New York, November 28, 2013 -- Moody's Investors Service has downgraded the ratings of 14 tranches from
four transactions backed by Alt-A loans, issued by multiple
issuers.
Complete rating actions are as follows:
Issuer: MASTR Adjustable Rate Mortgages Trust 2004-5
Cl. 1-A-1, Downgraded to Baa3 (sf); previously
on May 2, 2012 Confirmed at Baa1 (sf)
Cl. 5-A-1, Downgraded to Baa3 (sf); previously
on May 2, 2012 Confirmed at Baa1 (sf)
Cl. 9-A-2, Downgraded to Baa3 (sf); previously
on May 2, 2012 Confirmed at Baa1 (sf)
Cl. 9-A-X, Downgraded to Baa3 (sf); previously
on May 2, 2012 Confirmed at Baa1 (sf)
Issuer: Structured Asset Securities Corp 2003-15A
Cl. 1-A, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Cl. 2-A1, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Cl. 2-A2, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Cl. 2-A3, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Cl. 3-A, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Cl. 4-A, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Issuer: Structured Asset Securities Corp Trust 2003-26A
Cl. 1-A, Downgraded to Baa3 (sf); previously
on Jul 5, 2012 Downgraded to Baa1 (sf)
Issuer: Thornburg Mortgage Securities Trust 2003-2
Cl. A, Downgraded to A1 (sf); previously on Mar 11,
2013 Affirmed Aa3 (sf)
Cl. M-1, Downgraded to Baa1 (sf); previously
on Mar 11, 2013 Confirmed at A2 (sf)
Cl. M-2, Downgraded to Baa3 (sf); previously
on Mar 11, 2013 Affirmed Baa1 (sf)
RATINGS RATIONALE
The actions are a result of the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
downgrades are a result of deteriorating performance and/or structural
features resulting in higher expected losses for the bonds than previously
anticipated.
The principal methodology used in these ratings was "US RMBS Surveillance
Methodology" published in November 2013. Please see the Credit
Policy page on www.moodys.com for a copy of this methodology.
The primary source of assumption uncertainty is the uncertainty in our
central macroeconomic forecast and performance volatility due to servicer-related
issues. The unemployment rate fell from 7.9% in October
2012 to 7.3% in October 2013. Moody's forecasts an
unemployment central range of 6.5% to 7.5%
for the 2014 year. Moody's expects house prices to continue to
rise in 2014. Performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of these
transactions.
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF349577
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://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256
For more information please see www.moodys.com.
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.
Soumya Vasudevan
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
Amita Shrivastava
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 downgrades $116.7 Million of Alt-A RMBS issued from 2003 to 2004