NOTE: On May 4, 2021, the press release was corrected as follows: In the second sentence of the first paragraph and first sentence of the third paragraph of the Origination Quality and Underwriting Guidelines section, the first listed originator was changed to Guaranteed Rate, Inc. Revised release follows.
NOTE: On April 28, 2021, the press release was corrected as follows: In the third sentence of the first paragraph of the Representations and Warranties Framework section, the seller name was changed to Onslow Bay Financial LLC. Revised release follows.
New York, April 22, 2021 -- Moody's Investors Service, ("Moody's") has
assigned provisional ratings to fifty-eight classes of residential
mortgage-backed securities (RMBS) issued by OBX 2021-J1.
The ratings range from (P)Aaa (sf) to (P)B2 (sf).
OBX 2021-J1 is a securitization of prime residential mortgages.
The pool is comprised of 367 loans, of which there are 366 30-year
and one 28-year fixed rate mortgage.
This transaction represents the first prime jumbo issuance by Onslow Bay
Financial LLC (the sponsor). The transaction includes 367 fixed
rate, first lien mortgages with an aggregate loan balance of approximately
$353,840,244. The pool consists of 100%
non -conforming mortgage loans. The mortgage loans for this
transaction have been acquired by the sponsor and the seller, Onslow
Bay Financial LLC, from Bank of America, National Association
(BANA). BANA acquired the mortgage loans through its whole loan
purchase program from various originators. Approximately,
94.2% of the loans in the pool were underwritten to BANA
whole loan purchase program's guidelines, and the remaining 5.8%
were underwritten to loanDepot's guidelines. All the loans are
designated as safe harbor qualified mortgages (QM) and meet Appendix Q
to the QM rules. Shellpoint Mortgage Servicing (SMS) will service
the loans and Wells Fargo Bank, N.A. (Aa2) will be
the master servicer. SMS will be responsible for advancing principal
and interest and other corporate advances, with the master servicer
backing up SMS' advancing obligations if SMS cannot fulfill them.
Three third-party review (TPR) firms verified the accuracy of the
loan level information that we received from the sponsor. These
firms conducted detailed credit, property valuation, data
accuracy and compliance reviews on 100% of the mortgage loans in
the collateral pool. The TPR results indicate that there are no
material compliance, credit, or data issues and no appraisal
We analyzed the underlying mortgage loans using Moody's Individual Loan
Analysis (MILAN) model. We also compared the collateral pool to
other prime jumbo securitizations. In addition, we adjusted
our expected losses based on qualitative attributes, including the
financial strength of the representation and warranties (R&W) provider
and TPR results.
OBX 2021-J1 has a shifting interest structure in which subordinates
will receive no unscheduled principal payment (prepayment) during the
first five years, which protects and accelerates the pay-down
of the senior classes and therefore protects the senior classes from losses.
The transaction also has a senior subordination floor and a subordination
lockout percentage, which accelerates the pay-down of the
senior and senior subordinate classes if losses exceed certain thresholds.
The complete rating actions are as follows:
Issuer: OBX 2021-J1
Cl. A-1, Assigned (P)Aaa (sf)
Cl. A-2, Assigned (P)Aaa (sf)
Cl. A-3, Assigned (P)Aaa (sf)
Cl. A-4, Assigned (P)Aaa (sf)
Cl. A-5, Assigned (P)Aaa (sf)
Cl. A-6, Assigned (P)Aaa (sf)
Cl. A-7, Assigned (P)Aaa (sf)
Cl. A-8, Assigned (P)Aaa (sf)
Cl. A-9, Assigned (P)Aaa (sf)
Cl. A-10, Assigned (P)Aaa (sf)
Cl. A-11, Assigned (P)Aaa (sf)
Cl. A-12, Assigned (P)Aaa (sf)
Cl. A-13, Assigned (P)Aaa (sf)
Cl. A-14, Assigned (P)Aaa (sf)
Cl. A-15, Assigned (P)Aaa (sf)
Cl. A-16, Assigned (P)Aaa (sf)
Cl. A-17, Assigned (P)Aaa (sf)
Cl. A-18, Assigned (P)Aaa (sf)
Cl. A-19, Assigned (P)Aaa (sf)
Cl. A-20, Assigned (P)Aaa (sf)
Cl. A-21, Assigned (P)Aaa (sf)
Cl. A-22, Assigned (P)Aaa (sf)
Cl. A-23, Assigned (P)Aaa (sf)
Cl. A-24, Assigned (P)Aaa (sf)
Cl. A-IO1*, Assigned (P)Aaa (sf)
Cl. A-IO2*, Assigned (P)Aaa (sf)
Cl. A-IO3*, Assigned (P)Aaa (sf)
Cl. A-IO4*, Assigned (P)Aaa (sf)
Cl. A-IO5*, Assigned (P)Aaa (sf)
Cl. A-IO6*, Assigned (P)Aaa (sf)
Cl. A-IO7*, Assigned (P)Aaa (sf)
Cl. A-IO8*, Assigned (P)Aaa (sf)
Cl. A-IO9*, Assigned (P)Aaa (sf)
Cl. A-IO10*, Assigned (P)Aaa (sf)
Cl. A-IO11*, Assigned (P)Aaa (sf)
Cl. A-IO12*, Assigned (P)Aaa (sf)
Cl. A-IO13*, Assigned (P)Aaa (sf)
Cl. A-IO14*, Assigned (P)Aaa (sf)
Cl. A-IO15*, Assigned (P)Aaa (sf)
Cl. A-IO16*, Assigned (P)Aaa (sf)
Cl. A-IO17*, Assigned (P)Aaa (sf)
Cl. A-IO18*, Assigned (P)Aaa (sf)
Cl. A-IO19*, Assigned (P)Aaa (sf)
Cl. A-IO20*, Assigned (P)Aaa (sf)
Cl. A-IO21*, Assigned (P)Aaa (sf)
Cl. A-IO22*, Assigned (P)Aaa (sf)
Cl. A-IO23*, Assigned (P)Aaa (sf)
Cl. A-IO24*, Assigned (P)Aaa (sf)
Cl. A-IO25*, Assigned (P)Aaa (sf)
Cl. B-1, Assigned (P)Aa3 (sf)
Cl. B-IO1*, Assigned (P)Aa3 (sf)
Cl. B-1A, Assigned (P)Aa3 (sf)
Cl. B-2, Assigned (P)A3 (sf)
Cl. B-IO2*, Assigned (P)A3 (sf)
Cl. B-2A, Assigned (P)A3 (sf)
Cl. B-3, Assigned (P)Baa3 (sf)
Cl. B-4, Assigned (P)Ba2 (sf)
Cl. B-5, Assigned (P)B2 (sf)
*Reflects Interest-Only Classes
Summary Credit Analysis and Rating Rationale
Moody's expected loss for this pool in a baseline scenario is 0.22%
at the mean, 0.10% at the median, and reaches
2.59% at a stress level consistent with our Aaa ratings.
The coronavirus pandemic has had a significant impact on economic activity.
Although global economies have shown a remarkable degree of resilience
to date and are returning to growth, the uneven effects on individual
businesses, sectors and regions will continue throughout 2021 and
will endure as a challenge to the world's economies well beyond the end
of the year. While persistent virus fears remain the main risk
for a recovery in demand, the economy will recover faster if vaccines
and further fiscal and monetary policy responses bring forward a normalization
of activity. As a result, there is a heightened degree of
uncertainty around our forecasts. Our analysis has considered the
effect on the performance of consumer assets from a gradual and unbalanced
recovery in U.S. economic activity.
We regard the coronavirus outbreak as a social risk under our ESG framework,
given the substantial implications for public health and safety.
We increased our model-derived median expected losses by 10.0%
(6.0% for the mean) and our Aaa losses by 2.5%
to reflect the likely performance deterioration resulting from a slowdown
in US economic activity in 2020 due to the coronavirus outbreak.
These adjustments are lower than the 15% median expected loss and
5% Aaa loss adjustments we made on pools from deals issued after
the onset of the pandemic until February 2021. Our reduced adjustments
reflect the fact that the loan pool in this deal does not contain any
loans to borrowers who are not currently making payments. For newly
originated loans, post-COVID underwriting takes into account
the impact of the pandemic on a borrower's ability to repay the mortgage.
For seasoned loans, as time passes, the likelihood that borrowers
who have continued to make payments throughout the pandemic will now become
non-cash flowing due to COVID-19 continues to decline.
We base our ratings on the certificates on the credit quality of the mortgage
loans, the structural features of the transaction, our assessments
of the origination quality and servicing arrangement, the strength
of the third-party due diligence and the R&W framework of the
We assessed the collateral pool as of the cut-off date of April
1, 2021. OBX 2021-J1 is a securitization of 367 prime
residential mortgage loans with an aggregate principal balance of approximately
$353,840,244. The pool comprises 366 30-year
and one 28-year fixed rate mortgages.
Overall, the credit quality of the mortgage loans backing this transaction
is similar to recently-issued prime jumbo transactions.
The WA FICO for the aggregate pool is 779 with a WA LTV of 63.3%
and WA CLTV of 63.1%. Approximately 16.7%
(by loan balance) of the pool has a LTV ratio greater than 75%.
High LTV loans generally have a higher probability of default and higher
loss severity compared to lower LTV loans. There is no loan in
the pool having LTV greater than 80%.
Exterior-only appraisals: In response to the COVID-19
national emergency, many originators/aggregators have temporarily
transitioned to allowing exterior-only appraisals, instead
of a full interior and exterior inspection of the subject property,
on many mortgage transactions. There are 7 loans in the pool,
1.73% by aggregate loan balance, that do not have
a full appraisal that includes an exterior and an interior inspection
of the property. Instead, these loans have an exterior-only
appraisal. We did not make any adjustments to our losses for such
loans primarily because of strong credit characteristics such as high
FICO score, low LTV and DTI ratios, and significant liquid
cash reserves and because such loans comprise a de minimis percentage
of loan pool, by loan balance. In addition, none of
these borrowers have any prior history of delinquency.
Loans with delinquency and forbearance history: As of the cut-off
date, no borrower under any mortgage loan is currently in an active
COVID-19 related forbearance plan. None of the borrowers
have previously entered into a COVID-19 related forbearance plan.
In the event that after the cut-off date a borrower enters into
or requests an active COVID-19 related forbearance plan,
such loan will remain in the mortgage pool and the servicer will be required
to make advances in respect of delinquent interest and principal (as well
as other servicing advances) on such mortgage loan during the forbearance
period (to the extent such advances are deemed recoverable) and the loan
will be considered delinquent for all purposes under the transaction documents.
There were four borrowers reported with recent 30-day delinquency,
of which three were due to borrower confusion under servicing transfer,
and one was due to borrower paid an incorrect amount but corrected afterwards.
Origination Quality and Underwriting Guidelines
There are 11 originators in the transaction. The largest originators
in the pool with more than 10% by loan balance are Guaranteed Rate, Inc (31.0%), Guild Mortgage Company LLC (16.7%) and Fairway Independent Mortgage Corporation (13.5%).
The seller, Onslow Bay Financial LLC, acquired the mortgage
loans from Bank of America, National Association (BANA).
As of the cut-off date, approximately 94.2%
of the mortgage loans (by loan balance) were acquired by BANA from various
mortgage loan originators or sellers through Bank of America whole loan
purchase program, and the remaining 5.8% were underwritten
to loanDepot's guidelines. These mortgage loans have principal
balances in excess of the requirements for purchase by Fannie Mae and
Freddie Mac (i.e. 100% of the loans in the pool are
prime jumbo loans) and were generally acquired pursuant to the underwriting
criteria of BANA whole loan purchase program. In addition,
approximately 5.8% of the mortgage loans (by loan balance)
were acquired by BANA but originated pursuant to the guidelines of loanDepot.
The BANA acquisition criteria does not apply to the eligibility criteria,
underwriting, or origination or acquisition of these mortgage loans.
We increased our base case and Aaa loss expectations for all loans underwritten
to BANA whole loan purchase program, which include loans originated
by Guaranteed Rate, Inc, Guild Mortgage Company LLC and Fairway Independent
Mortgage Corporation, because we do not have performance available
for the jumbo loans underwritten to BANA guidelines and securitized through
OBX platform, and we have been considering such mortgage loans to
have been acquired to slightly less conservative prime jumbo underwriting
standards. We did not make any adjustments to our loss levels for
loans originated by loanDepot as these loans were underwritten to its
own guidelines. We considered loanDepot's performance history and
risk management as adequate.
Shellpoint Mortgage Servicing (SMS) will service all the mortgage loans
in the transaction. Wells Fargo Bank, N.A.
(Wells Fargo) will serve as the master servicer.
Shellpoint is generally obligated to fund monthly advances of cash (to
the extent such advances are deemed recoverable) and to make interest
payments to compensate in part for any shortfall in interest payments
due to prepayment of the mortgage loans. The master servicer will
monitor the performance of the servicer and will be obligated to fund
any required advance and interest shortfall payments if a servicer fails
in its obligation to do so.
As of the cut-off date, no borrower under any mortgage loan
is currently in an active COVID-19 related forbearance plan with
the servicer. None of the borrowers of the mortgage loans (by aggregate
loan balance as of the cut-off date) have previously entered into
a COVID-19 related forbearance plan with the servicer. In
the event that after the cut-off date a borrower enters into or
requests an active COVID-19 related forbearance plan, such
mortgage loan will remain in the mortgage pool and the servicer will be
required to make advances in respect of delinquent interest and principal
(as well as other servicing advances) on such mortgage loan during the
forbearance period (to the extent such advances are deemed recoverable)
and the mortgage loan will be considered delinquent for all purposes under
the transaction documents. At the end of the forbearance period,
as with any other modification, to the extent the related borrower
is not able to make a lump sum payment of the forborne amount, the
servicer may, subject to the servicing matrix, offer the borrower
a repayment plan, enter into a modification with the borrower (including
a modification to defer the forborne amounts) or utilize any other loss
mitigation option permitted under the pooling and servicing agreement.
Wells Fargo provides oversight of the servicer. We consider the
presence of a strong master servicer to be a mitigant for any servicing
disruptions. Our evaluation of Wells Fargo as a master servicer
takes into account the bank's strong reporting and remittance procedures,
servicer compliance and monitoring capabilities and servicing stability.
Wells Fargo's oversight encompasses loan administration, default
administration, compliance and cash management.
Third Party Review
Three independent third party review (TPR) firms, Clayton Services
LLC (Clayton), Wipro Opus Risk Solutions, LLC (Opus),
and Consolidated Analytics, Inc. (Consolidated Analytics),
reviewed 100% of the loans in this transaction for credit,
regulatory compliance, appraisal, and data integrity.
The TPR results indicate that the majority of reviewed loans were in compliance
with respective originators' underwriting guidelines, no material
compliance or data issues, and no appraisal defects.
For property valuation, the TPR firms identified all loans as either
A or B level grades. There were 6 loans with B grades for appraisal
review and majority of these B grades were due to exterior-only
appraisals done instead of a full appraisal.
For credit review, the TPR firms identified mostly A and B level
grades in its review, with no C or D level grades. The credit
exceptions had documented compensating factors such as high FICOs,
low LTVs, low DTIs, high reserves, and long stable employment
For compliance review, the TPR firms identified mostly A and B level
grades in its review, with no C or D level grades. The identified
compliance exceptions were primarily related to incorrect Right of Rescission
form used and missing affiliated business disclosures. We did not
make any adjustments to our credit enhancement due to regulatory compliance
issues because we did not view the compliance exceptions as material.
Representations and Warranties Framework
Each originator will provide comprehensive loan level reps and warranties
for their respective loans. BANA will assign each originator's
R&W to the seller, who will in turn assign to the depositor,
which will assign to the trust. To mitigate the potential concerns
regarding the originators' ability to meet their respective R&W obligations,
Onslow Bay Financial LLC (the seller) will backstop the R&Ws for all
originator's loans. The R&W provider's obligation to backstop
third party R&Ws will terminate 5 years after the closing date,
subject to certain performance conditions. The R&W provider
will also provide the gap reps. We considered the R&W framework
in our analysis and found it to be adequate. We therefore did not
make any adjustments to our losses based on the strength of the R&W
The R&W framework is adequate in part because the results of the independent
TPRs revealed a high level of compliance with underwriting guidelines
and regulations, as well as overall adequate appraisal quality.
These results give us a clear indication that the loans do not breach
the R&Ws the originators have made and that the originators are unlikely
to face any material repurchase requests in the future. The loan-level
R&Ws are strong and, in general, either meet or exceed
the baseline set of credit-neutral R&Ws we identified for US
RMBS. Among other considerations, the R&Ws address property
valuation, underwriting, fraud, data accuracy,
regulatory compliance, the presence of title and hazard insurance,
the absence of material property damage, and the enforceability
of the mortgage.
In a continued effort to focus breach reviews on loans that are more likely
to contain origination defects that led to or contributed to the delinquency
of the loan, an additional carve out has been in recent transactions
we have rated from other issuers relating to the delinquency review trigger.
Similarly, in this transaction, exceptions exist for certain
excluded disaster mortgage loans that trip the delinquency trigger.
These excluded disaster loans include COVID-19 forbearance loans.
Tail Risk & Subordination Floor
The transaction cash flows follow a shifting interest structure that allows
subordinated bonds to receive principal payments under certain defined
scenarios. Because a shifting interest structure allows subordinated
bonds to pay down over time as the loan pool shrinks, senior bonds
are exposed to increased performance volatility, known as tail risk.
The transaction provides for a senior subordination floor of 1.25%
of the closing pool balance, which mitigates tail risk by protecting
the senior bonds from eroding credit enhancement over time. Additionally,
there is a subordination lock-out amount which is 1.25%
of the cut-off pool balance.
In OBX 2021-J1, the controlling holder has the option to
hire at its own expense the independent reviewer upon the occurrence of
a review event. If there is no controlling holder (no single entity
holds a majority of the Class Principal Amount of the most subordinate
class of certificates outstanding), the trustee shall, upon
receipt of a direction of the certificate holders of more than 25%
of the aggregate voting interest of all certificates and upon receipt
of the deposit, appoint an independent reviewer at a cost to the
trust. However, if the controlling holder does not hire the
independent reviewer, the holders of more than 50% of the
aggregate voting interests of all outstanding certificates may direct
(at their expense) the trustee to appoint an independent reviewer.
In this transaction, the controlling holder can be the depositor
or a seller (or an affiliate of these parties). If the controlling
holder is affiliated with the depositor, seller or Sponsor,
then the controlling holder may not be motivated to discover and enforce
R&W breaches for which its affiliate is responsible.
The servicer will not commence foreclosure proceedings on a mortgage loan
unless the servicer has notified the controlling holder at least five
business days in advance of the foreclosure and the controlling holder
has not objected to such action. If the controlling holder objects,
the servicer has to obtain three appraisals from the appraisal firms as
listed in the pooling and servicing agreement. The cost of the
appraisals is borne by the controlling holder. The controlling
holder will be required to purchase such mortgage loan at a price equal
to the highest of the three appraisals plus accrued and unpaid interest
on such mortgage loan as of the purchase date. If the servicer
cannot obtain three appraisals there are alternate methods for determining
the purchase price. If the controlling holder fails to purchase
the mortgage loan within the time frame, the controlling holder
forfeits any foreclosure rights thereafter. We consider this credit
neutral because a) the appraiser is chosen by the servicer from the approved
list of appraisers, b) the fair value of the property is decided
by the servicer, based on third party appraisals, and c) the
controlling holder will pay the fair price and accrued interest.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are insufficient to protect investors
against current expectations of loss could drive the ratings down.
Losses could rise above Moody's original expectations as a result of a
higher number of obligor defaults or deterioration in the value of the
mortgaged property securing an obligor's promise of payment. Transaction
performance also depends greatly on the US macro economy and housing market.
Other reasons for worse-than-expected performance include
poor servicing, error on the part of transaction parties,
inadequate transaction governance and fraud.
Levels of credit protection that are higher than necessary to protect
investors against current expectations of loss could drive the ratings
up. Losses could decline from Moody's original expectations as
a result of a lower number of obligor defaults or appreciation in the
value of the mortgaged property securing an obligor's promise of payment.
Transaction performance also depends greatly on the US macro economy and
The principal methodology used in rating all classes except interest-only
classes was "Moody's Approach to Rating US RMBS Using the MILAN Framework"
published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303.
The methodologies used in rating interest-only classes were "Moody's
Approach to Rating US RMBS Using the MILAN Framework" published in April
2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303
and "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179.
Please see the list of ratings at the top of this announcement to identify
which classes are interest-only (indicated by the *).
Alternatively, please see the Rating Methodologies page on www.moodys.com
for a copy of these methodologies.
For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions and
Sensitivity to Assumptions in the disclosure form. Moody's
Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
Further information on the representations and warranties and enforcement
mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1279217
The analysis relies on an assessment of collateral characteristics to
determine the collateral loss distribution, that is, the function
that correlates to an assumption about the likelihood of occurrence to
each level of possible losses in the collateral. As a second step,
Moody's evaluates each possible collateral loss scenario using a
model that replicates the relevant structural features to derive payments
and therefore the ultimate potential losses for each rated instrument.
The loss a rated instrument incurs in each collateral loss scenario,
weighted by assumptions about the likelihood of events in that scenario
occurring, results in the expected loss of the 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, category/class of
debt or security this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note of the
same series, category/class of debt, security 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.
The ratings have been disclosed to the rated entity or its designated
agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
Moody's general principles for assessing environmental, social
and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.
At least one ESG consideration was material to the credit rating action(s)
announced and described above.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the EU and is endorsed
by Moody's Deutschland GmbH, An der Welle 5, Frankfurt
am Main 60322, Germany, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
Further information on the EU endorsement status and on the Moody's
office that issued the credit rating is available on www.moodys.com.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the UK and is endorsed
by Moody's Investors Service Limited, One Canada Square,
Canary Wharf, London E14 5FA under the law applicable to credit
rating agencies in the UK. Further information on the UK endorsement
status and on the Moody's office that issued the credit rating is
available on www.moodys.com.
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
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653