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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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Related Issuers
First Horizon ABS Trust 2006-HE2
First Horizon ABS Trust 2007-HE1
First Horizon Alternative Mortgage Securities Trust 2004-AA1
First Horizon Alternative Mortgage Securities Trust 2004-AA2
First Horizon Alternative Mortgage Securities Trust 2004-AA3
First Horizon Alternative Mortgage Securities Trust 2004-AA5
First Horizon Alternative Mortgage Securities Trust 2004-FA1
First Horizon Alternative Mortgage Securities Trust 2005-AA1
First Horizon Alternative Mortgage Securities Trust 2005-AA11
First Horizon Alternative Mortgage Securities Trust 2005-AA2
First Horizon Alternative Mortgage Securities Trust 2005-AA5
First Horizon Alternative Mortgage Securities Trust 2005-AA6
First Horizon Alternative Mortgage Securities Trust 2005-AA7
First Horizon Alternative Mortgage Securities Trust 2005-AA8
First Horizon Alternative Mortgage Securities Trust 2005-AA9
First Horizon Alternative Mortgage Securities Trust 2005-FA1
First Horizon Alternative Mortgage Securities Trust 2005-FA10
First Horizon Alternative Mortgage Securities Trust 2005-FA2
First Horizon Alternative Mortgage Securities Trust 2005-FA5
First Horizon Alternative Mortgage Securities Trust 2005-FA6
First Horizon Alternative Mortgage Securities Trust 2005-FA7
First Horizon Alternative Mortgage Securities Trust 2005-FA8
First Horizon Alternative Mortgage Securities Trust 2005-FA9
First Horizon Alternative Mortgage Securities Trust 2006-AA1
First Horizon Alternative Mortgage Securities Trust 2006-AA2
First Horizon Alternative Mortgage Securities Trust 2006-AA3
First Horizon Alternative Mortgage Securities Trust 2006-AA4
First Horizon Alternative Mortgage Securities Trust 2006-AA7
First Horizon Alternative Mortgage Securities Trust 2006-FA1
First Horizon Alternative Mortgage Securities Trust 2006-FA2
First Horizon Alternative Mortgage Securities Trust 2006-FA3
First Horizon Alternative Mortgage Securities Trust 2006-FA4
First Horizon Alternative Mortgage Securities Trust 2006-FA5
First Horizon Alternative Mortgage Securities Trust 2006-FA6
First Horizon Alternative Mortgage Securities Trust 2006-FA8
First Horizon Alternative Mortgage Securities Trust 2006-RE2
First Horizon Alternative Mortgage Securities Trust 2007-AA2
First Horizon Alternative Mortgage Securities Trust 2007-FA2
First Horizon Alternative Mortgage Securities Trust 2007-FA3
First Horizon Alternative Mortgage Securities Trust 2007-FA4
First Horizon HELOC Notes 2006-HE1
First Horizon Mortgage Pass-Through Tr 2007-4
First Horizon Mortgage Pass-Through Trust 2003-7
First Horizon Mortgage Pass-Through Trust 2003-8
First Horizon Mortgage Pass-Through Trust 2004-1
First Horizon Mortgage Pass-Through Trust 2004-5
First Horizon Mortgage Pass-Through Trust 2004-6
First Horizon Mortgage Pass-Through Trust 2004-7
First Horizon Mortgage Pass-Through Trust 2004-AR1
First Horizon Mortgage Pass-Through Trust 2004-AR5
First Horizon Mortgage Pass-Through Trust 2004-AR6
First Horizon Mortgage Pass-Through Trust 2004-FL1
First Horizon Mortgage Pass-Through Trust 2005-1
First Horizon Mortgage Pass-Through Trust 2005-2
First Horizon Mortgage Pass-Through Trust 2005-3
First Horizon Mortgage Pass-Through Trust 2005-4
First Horizon Mortgage Pass-Through Trust 2005-5
First Horizon Mortgage Pass-Through Trust 2005-7
First Horizon Mortgage Pass-Through Trust 2005-AR1
First Horizon Mortgage Pass-Through Trust 2006-3
First Horizon Mortgage Pass-Through Trust 2006-4
First Horizon Mortgage Pass-Through Trust 2007-1
First Horizon Mortgage Pass-Through Trust 2007-2
First Horizon Mortgage Securities Trust 2005-AA10
First Horizon Mortgage Securities Trust 2005-AA12
First Horizon Mortgage Securities Trust 2005-FA11
Announcement:

Moody's determines no negative rating impact on First Horizon-sponsored RMBS due to transfer of custody of mortgage notes to US Bank

31 Jan 2013

New York, January 31, 2013 -- Moody's has determined that the proposed action (the "Proposal") of transferring the mortgage notes to the South Carolina based vault held by US Bank National Association (Aa3/P-1) from the Texas vault of MetLife Bank National Association for the below listed transactions should not, if implemented without the loss of any mortgage notes as a result of such transfer, in and of itself at this time result in a reduction or withdrawal of the current ratings of the notes (the "Notes") issued in the affected transactions listed below.

Moody's does not express an opinion as to whether the proposal may be considered to have negative effects in any other respect.

First Horizon Home Loans, a division of First Tennessee Bank National Association, the sponsor in the impacted transactions, proposed to transfer the mortgage notes to US Bank in South Carolina from MetLife in Texas. After an analysis of the credit impact of the Proposal, Moody's Investors Service believed that there would be no adverse impact on the outstanding ratings of the Notes in the impacted deals if the transfer takes place without the loss of any mortgage notes as a result of such transfer. US Bank is highly-rated and an experienced custodian of RMBS mortgage loan collateral.

The principal methodologies used in the rating were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, "Pre-2005 US RMBS Surveillance Methodology" published in January 2012, and "2005 -- 2008 US RMBS Surveillance Methodology" published in July 2011. Please see the Credit Policy page on www.moodys.com for copies of these methodologies. Other factors used in this rating are described in "The Temporary Use of Cash In Structured Transactions: Eligible Investment Guidelines" published in December 2008.

Consistent with Moody's policy for the issuance of RACs, this opinion is not a statement of consent to or approval of the Proposal. See "Moody's Clarifies Policy for the Issuance of RACs", published as a Special Comment in March 2010.

Moody's will continue to monitor the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Affected transactions:

First Horizon ABS Trust 2006-HE2

First Horizon ABS Trust 2007-HE1

First Horizon Alternative Mortgage Securities Trust 2004-AA1

First Horizon Alternative Mortgage Securities Trust 2004-AA2

First Horizon Alternative Mortgage Securities Trust 2004-AA3

First Horizon Alternative Mortgage Securities Trust 2004-AA5

First Horizon Alternative Mortgage Securities Trust 2004-FA1

First Horizon Alternative Mortgage Securities Trust 2005-AA1

First Horizon Alternative Mortgage Securities Trust 2005-AA11

First Horizon Alternative Mortgage Securities Trust 2005-AA2

First Horizon Alternative Mortgage Securities Trust 2005-AA5

First Horizon Alternative Mortgage Securities Trust 2005-AA6

First Horizon Alternative Mortgage Securities Trust 2005-AA7

First Horizon Alternative Mortgage Securities Trust 2005-AA8

First Horizon Alternative Mortgage Securities Trust 2005-AA9

First Horizon Alternative Mortgage Securities Trust 2005-FA1

First Horizon Alternative Mortgage Securities Trust 2005-FA10

First Horizon Alternative Mortgage Securities Trust 2005-FA2

First Horizon Alternative Mortgage Securities Trust 2005-FA5

First Horizon Alternative Mortgage Securities Trust 2005-FA6

First Horizon Alternative Mortgage Securities Trust 2005-FA7

First Horizon Alternative Mortgage Securities Trust 2005-FA8

First Horizon Alternative Mortgage Securities Trust 2005-FA9

First Horizon Alternative Mortgage Securities Trust 2006-AA1

First Horizon Alternative Mortgage Securities Trust 2006-AA2

First Horizon Alternative Mortgage Securities Trust 2006-AA3

First Horizon Alternative Mortgage Securities Trust 2006-AA4

First Horizon Alternative Mortgage Securities Trust 2006-AA7

First Horizon Alternative Mortgage Securities Trust 2006-FA1

First Horizon Alternative Mortgage Securities Trust 2006-FA2

First Horizon Alternative Mortgage Securities Trust 2006-FA3

First Horizon Alternative Mortgage Securities Trust 2006-FA4

First Horizon Alternative Mortgage Securities Trust 2006-FA5

First Horizon Alternative Mortgage Securities Trust 2006-FA6

First Horizon Alternative Mortgage Securities Trust 2006-FA8

First Horizon Alternative Mortgage Securities Trust 2006-RE2

First Horizon Alternative Mortgage Securities Trust 2007-AA2

First Horizon Alternative Mortgage Securities Trust 2007-FA2

First Horizon Alternative Mortgage Securities Trust 2007-FA3

First Horizon Alternative Mortgage Securities Trust 2007-FA4

First Horizon HELOC Notes 2006-HE1

First Horizon Mortgage Pass-Through Trust 2003-7

First Horizon Mortgage Pass-Through Trust 2003-8

First Horizon Mortgage Pass-Through Trust 2004-1

First Horizon Mortgage Pass-Through Trust 2004-5

First Horizon Mortgage Pass-Through Trust 2004-6

First Horizon Mortgage Pass-Through Trust 2004-7

First Horizon Mortgage Pass-Through Trust 2004-AR1

First Horizon Mortgage Pass-Through Trust 2004-AR5

First Horizon Mortgage Pass-Through Trust 2004-AR6

First Horizon Mortgage Pass-Through Trust 2004-FL1

First Horizon Mortgage Pass-Through Trust 2005-1

First Horizon Mortgage Pass-Through Trust 2005-2

First Horizon Mortgage Pass-Through Trust 2005-3

First Horizon Mortgage Pass-Through Trust 2005-4

First Horizon Mortgage Pass-Through Trust 2005-5

First Horizon Mortgage Pass-Through Trust 2005-7

First Horizon Mortgage Pass-Through Trust 2005-AA10

First Horizon Mortgage Pass-Through Trust 2005-AR1

First Horizon Mortgage Pass-Through Trust 2006-3

First Horizon Mortgage Pass-Through Trust 2006-4

First Horizon Mortgage Pass-Through Trust 2007-1

First Horizon Mortgage Pass-Through Trust 2007-2

First Horizon Mortgage Pass-Through Trust 2007-4

First Horizon Mortgage Securities Trust 2005-AA12

First Horizon Mortgage Securities Trust 2005-FA11

Gerard Mazi
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

Kruti Muni
VP - Senior Credit Officer
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 determines no negative rating impact on First Horizon-sponsored RMBS due to transfer of custody of mortgage notes to US Bank
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
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