upgraded to Baa1

Structured Asset Securities Corp Tr 2002-21A

Cl. 1-A1, Downgraded to A2; previously on 11/6/2002 Assigned Aaa

Cl. 1-A3, Downgraded to A2; previously on 11/6/2002 Assigned Aaa

Cl. 2-A1, Downgraded to Aa2; previously on 11/6/2002 Assigned Aaa

Cl. 4-A1, Downgraded to Aa2; previously on 11/6/2002 Assigned Aaa

Cl. 4-A2, Downgraded to Aa2; previously on 11/6/2002 Assigned Aaa

Cl. B1-I, Downgraded to Baa1; previously on 11/30/2005 Upgraded to Aaa

Cl. B1-II, Downgraded to A1; previously on 11/30/2005 Upgraded to Aaa

Cl. B1-I-X, Downgraded to Baa1; previously on 11/6/2002 Assigned Aa2

Cl. B2-I, Downgraded to Baa2; previously on 11/30/2005 Upgraded to Aa2

Cl. B2-II, Downgraded to Baa1; previously on 11/30/2005 Upgraded to Aa2

Cl. B2-I-X, Downgraded to Baa2; previously on 11/6/2002 Assigned A2

Cl. B3, Downgraded to Ba2; previously on 11/30/2005 Upgraded to Baa1

Structured Asset Securities Corp Tr 2002-25A

Cl. 1-A1, Downgraded to A3; previously on 12/9/2002 Assigned Aaa

Cl. 2-A1, Downgraded to Aa1; previously on 12/9/2002 Assigned Aaa

Cl. 3-A1, Downgraded to Aa1; previously on 12/9/2002 Assigned Aaa

Cl. 4-A1, Downgraded to Aa1; previously on 12/9/2002 Assigned Aaa

Cl. 4-A2, Downgraded to Aa1; previously on 12/9/2002 Assigned Aaa

Cl. B1-I, Downgraded to Baa1; previously on 11/30/2005 Upgraded to Aaa

Cl. B1-II, Downgraded to Aa3; previously on 11/30/2005 Upgraded to Aaa

Cl. B1-I-X, Downgraded to Baa1; previously on 12/9/2002 Assigned Aa2

Cl. B2-I, Downgraded to Baa2; previously on 11/30/2005 Upgraded to Aa2

Cl. B2-II, Downgraded to A3; previously on 11/30/2005 Upgraded to Aa2

Cl. B2-I-X, Downgraded to Baa2; previously on 12/9/2002 Assigned A2

B-3, Downgraded to Baa3; previously on 11/30/2005 Upgraded to Baa1

Structured Asset Securities Corp Tr 2003-17A

Cl. 1-A, Downgraded to Baa3; previously on 6/16/2003 Assigned Aaa

Cl. 2-A1, Downgraded to A1; previously on 6/16/2003 Assigned Aaa

Cl. 2-A2, Downgraded to A1; previously on 6/16/2003 Assigned Aaa

Cl. 2-A3, Downgraded to A1; previously on 6/16/2003 Assigned Aaa

Cl. 3-A1, Downgraded to A1; previously on 6/16/2003 Assigned Aaa

Cl. 3-A2, Downgraded to A1; previously on 6/16/2003 Assigned Aaa

Cl. 3-A3, Downgraded to A1; previously on 6/16/2003 Assigned Aaa

Cl. 4-A, Downgraded to Aa2; previously on 6/16/2003 Assigned Aaa

Cl. 4-AX, Downgraded to Aa2; previously on 6/16/2003 Assigned Aaa

Cl. 4-PAX, Downgraded to Aa2; previously on 6/16/2003 Assigned Aaa

Structured Asset Securities Corp Tr 2003-22A

Cl. 1-A, Downgraded to A1; previously on 7/30/2003 Assigned Aaa

Cl. 2-A1, Downgraded to Aa3; previously on 7/30/2003 Assigned Aaa

Cl. 3-A, Downgraded to A1; previously on 7/30/2003 Assigned Aaa

Cl. 4-A, Downgraded to A1; previously on 7/30/2003 Assigned Aaa

Cl. 4-AX, Downgraded to A1; previously on 7/30/2003 Assigned Aaa

Structured Asset Securities Corp Tr 2003-26A

Cl. 1-A, Downgraded to A2; previously on 9/29/2003 Assigned Aaa

Cl. 2-A, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Cl. 3-A1, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Cl. 3-A5, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Cl. 4-A, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Cl. 5-A, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Cl. 6-A, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Cl. 7-A, Downgraded to A1; previously on 9/29/2003 Assigned Aaa

Structured Asset Securities Corp Tr 2003-2A

Cl. 1-A1, Downgraded to Baa1; previously on 2/18/2003 Assigned Aaa

Cl. 2-A1, Downgraded to Aa2; previously on 2/18/2003 Assigned Aaa

Cl. 3-A1, Downgraded to Aa3; previously on 2/18/2003 Assigned Aaa

Cl. 4-A1, Downgraded to Aa3; previously on 2/18/2003 Assigned Aaa

Cl. 4-A2, Downgraded to Aa3; previously on 2/18/2003 Assigned Aaa

Cl. B1-I, Downgraded to Baa2; previously on 9/21/2006 Upgraded to Aaa

Cl. B1-II, Downgraded to A2; previously on 9/21/2006 Upgraded to Aaa

Cl. B1-I-X, Downgraded to Baa2; previously on 2/18/2003 Assigned Aa2

Cl. B2-I, Downgraded to Baa3; previously on 9/21/2006 Upgraded to Aa2

Cl. B2-II, Downgraded to Baa2; previously on 9/21/2006 Upgraded to Aa2

Cl. B2-I-X, Downgraded to Baa3; previously on 2/18/2003 Assigned A2

Cl. B3, Downgraded to Ba3; previously on 9/21/2006 Upgraded to A2

Structured Asset Securities Corp Tr 2003-6A

Cl. 1-A1, Downgraded to A1; previously on 3/19/2003 Assigned Aaa

Cl. 2-A1, Downgraded to A3; previously on 3/19/2003 Assigned Aaa

Cl. 2-A2, Downgraded to A3; previously on 3/19/2003 Assigned Aaa

Cl. 3-A1, Downgraded to A3; previously on 3/19/2003 Assigned Aaa

Cl. 3-A2, Downgraded to A3; previously on 3/19/2003 Assigned Aaa

Cl. 4-A1, Downgraded to A3; previously on 3/19/2003 Assigned Aaa

Cl. 4-A2, Downgraded to A3; previously on 3/19/2003 Assigned Aaa

Structured Asset Securities Corp Tr 2003-9A

Cl. 1-A1, Downgraded to B3; previously on 4/9/2003 Assigned Aaa

Cl. 2-A1, Downgraded to Baa1; previously on 4/9/2003 Assigned Aaa

Cl. 2-A2, Downgraded to Baa1; previously on 4/9/2003 Assigned Aaa

Cl. 2-A3, Downgraded to Baa1; previously on 4/9/2003 Assigned Aaa

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF160139

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Ola Hannoun-Costa
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain SASCO-A Alt-A Seasoned Deals
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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