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Rating Action:

Moody's confirms ratings on $195 Million of Subprime RMBS issued by Accredited from 2002-2004

12 Sep 2013

New York, September 12, 2013 -- Moody's Investors Service has confirmed the ratings of 14 tranches from seven transactions backed by subprime mortgage loans issued by Accredited Mortgage Loan Trust.

Complete rating actions are as follows:

Issuer: Accredited Mortgage Loan Trust 2002-1

Cl. A-1, Confirmed at Ba1 (sf); previously on May 14, 2013 Ba1 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-2, Confirmed at A3 (sf); previously on May 14, 2013 A3 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Accredited Mortgage Loan Trust 2002-2

Cl. A-1, Confirmed at Caa1 (sf); previously on May 14, 2013 Caa1 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-2, Confirmed at Ba3 (sf); previously on May 14, 2013 Ba3 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-3, Confirmed at A2 (sf); previously on May 14, 2013 A2 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Accredited Mortgage Loan Trust 2003-1

Cl. A-1, Confirmed at Caa1 (sf); previously on May 14, 2013 Caa1 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Accredited Mortgage Loan Trust 2003-2, Asset-Backed Notes, Series 2003-2

Cl. A-1, Confirmed at B3 (sf); previously on May 14, 2013 B3 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-2, Confirmed at Ba3 (sf); previously on May 14, 2013 Ba3 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Accredited Mortgage Loan Trust 2003-3, Asset-Backed Notes, Series 2003-3

Cl. A-1, Confirmed at B3 (sf); previously on May 14, 2013 B3 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-2, Confirmed at Caa2 (sf); previously on May 14, 2013 Caa2 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Accredited Mortgage Loan Trust 2004-1, Asset-Backed Notes, Series 2004-1

Cl. A-1, Confirmed at B2 (sf); previously on May 14, 2013 B2 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-2, Confirmed at B3 (sf); previously on May 14, 2013 B3 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Accredited Mortgage Loan Trust 2004-2, Asset-Backed Notes, Series 2004-2

Cl. A-1, Confirmed at Caa2 (sf); previously on May 14, 2013 Caa2 (sf) Placed Under Review Direction Uncertain

Underlying Rating: Confirmed at Caa2 (sf); previously on May 14, 2013 Caa2 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Cl. A-2, Confirmed at Caa2 (sf); previously on May 14, 2013 Caa2 (sf) Placed Under Review Direction Uncertain

Underlying Rating: Confirmed at Caa2 (sf); previously on May 14, 2013 Caa2 (sf) Placed Under Review Direction Uncertain

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

RATINGS RATIONALE

The rating actions reflect the recent performance of the underlying pools and Moody's updated expected losses on the pools. In addition, the rating actions reflect correction of errors in the Structured Finance Workstation (SFW) cash flow models previously used by Moody's in rating these transactions.

For all of the transactions, the pooling and servicing agreements state that principal and interest collections are commingled first and then used to make payments on the bonds. However, the cash flow models used in prior rating actions incorrectly applied separate interest and principal waterfalls. Due to the discovery of this error, these tranches were placed on watch on May 14, 2013. In addition, the cross-collateralization and allocation of losses were incorrectly coded in the cash flow models used for the previous rating actions. The errors have now been corrected, and today's rating actions reflect these changes.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The primary sources of assumption uncertainty are our central macroeconomic forecast and performance volatility as a result of servicer-related activity such as modifications. The unemployment rate fell from 8.1% in August 2012 to 7.3% in August 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for 2013. Moody's expects housing prices to continue to rise in 2013. Performance of RMBS continues to remain highly dependent on servicer activity such as modification-related principal forgiveness and interest rate reductions. Any change resulting from servicing transfers or other policy or regulatory change can also impact the performance of these transactions.

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

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF341606

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237255

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

Edward Hou
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's confirms ratings on $195 Million of Subprime RMBS issued by Accredited from 2002-2004
No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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