NOTE: On June 18, 2019, the List of Affected Credit Ratings accessible via hyperlink from this press release was corrected to update Current Ratings for Debt IDs 809727994, 809727997, 809728000, 809728004, 809728007, 809728011, 809728027, 809728030, 809729281, 809729286.
New York, June 04, 2019 -- Moody's Investors Service ("Moody's") has affirmed the ratings of 246
notes backed by US RMBS tranches, issued by multiple issuers.
Complete rating actions are as follows:
Issuer: Citigroup Mortgage Loan Trust 2007-11, Re-Remic
Trust Certificates, Series 2007-11
Cl. I-A-1, Affirmed Caa3 (sf); previously
on May 12, 2011 Downgraded to Caa3 (sf)
Cl. I-A-2, Affirmed Caa3 (sf); previously
on Nov 14, 2013 Downgraded to Caa3 (sf)
Cl. I-A-4, Affirmed Caa3 (sf); previously
on Nov 14, 2013 Downgraded to Caa3 (sf)
Issuer: Citigroup Mortgage Loan Trust 2007-9
Cl. I-A-1, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-3, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-4, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-5, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-6*, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-7, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-8, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-9, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-10, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-11, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. I-A-12, Affirmed C (sf); previously
on Jun 1, 2011 Downgraded to C (sf)
Issuer: Citigroup Mortgage Loan Trust 2009-7, Resecuritization
Trust Certificates, Series 2009-7
Cl. 5A2, Affirmed Caa3 (sf); previously on Nov 16,
2018 Upgraded to Caa3 (sf)
Issuer: Citigroup Mortgage Loan Trust Inc. Re-REMIC
Trust Certificates, Series 2006-8
Cl. A-1, Affirmed Caa2 (sf); previously on Nov
9, 2016 Confirmed at Caa2 (sf)
Cl. A-2*, Affirmed Caa2 (sf); previously
on Nov 9, 2016 Confirmed at Caa2 (sf)
Cl. A-3, Affirmed Caa2 (sf); previously on Nov
9, 2016 Confirmed at Caa2 (sf)
Cl. A-4, Affirmed Caa2 (sf); previously on Nov
9, 2016 Confirmed at Caa2 (sf)
Issuer: Citigroup Mortgage Loan Trust Inc., Resecuritization
Trust Certificates, Series 2009-6
Cl. 13A2, Affirmed Ca (sf); previously on Jun 29,
2012 Upgraded to Ca (sf)
Cl. 18A2, Affirmed Ca (sf); previously on Jun 30,
2009 Assigned Ca (sf)
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2006-37R
Cl. A-1, Affirmed Ca (sf); previously on Sep
29, 2016 Downgraded to Ca (sf)
Cl. A-2, Affirmed Ca (sf); previously on Sep
29, 2016 Downgraded to Ca (sf)
Issuer: CWALT, Inc. Resecuritization Pass-Through
Certificates, Series 2006-22R
Cl. 1-A-1, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-2, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-4, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-6, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-7, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-8, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-9, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 1-A-10, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 2-A-1, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 2-A-2, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Cl. 2-A-3, Affirmed Ca (sf); previously
on Sep 29, 2016 Confirmed at Ca (sf)
Issuer: CWALT, Inc. Resecuritization Pass-Through
Certificates, Series 2007-26R
Cl. A-1, Affirmed Ca (sf); previously on Oct
6, 2016 Confirmed at Ca (sf)
Cl. A-3, Affirmed Ca (sf); previously on Oct
6, 2016 Confirmed at Ca (sf)
Cl. A-4*, Affirmed Ca (sf); previously on
Oct 6, 2016 Confirmed at Ca (sf)
Cl. A-5, Affirmed Ca (sf); previously on Oct
6, 2016 Confirmed at Ca (sf)
Cl. A-6, Affirmed Ca (sf); previously on Oct
6, 2016 Confirmed at Ca (sf)
Cl. A-7, Affirmed Ca (sf); previously on Oct
6, 2016 Confirmed at Ca (sf)
Cl. A-8*, Affirmed Ca (sf); previously on
Nov 29, 2017 Confirmed at Ca (sf)
Issuer: CWALT, Resecuritization Pass-Through Certificates,
Series 2008-2R
Cl. 1-A-1, Affirmed Caa3 (sf); previously
on Oct 6, 2016 Confirmed at Caa3 (sf)
Cl. 3-A-1, Affirmed Ca (sf); previously
on Oct 6, 2016 Confirmed at Ca (sf)
Cl. 4-A-1, Affirmed Ca (sf); previously
on Nov 1, 2018 Downgraded to Ca (sf)
Issuer: CWHEQ Revolving Home Equity Loan Resecuritization Trust
2006-RES
Cl. 04D-1a, Affirmed A2 (sf); previously on Aug
22, 2018 Upgraded to A2 (sf)
Cl. 04D-1b, Affirmed A2 (sf); previously on Aug
22, 2018 Upgraded to A2 (sf)
Cl. 04E-1a, Affirmed Baa1 (sf); previously on
Jun 3, 2019 Upgraded to Baa1 (sf)
Cl. 04E-1b, Affirmed Baa1 (sf); previously on
Jun 3, 2019 Upgraded to Baa1 (sf)
Cl. 04F-1a, Affirmed Baa2 (sf); previously on
Jun 3, 2019 Upgraded to Baa2 (sf)
Cl. 04F-1b, Affirmed Baa2 (sf); previously on
Jun 3, 2019 Upgraded to Baa2 (sf)
Cl. 04K-1a, Affirmed Baa3 (sf); previously on
Jun 3, 2019 Upgraded to Baa3 (sf)
Cl. 04K-1b, Affirmed Baa3 (sf); previously on
Jun 3, 2019 Upgraded to Baa3 (sf)
Cl. 04R-1a, Affirmed B2 (sf); previously on Aug
22, 2018 Upgraded to B2 (sf)
Cl. 04R-1b, Affirmed B2 (sf); previously on Aug
22, 2018 Upgraded to B2 (sf)
Cl. 04L-1a, Affirmed Baa3 (sf); previously on
Aug 22, 2018 Upgraded to Baa3 (sf)
Cl. 04L-1b, Affirmed Baa3 (sf); previously on
Aug 22, 2018 Upgraded to Baa3 (sf)
Cl. 04M-1a, Affirmed Baa1 (sf); previously on
Aug 22, 2018 Upgraded to Baa1 (sf)
Cl. 04M-1b, Affirmed Baa1 (sf); previously on
Aug 22, 2018 Upgraded to Baa1 (sf)
Cl. 04N-1a, Affirmed Baa3 (sf); previously on
Jun 3, 2019 Upgraded to Baa3 (sf)
Cl. 04N-1b, Affirmed Baa3 (sf); previously on
Jun 3, 2019 Upgraded to Baa3 (sf)
Cl. 04P-1a, Affirmed Caa1 (sf); previously on
May 20, 2016 Downgraded to Caa1 (sf)
Cl. 04P-1b, Affirmed Caa1 (sf); previously on
May 20, 2016 Downgraded to Caa1 (sf)
Cl. 04Q-1a, Affirmed Caa1 (sf); previously on
Aug 22, 2018 Upgraded to Caa1 (sf)
Cl. 04Q-1b, Affirmed Caa1 (sf); previously on
Aug 22, 2018 Upgraded to Caa1 (sf)
Cl. 04T-1a, Affirmed Caa1 (sf); previously on
Aug 22, 2018 Upgraded to Caa1 (sf)
Cl. 04T-1b, Affirmed Caa1 (sf); previously on
Aug 22, 2018 Upgraded to Caa1 (sf)
Cl. 04U-1a, Affirmed Caa1 (sf); previously on
Aug 22, 2018 Upgraded to Caa1 (sf)
Cl. 04U-1b, Affirmed Caa1 (sf); previously on
Aug 22, 2018 Upgraded to Caa1 (sf)
Cl. 05B-1a, Affirmed B3 (sf); previously on Aug
22, 2018 Upgraded to B3 (sf)
Cl. 05B-1b, Affirmed B3 (sf); previously on Aug
22, 2018 Upgraded to B3 (sf)
Cl. 05C-1a, Affirmed A2 (sf); previously on Feb
11, 2013 Downgraded to A2 (sf)
Cl. 05C-1b, Affirmed A2 (sf); previously on Feb
11, 2013 Downgraded to A2 (sf)
Cl. 05D-1a, Affirmed A2 (sf); previously on Feb
11, 2013 Downgraded to A2 (sf)
Cl. 05D-1b, Affirmed A2 (sf); previously on Feb
11, 2013 Downgraded to A2 (sf)
Cl. 05G-1a, Affirmed Ba1 (sf); previously on
Jun 3, 2019 Upgraded to Ba1 (sf)
Cl. 05G-1b, Affirmed Ba1 (sf); previously on
Jun 3, 2019 Upgraded to Ba1 (sf)
Cl. 05H-1a, Affirmed Ba3 (sf); previously on
Aug 22, 2018 Upgraded to Ba3 (sf)
Cl. 05H-1b, Affirmed Ba3 (sf); previously on
Aug 22, 2018 Upgraded to Ba3 (sf)
Cl. 05A-1a, Affirmed Caa1 (sf); previously on
May 20, 2016 Downgraded to Caa1 (sf)
Cl. 05A-1b, Affirmed Caa1 (sf); previously on
May 20, 2016 Downgraded to Caa1 (sf)
Cl. 05E-1a, Affirmed Caa1 (sf); previously on
May 20, 2016 Downgraded to Caa1 (sf)
Cl. 05E-1b, Affirmed Caa1 (sf); previously on
May 20, 2016 Downgraded to Caa1 (sf)
Cl. 05F-1a, Affirmed Caa2 (sf); previously on
Aug 29, 2018 Upgraded to Caa2 (sf)
Cl. 05F-1b, Affirmed Caa2 (sf); previously on
Aug 29, 2018 Upgraded to Caa2 (sf)
Issuer: CWMBS, Inc. Resecuritization Mortgage Pass-Through
Certificates, Series 2005-8R
Cl. A-3, Affirmed Ba3 (sf); previously on Sep
30, 2016 Upgraded to Ba3 (sf)
Cl. A-5, Affirmed Ba3 (sf); previously on Sep
30, 2016 Confirmed at Ba3 (sf)
Cl. A-6, Affirmed Ba3 (sf); previously on Sep
30, 2016 Confirmed at Ba3 (sf)
Issuer: Deutsche Alt-A Securities Resecuritization Trust,
Series 2007-2R
Cl. 1-A-1, Affirmed Caa3 (sf); previously
on Jul 20, 2018 Downgraded to Caa3 (sf)
Issuer: Deutsche Mortgage Securities, Inc. Mortgage
Loan Trust, Series 2006-PR1
Cl. CW-A1, Affirmed Caa2 (sf); previously on
Jan 12, 2011 Downgraded to Caa2 (sf)
Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC
Trust Certificates, Series 2007-RS8
Cl. 3-A-1, Affirmed Ca (sf); previously
on Feb 25, 2014 Downgraded to Ca (sf)
Issuer: Financial Asset Securities Corp. AAA Trust 2005-2
Cl. A3, Affirmed Aaa (sf); previously on Nov 16,
2018 Upgraded to Aaa (sf)
Issuer: GSMSC Pass-Through Trust 2008-1R
Cl. A1, Affirmed Ca (sf); previously on Oct 19,
2015 Downgraded to Ca (sf)
Issuer: MASTR Adjustable Rate Mortgages Trust 2007-R5
Cl. A1, Affirmed Ca (sf); previously on May 12,
2011 Downgraded to Ca (sf)
Issuer: Morgan Stanley Mortgage Resecuritization Trust 2008-1R
Cl. A1, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Cl. A3, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Cl. A6, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Cl. A7, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Cl. A9, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Cl. A11, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Cl. A13, Affirmed Ca (sf); previously on Jun 16,
2015 Downgraded to Ca (sf)
Issuer: RBSGC Structured Trust Pass-Through Certificates,
Series 2008-A
Cl. A1, Affirmed Ca (sf); previously on Sep 29,
2016 Confirmed at Ca (sf)
Issuer: Residential Asset Securitization Trust 2006-R1
Cl. A-1, Affirmed Ca (sf); previously on Jul
20, 2018 Downgraded to Ca (sf)
Cl. A-2, Affirmed Ca (sf); previously on Jul
20, 2018 Downgraded to Ca (sf)
Issuer: Residential Asset Securitization Trust 2006-R2
Cl. A-2, Affirmed Caa3 (sf); previously on May
12, 2011 Confirmed at Caa3 (sf)
Issuer: Resix Finance Limited Credit-Linked Notes,
Series 2003-A
Cl. B10, Affirmed Aa1 (sf); previously on Sep 26,
2018 Upgraded to Aa1 (sf)
Issuer: Resix Finance Limited Credit-Linked Notes,
Series 2003-B
Cl. B9, Affirmed Caa3 (sf); previously on Dec 9,
2016 Downgraded to Caa3 (sf)
Cl. B10, Affirmed Ca (sf); previously on Dec 4,
2012 Downgraded to Ca (sf)
Issuer: Resix Finance Limited Credit-Linked Notes,
Series 2003-C
Cl. B7, Affirmed Ca (sf); previously on May 16,
2011 Downgraded to Ca (sf)
Issuer: Riverview HECM Trust 2007-4
CL. A, Affirmed B2 (sf); previously on May 27,
2015 Downgraded to B2 (sf)
Issuer: Riverview HECM Trust, Series 2008-1
Cl. A-4, Affirmed B2 (sf); previously on May
27, 2015 Downgraded to B2 (sf)
Cl. A-5, Affirmed B2 (sf); previously on May
27, 2015 Downgraded to B2 (sf)
Issuer: Bear Stearns ALT-A Trust 2006-R1
Cl. I-A-1, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-1, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-2, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-3, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-4, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-5, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-6, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-7, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-8, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-9, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-10, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-11, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-12, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-13, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-14, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-15, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-16, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-17, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-18, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-19, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-20, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-21, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-22, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-23, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-24, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-25, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-26, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-27, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-28, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-29, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. I-AE-30, Affirmed Ca (sf); previously
on Mar 24, 2011 Downgraded to Ca (sf)
Cl. II-AE-1, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-2, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-3, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-4, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-5, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-6, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-7, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-8, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-9, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-10, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-11, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-12, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-13, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-14, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-15, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-16, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-17, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-18, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-19, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-20, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-21, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-22, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-23, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-24, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-25, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-26, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-27, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-28, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-29, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. II-AE-30, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. III-A-1, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-1, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-2, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-3, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-4, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-5, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-6, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-7, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-8, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-9, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-10, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-11, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-12, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-13, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-14, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-15, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-16, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-17, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-18, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-19, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-20, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-21, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-22, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-23, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-24, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-25, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-26, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-27, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-28, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-29, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. III-AE-30, Affirmed Caa3 (sf); previously
on Mar 24, 2011 Confirmed at Caa3 (sf)
Cl. II-A-1, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-A-1, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-1, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-2, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-3, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-4, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-5, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-6, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-7, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-8, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-9, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-10, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-11, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-12, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-13, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-14, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-15, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-16, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-17, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-18, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-19, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-20, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-21, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-22, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-23, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-24, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-25, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-26, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-27, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-28, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-29, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Cl. IV-AE-30, Affirmed C (sf); previously
on Mar 24, 2011 Downgraded to C (sf)
Issuer: Bear Stearns ARM Trust 2005-8
Cl. A-4, Affirmed Caa2 (sf); previously on Apr
14, 2011 Downgraded to Caa2 (sf)
Issuer: Bear Stearns Structured Products Inc. Trust 2007-R6
Cl. I-A-1, Affirmed Caa3 (sf); previously
on May 12, 2011 Downgraded to Caa3 (sf)
Issuer: IndyMac INDX Mortgage Loan Trust 2006-R1
Cl. A-3, Affirmed Caa3 (sf); previously on Apr
13, 2011 Downgraded to Caa3 (sf)
Issuer: J.P. Morgan Alternative Loan Trust,
Series 2008-R1
Cl. 2-A-1, Affirmed Ca (sf); previously
on May 12, 2011 Downgraded to Ca (sf)
Issuer: J.P. Morgan Alternative Loan Trust,
Series 2008-R2
Cl. A-1, Affirmed Ca (sf); previously on Sep
29, 2016 Downgraded to Ca (sf)
Issuer: J.P. Morgan MBS, Series 2005-R1
Cl. B-3, Affirmed Ca (sf); previously on Jun
2, 2011 Downgraded to Ca (sf)
Issuer: Lehman Manufactured Housing Asset-Backed Trust 1998-1
II-A2, Affirmed Caa3 (sf); previously on Feb 13,
2012 Downgraded to Caa3 (sf)
II-IO1*, Affirmed Caa3 (sf); previously on Feb 12,
2018 Downgraded to Caa3 (sf)
Issuer: Structured Asset Securities Corporation 2006-12
Cl. AXPR*, Affirmed C (sf); previously on Dec 20,
2017 Downgraded to C (sf)
Cl. AXP1*, Affirmed C (sf); previously on Dec 20,
2017 Downgraded to C (sf)
Issuer: Structured Asset Securities Corporation Trust 2007-9
Cl. AXP*, Affirmed C (sf); previously on Nov 29,
2017 Confirmed at C (sf)
*Reflects Interest Only Classes
RATINGS RATIONALE:
The ratings affirmation is due primarily to the change in methodology
Moody's uses to monitor the transactions. Going forward,
Moody's will use the methodology it uses to rate repackaged securities
to monitor the outstanding ratings on the notes.
Today's rating actions reflect the performance and Moody's
loss expectations on the underlying assets. Repacked securities
can be backed by one or more rated assets. Of the 246 notes impacted
by today's actions, 3 are backed by the interest-only
bonds, 222 are backed by just one US RMBS tranche and the remaining
21 notes are backed by multiple US RMBS tranches. The ratings on
the 21 repackaged notes backed by multiple securities are determined by
calculating the weighted average rating of all underlying assets.
The weighted average rating is computed by taking the weighted average
of the Moody's 10-year idealised cumulative expected loss
rates of the underlying assets based on their current balances,
and comparing the result to the Moody's 10-year idealised
cumulative expected loss rates associated with each rating category.
The principal methodology used in rating all classes except interest-only
classes was "Moody's Approach to Rating Repackaged Securities" published
in March 2019. The methodologies used in rating interest-only
classes were "Moody's Approach to Rating Repackaged Securities"
published in March 2019 and "Moody's Approach to Rating Structured
Finance Interest-Only (IO) Securities" published in Februay 2019.
Please see the list of ratings at the top of this announcement to identify
which classes are interest-only (indicated by the *).
Please see the Rating Methodologies page on www.moodys.com
for a copy of these methodologies.
Factors that would lead to an upgrade or downgrade of the ratings:
Given the repack nature of the structure, note-holders are
mainly exposed to the credit risk of the underlying asset(s). A
downgrade or upgrade of the underlying asset(s) could trigger a downgrade
or upgrade on the related repack notes.
A list of these actions including CUSIP identifiers and the associated
pool losses may be found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF480647
For more information please see www.moodys.com.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity
analysis, see the sections Methodology Assumptions and Sensitivity
to Assumptions of the disclosure form.
The analysis includes an assessment of collateral characteristics and
performance to determine the expected collateral loss or a range of expected
collateral losses or cash flows to the rated instruments. As a
second step, Moody's estimates expected collateral losses or cash
flows using a quantitative tool that takes into account credit enhancement,
loss allocation and other structural features, to derive the expected
loss for each rated instrument.
Moody's quantitative analysis entails an evaluation of scenarios
that stress factors contributing to sensitivity of ratings and take into
account the likelihood of severe collateral losses or impaired cash flows.
Moody's weights the impact on the rated instruments based on its
assumptions of the likelihood of the events in such scenarios occurring.
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Jack Xu
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Karandeep Bains
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
